Daily Lessons from Life 16 August 2012 - S'pore world's most affluent by GDP per capita

"Aug 15, 2012 AsiaOne - S'pore world's most affluent by GDP per capita

SINGAPORE - A study of the world's economies has shown that Singapore had the highest gross domestic product (GDP) per capita in the world in 2010, and will likely remain at the top spot as far as 2050.

In The Wealth Report 2012, a global study on property and wealth compiled by Knight Frank and Citi Private Bank, Singapore was listed as the world's most affluent with a GDP per capita of US$56,532 (S$70,450) in 2010.


Norway and the US came in at second and third with GDP per capita rates of US$51,226 and US$45,511 respectively. The only other Asian country to rank on the top 10 was Hong Kong at a GDP per capita of US$45,301.


The report also estimates that Singapore will top the list in 2050 with a GDP per capita of US$137,710.


According to the report, Singapore is currently the fifth most important global city to high-net-worth-individuals (HNWIs), and will maintain this importance in 10 years time."


Is this Result conclusive and the methods upon which it is based robust enough and comprehensive enough to be used as the Gospel Truth that Singapore is the richest nation on earth in 2010 and then maintain its position in 2050?


Lessons for me are:


1. there are numbers and there are numbers! They are probably true for some people but NOT for most people. Average number seldom tell the whole story!;


2. the best acid test is a reality check by randomly asking 20-30 Singaporeans in different parts of the country where most ordinary Singaporeans live. If they say they feel like the richest citizens on earth, then the result is probably true. If not, it is just revealing an illusion!;

3. should the government be lulled into trying to ride on this 'good news'? It is better to IGNORE such a claim especially if the general public do not feel so. The government's job is NOT to get the average number but to have the biggest spread of the wealth to the largest number of citizens as much as possible!

Do I feel like the richest citizen on earth? NO. Do I feel like I have enough for a reasonable basic decent lifestyle? Yes. Is this due to the government's effort? Yes in that it creates a safe and stable society upon which its people can work on gaining wealth and, hopefully, spreading wealth as well. Do I have a part in it? Sure thing! I work hard and smart and be thankful!