Macau to displace Qatar as world's richest place by 2020
Qatar, currently the world's richest place, is soon set to be overtaken by Macau - the world's newest gambling hotspot. According to the IMF, Macau's per-capita GDP will touch $143,116 by 2020, while Qatar will grow only to $139,151. Beyond that, the gap between the two countries will widen further, IMF predicts: while Macau will reach per-capita GDP of $172,681 by 2023, Qatar will touch $158,117.
Macau's incredible growth story
In December'99, Macau returned to Beijing's control after 442 years of Portuguese rule. The new Macau Special Administrative Region includes the Macau Peninsula, Coloane Island, and Taipa Island. It is now the only place in China where casinos are legal. Naturally, it attracts the biggest high-rollers from the mainland. Its shooting GDP is proof: it's more than tripled from $34,500 per capita in 2001.
Qatar struggling with several obstacles
Meanwhile, Qatar's economy has slowed down, hit mainly by falling oil prices. Complicating matters further, a Saudi Arabia-led bloc severed diplomatic and transport links with the country last year. The situation was so bad that economists predicted a 2.5% growth in Qatar's economy this year- the lowest since 1995.
The other places slated to be in the top-10
Apart from Qatar and Macau, IMF predicted high growth for some other places including Singapore, whose per capita GDP is expected to top six digits by next year. By 2023, it will touch $117,535, while Hong Kong will grow to $80,000. Luxembourg, Ireland, and Norway in Europe made up the list of 10 to-be-wealthiest places by 2020. The US was ranked 12th.
