By Patrick Winn, Global Post
Editor’s note: The following text is from Global Post, which provides views – important, moving or just odd – from around the world. The views expressed are solely those of the author.
If you enjoy peering inside the minds of the world’s super rich, take a look through the 2012 “Wealth Report.”
Compiled by Citibank, and a property consultancy called Knight Frank, it’s a lengthy analysis based partly on interviews with the super rich. (Definition: people with more than $25 million in investable assets.)
Yes, the report contains musings on why yacht sales are down and the pros and cons of buying a sports franchise. But that’s not the most interesting part.
The study predicts that Singapore – that little Southeast Asian city-state with loads of Type A zeal – will be the world’s richest nation by 2050.
And by that, they mean its per capita GDP at purchasing power parity. (For those who skipped economics class, this attempts to more accurately measure the average income by considering inflation, cost of living and exchange rates.)
According to Citibank’s 2050 prediction, the top five countries by this measure will be:
1. Singapore: $137,710
2. Hong Kong: $116,639
3. Taiwan: $114,093 (Congratulations, Taiwan, Citibank analysts think that you’ll make it 2050 without being consumed by China.)
4. South Korea: $107,752
And sliding in at number five, the only non-Asian nation, the United States: $100,802
But there are some glaring questions about these numbers, which are based on Citibank’s own analysis.
More from Global Post: Chinese police kill 'most dangerous man'
According to the report, Singapore is already the top GDP per capita champ with a figure of more than $56,000. But that doesn’t account for tiny, oil-rich Qatar, which leads most rankings with an average of more than $92,000 according to the World Bank. And there’s no mention of super-affluent Luxembourg either.
Regardless, Singapore is genuinely affluent and the report suggests why.
In interviews with “high net worth individuals” around the globe, the Wealth Report asked the super rich about their “favorite things.”
In response, Indians said cars and gadgets, Latin Americans said traveling and Africans said safaris.
The favored items of extremely wealthy Singaporeans?
“Books and reading materials.”
© 2012 Cable News Network. Turner Broadcasting System, Inc. All Rights Reserved.
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Singapore prospers due to its service economy. It's a tax haven and has outdone Luxemburg and Switzerland, when it comes to offshore banking. It's a bit audacious to predict how our world would be like in 2050. Singapore's rise and fall relies very much on regional stability and global economy.
I agree with you von Hettingen. Singapore ranks the smallest in terms of land and population of the list. You also have to remember too that a large portion of Singapore's GDP comes from the casino industry. As you said that relies on other neighboring countries that does not have legalized gambling sending tourists and gambling their money away in Singapore. This kind of GDP growth is dubious.
HAHAHAHAHAHAHAHAHAHAHAHA...
They gave you a mini economics lesson in paragraph 3 but you do not seem to understand it.
Hope that the main GDP is not driven by Casino service because when there is gambling there will be social disorder.
We would rather see honest GDP earning through real hardworking never mind if you are not number one or even in the top world ranking.
No, casinos are a small portion of Singapore GDP. Yes, they've made a big splash recently, but the casino industry makes uo less than 2 percent of its economy.
The cost of a one bedroom 1500 sq/ft house/apt cost about 3 million dollars in Singapore!
WOW. THEY MUST ALL BE MILLIONAIRE TO LIVE THERE.
And for all that money, you only lease the 'house/apt' for 99 yrs, and you have no right to bequest it to your children..... The money and the property will go back to the Govt
America will be bankrupt long before then...pointless article.
Another great American patriot, selling his country short. LEAVE!
China will be a toxic wasteland by then. Oh wait, it's almost there already.
@Chocolate cupcakes
I just love how insecure you feel that you have to bring up China issues.... although no one even mentioned China in the comment to begin with.....
I remember 5 years ago people were dumping Dollars for Euros. Now those same people have worthless Euros fit to wash b um.
It seems that a lot of people have no idea what "per capita" means.
Sad when a nation of less than 7 Million people beat out a nation of 200+ million(US).
It's a per capita measure, so population doesn't really mean anything.
300+ million.
You're an idiot. It's per capita, not that you're educated enough to even know what that means.
Actually bprop – population matters since it's total wealth divided by total population. Reduce the number of people total, particularly at the bottom rungs of the earnings ladder, and the average will increase. A larger total population obscures the addition or subtraction at the ends of the spectrum. i.e. One more billionaire will have more impact in Singapore's numbers than it would in the US's numbers.
China could be the poorest nation, "per capita".
It's a single freaking city. It's not a country worthy of the name. Measure apples to apples, not apples to oranges.
you seem to have a lot to say. in your case, it likely would be better to keep quiet and let others just think you're in idiot
Actually, he makes a valid point- it would be more fair to compare Singapore to NYC or Houston or Tokyo etc., more meaningful.
Actually, Singapore is a country.
Maritime trade, Singapore is located in the middle of a trade route.
Wow. you sound like an economist! ...
So your telling NO tax creates wealth.
Actually Singapore has income tax and they have a tax on financial transactions like the buying and selling of stock in addition to a national sales tax sort of a value added tax. So yes they have taxes they are just arranged differently than US taxes.
The national defense budgets of these countries is next to nothing compared to the US.
and what does that tell you?
America spends 50% of the world's total expenditure on defense. Where'a the sense in that?
A totally inaccurately report based on wrong assumption of property value by a second-grade property valuer.
It is comparing cities (Singapore, a city state >5 million, HongKong, a city (or SAR) of China >7 million with vast countries like US, and China. China along would have over 100 cities of the size of Singapore.
The GDP per capita would not be comparable. Almost like compare New York City to US, or China/
Countries like Singapore and Hong Kong are tiny countries, both population wise and area wise. So, it is unrealistic to compare a country like USA with these countries. In terms of overall GDP, India will be the world's largest economy by 2050, followed by China, USA and Brazil.
I have been to Hong Kong and Singapore twice. The total area of these countries is miniscule (Hong Kong totals 500 square miles). In addition, these countries provide tax havens to foreign residents and that perks. Citibank can and should do better to put things in proper perspective.
When exactly was Hong Kong made a country
I thought it will be China, India, USA...... India is only half of total GDP of China and the growth rate is not significant higher ...
Next 12 months it also heavily depends on its rice yield.
Totally agree. World events unfolding considered, this prediction might be wrong.
Guys, step back and think, When it comes to GDP prosperity it is military power and knowledge of economics.
I wonder how many jobs Mitt Robme sent to Singapore and other countries. I also wonder how much money he has in off-shore accounts evading taxes. Put up or shut up Mitt!!!!!!!!!!
I wonder if Singapore is one of the many citizenships Obama holds. I also wonder how much money Obama received for coming to the states as a Foreign Exchange Student. Come on Barry, put up or shut up.
Glad you mentioned that foreign student enrollment. I had wondered when and if anybody would have the guts to do it.
I wonder if you're not a downright dimwit...
Last I heard Obama is a citizen of the US only. If you have proof that that's not the case would you be so kind as to post your reference? If you don't have proof, I suggest you find some additional news sources besides Fox.
And Mitt Romney actually has the gall to talk about democrats hateful message. For people with a brain, that foreign student crap was proved to be an April Fool's joke that only tealiban could possibly be gullible enough to believe.
Yet the story has been out there that he applied as a foreign exchange student from Indonesia, has nothing to do with him being a citizen, maybe Fank Marshall Davis is his daddy.
Donald Trump has people on the ground in Singapore right now, and they are uncovering some amazing facts. More to come later. Maybe.
Uour comments are taunting. You are not the only one who has made fun of Obama. Repiublicans have made no secret of the fact that they don't like him because he is Afro-American origin. He has been called a Hitler, aitch doctor, an Arab, a muslim, socialist, communist and everything else. Their single minded obsession is to defeat him. They have made no secret of that. Obama does not have foreign accounts like Romney. Does America want a president who ships his Money to tax havens in Bermuda, Cayman Islands, Swiss bank accounts to avoid paying taxes in his own country? It will be a shame indeed.
you are too stupid to be alive
Huh?
I wonder what countries you think he might have citizenship in? US yup because he was born here and his mother was an American. Indonesia, Nope he lived there 3 years as a child. To get indonesian citizenship you either have to have Indonesian parents ( which he didn't) be over 18 years old and have lived there for 5 years as an adult.So he couldn't have been an Indonesian citizen. Kenyan, Nope he would have had to wait till he was 18 and then apply and he didn't.
Why would he apply to go to school in the US as a foreign citizen which he wasn't, it costs a lot more as a foreign citizen and it is harder to get in as a foreign citizen. Foreign Exchange students do not get paid for being a student in the US they pay for the privilige. There is no incentive for him to have pretended. In addition you have to prove citizenship, and he didn;t have citizenship in any country other than the US.
American born billionaire Sheldon Adelson has just completed building his $4.4 billion Macau Empire in China, which is the world's sixth largest resort, hotel and casino. It took some 25,000 Chinese construction workers to build and it now employs 35,000 Chinese workers. The project was delayed due to the 2008 recession and further delayed because the Chinese government was against the import of foreign workers to helpt complete the project. The massive complex opened earlier this year following a traditional Chinese dragon dance, high-wire tightrope performance and the unveiling of a 2,500 kilogram (5,500 pound) bronze and gold "God of Fortune" statue. The resort, hotel and casino is projected to pump millions of dollars into the Chinese economy annually. O' and by the way, Mr Adelson has just donated $100 million to Mitt Romney's campaign. As they say, those who OUTSOURCE together, flock together.
Very good info, thanks.
You forgot to mention that Mr.Adelson also wants the USA to attack Iran and Mitt is wholeheartedly supporting a war with Iran. Keep your kids away from these vulture's reach.
HE BUILT CASINO IN CHINA'S MACAU? HE WANTS IRAN ATTACKED? IS HE OUT OF HIS MIND, I THOUGHT IRAN IS CHINA'S BUDDY?
He is building a casino/hotel/resort in China that will be used by the Chinese people and will return profits to this country. No one complains when a McDonalds franchise opens in China.
The hypocrisy in this debate has more levels than a seven-layer cake. Four years ago, as Republicans screamed about George Soros’s ill-gotten gains, as they protested that billionaire’s outsized impact on the 2008 campaign, few Democrats agreed – or spoke up. And even this year, as Barack Obama seeks to raise funds for what could be the first billion-dollar presidential re-election campaign, I have heard of no restrictions on money coming from casino owners, liquor barons, cigarette manufacturers, producers of Hollywood filth, hedge fund managers, overcharging lawyers, or Wall Street Bankers.
Let’s face it, to most of his critics, Sheldon Adelson’s great crime is supporting the wrong guy, Mitt Romney rather than Barack Obama. Billionaires who support your candidate are altruists doing their civic duty; billionaires who support your opponent are power-hungry bums throwing their financial weight around. The rules stink, but Soros and Adelson have the right to play by those rules, and we usually honor wealthy people who divert some of their resources from personal indulgence to public service.
Public service? Like every wealthy person, they are driven by their huge ego. The wealthy that donate to politicians want to buy the election. Be serious, PUBLIC SERVICE?
I hope the "god of fortune" statue doesn't actually work, otherwise the casino will be out of business soon!
So someone makes a business decision just like GE or GM to outsource and you go after a casino owner.
Dean–Maybe you should check out the facts before you speak. While Adelson is an American citizen, the company that owns and operates in Macau is a foreign corporate subsidiary of his US corporation. The Internal Revenue Code allows the foreign subsidiary of a US corporation to not be taxed on it's profits until those profits are repatriated to the US; at which time they are tax at a higher rate than if they were made in the US. The rationale behind this was to stop corporations from outsourcing jobs to other countries. Right now the Republicans in Congress have been attempting to give an amnesty to those US corporations that have profits off-shore to repatriate them without the additional tax implications. In 2005, the Republican controlled Congress granted a similar amnesty in the "hope" of getting job stimulus here in the US. However, when the funds were repatriated more jobs were lost and only the shareholders benefitted.
That's your patriotic wealthy Americans helping the economy.
Come on, Dean! The profits won't come back here!! They'll end up in the Cayman Islands or (Heaven forfend) in Singapore!!
Maybe he's donating to Romney because he feels Romney will loosen federal rules and regulations, allowing him to open similar businesses in the states.
These businesses are operating over seas because with the US's regulations and taxes, there's little incentive to build here when the federal government doesn't let you make money.
Nope the profits won't come to the US. China has strict laws about that.
Some of us wonder when people like you will develop a cogent argument in favor of voting for Obama. All you have made are accusations with no basis in fact. How quaint.
Obama 2012 – When everything that you have worked hard for in life should go to someone else.
Everything you've worked hard for in your life will go to someone else anyway. Do you think you're not going to cease to inhale someday? How quaint.
CW thinks he's a rich republican and that republicans actually represent him!!!! Hahahahahahahahahaha
you think the repuli-cons will do better. if you vote for either of these two worthless parties, you'll continue as you are – getting shafted by the government and making their friends rich – how quaint...
I'm not a rich republican, so instead I want to take money from all the rich people and have no responsibility for my own life or future.
There is NO manufacturing in Singapore
While the conception is that Singapore is solely a trading and financial center, the city-state has actually managed to keep a relatively robust manufacturing sector. It represented 20.9% of total value added to the economy in 2011.
See: http://www.mti.gov.sg/ResearchRoom/Pages/Structure_of_Singapore_Economy_2011.pdf
Actually Singapore has fairly significant manufacturing capacity, producing biomedical supplies and computer chips etc.
Not nearly as man as Obama and his wackos have washed away and don't give me the "spendulus" as something that works. The net increases are actually decreases when you figure actual employment numbers...plus...look at the horrible debt it has created. Get real. sucker
I wonder if your name is Jethro Bodine and if you "gradiated the sixth grade". Typical libturd garbage heard over and over again. Yes Jethro the DNC has some new talking points for you to remember – think hard and practice these so you won't look like a deer in headlights when someone tells you that you and all your future generations of moron offspring will be paying for Barry and Nancy's wild spending sprees for the next 100 years and living like rats because your were too stupid to see through their vote buying programs. Thanks for the indebtedness Demoncrats!!
Probably none. Have you ever been to Singapore? It is not Indonesia, it is a well educated city populated by professionals. Singapore does not make the plastic junk you buy with your welfare money at Walmart.
Hong Kong is not even a country: wake up eggheads!
Did they take into consideration that these countries (or rather "countries") do not have so much in terms of the energy resource: which may become so much bigger an issue by 2050 than it is even now?
That's what I was going to say about Hong Kong, not to mention that in year 2047 China could choose to revoke its autonomy.
But I don't think the article is interested in wealth in terms of energy. Singapore is tiny with small population that building some windmills would make the entire country total self-sufficient. Hong Kong gets everything from China. Taiwan has the highest nuclear power plant per capita in the world. According to you the Middle East oil nations would rank all the way at the top in 2050 when there is only 25% oil left.
What I am trying to say is that there is very likely to be a major stepchange between now and 2050 in more than one respect. And predicting 40 years in the future is much more about guessing the critical strategic factors rather than extrapolating the trends... Looking at how they have predicted not only the group of leaders and the particular order, but also the GDP per capita down to the last dollar: these people are fools and deserve no respect!
1. Singapore: $137,710
2. Hong Kong: $116,639
3. Taiwan: $114,093 (Congratulations, Taiwan, Citibank analysts think that you’ll make it 2050 without being consumed by China.)
4. South Korea: $107,752
Can they reliably predict an inflation figure for the next 12 months? Next 10 years? Next 40 years?
These people are !D!0TS or are portraited as such by a dumb journalist!
Andrey
"portraited "
HAHAHAHAHAHAHAHAHAHAHHAHAHAHAHHAHAHAHAHHAHAHHA.....
The richest country overall though, will undoubtedly be India (just as it has for most of it's history), followed by China, and then the US of A.
Nice try, Ranjit, er, "Bob" but India will remain a Third World hellhole for the foreseeable future.
Go back to your minimum wage job thirdholder. Your envy is way too apparent. I"ll return to counting my cash.
thethirdorder,
Start accepting the fact that another Country/Nation and not the US will be the World's richest in near future
Trade is how you predict a nation's economic growth.
The majority of trade is on the Pacific and North Atlantic Oceans.
The only countries that border both of these bodies of water are the US, Canada, and Russia.
The only ones of those three that have ample trading ports and distribution networks are the US and Canada.
The only one with the navy to guard those trade routes (in the world) is the US.
The entire world combined almost matches the US in naval strength.
The US will continue to dominate those two oceans. (It takes time to build a navy)
The trade will increase.
The US will still be at the top.
THE US IS ALREADY ON THE TOP OF A MOUNTAIN OF DEBTS. TRADE ROUTES MEAN NOTHING IF A COUNTRY HAS NO OR FEW INDUSTRIES PRODUCING PRODUCTS FOR EXPORT. THEY ONLY SECURE YOU CAN GET WHAT YOU NEED FOR CONSUMPTION.
HAHAHAHA ranjidt HAHA
Watch your lights are going out again.... fire up the the generators... I think you have a way to go to be #29
that will NOT happen bob. too many other countries are too far front of india. it is, still by majority, a third world economy country with most of people in poverty. there are other countries who are too, too ahead that india could even THINK about catching up in short 38 years.
India is the richest spiritually.
Hopefully it does not lose that as the trend seems to be so.
What good are spiritual riches when you are starving to death or drinking out of a human-waste-filled river?
Lets be frank, once all this money the Fed Reserve is printing ignites inerest rates, the US won't be aqble to afford the interest payments on the fed debt. China's realestate bubble will burst soon and that cuople with the US defaulting on it's debt will plunge the world into a financial crises much worse that 2008. Was this taken into account in this "report"
How can that be? America is already bankrupt, or if not bankrupt, owned by China!
You're far too optimistic. India have massive issues that needs to be dealt with first. An antiquated caste system that has 70% of the population living under the $1.25 per day global poverty line. Gender inequality issues that puts India at the top of "most dangerous place for women" list every year. A bloated, extremely bureaucratic democracy that is highly inefficient, corrupt and chaotic. Now I'm not saying that India isn't trying to fix these problems but even the most optimistic observer has to admit that progress has been quite minimal during the past decade. Frankly, it is far too soon to believe that all of these major issues will be resolved by 2050.
India – the country where people take a dump right out in the street and leave it there for everyone else to see, smell, and step in. Yes it is definitely the richest and I see nothing but a bright brown smelly future ahead!
No way ! Singapore .. It will be underwater. Was global warming taken into factor
Someone who thinks outside the box.. Good one!
I agree, the consequences of climate change could be dramatic. Canada and Russia could become the top food producing nations, and the balance of power could have major shifts, leading to the next (maybe last) world war. Certainly the old economic models won't be valid if climate change continues to accelerate.
Come on...Nations with large populations will never go hungry as long as the older folks don't mind jumping in the pool of soylent green.
That's why they are building so many big high-rises. That's how they'll fight global warming. The lower floors can become reefs and fisheries!
Good one sunny.
... reefs and fisheries... and homes for the aged.
Exactly!!!
Singapore is rich enough to build a 10 foot tall concrete and steel levee around their entire coastline. People who have never been to Singapore probably can't even begin to fathom what an advanced city-state it is.
Well, let's take this seriously. I mean a bank released this data and we've learned everything a bank says is the truth. NOT.
IF THEY KNOW WHAT IS COMING, WE WOULD NOT RAN INTO THE FINANCIAL CRISIS IN 2008.
Not if the US brings an invasion force and takes back all the greedy billionaire ex-pat tax evaders. Mitt Romney should run for president of Singapore.
Dude that is some end-of-world s*** you're talking about. We don't need TWO dictators running this tiny island. Keep your Romney's to yourself!
And you vote! How sad.
Did you notice that 4 our of the 5 countries are the ones where we outsource our production, especially high tech production. It just prooves the point that you can't grow the country and the economy without grooming your own manufacturing.
you're still trying to prove that to someone? every one knows that dude! nobody wants to take a loss!
Wow, you guys suck at making jokes. 1990 called, it said you are hilarious... NOT!! OMG so funny! Also, it's easy to make predictions like this since everyone reading this article will probably be dead by the time 2050 rolls around. Check this out, by the year 2090, the world will be run by giant cats.
Sorta like the reverse of religion, u taught to believe in fairy tales and about heaven (BTW; no longer on clouds) and no one can come back to tell u about it. That's why there are so many man made religions and about 250 different gods.
Wrong. There is ONE God...the creator of all things.
Singapore is so corrupt. Good luck ever organizing a protest again the government. Or finding a newspaper there with any freedom of press. Oh, and if you're gay, watch out!
And they cane gum chewers!
Good for them.
They don't cane people who chew gum.. start reading and learning correct facts about other countries before sprouting nonsense and making yourself a fool..
Huh? Singapore is consistantly listed as one of the *least* corrupt nations in the world. It is also highly ranked when it comes to ease of doing business. So what if they have more social laws than here? Total freedom is chaos personified, don't be a naive turd.
Isreal
A city-state where rich people congregate will top the list? Imagine that. Easy to skew the list with such specific "countries".
I'd like to know how the places that aren't financial hubs and that are visible on a worldwide map rank.
and the poorest country goes to the USA!! Yay no jobs anymore!! yay all the jobs get moved to china, and india. this is the road we will head down should a republican gain office. I mean come on people we use to a mighty country that made everything. now were this poor little 3rd world agricultruel country that cant even grow corn anymore because it doesnt rain anymore. so whats left? hummm... oh I know hair stylists. that will the us's #1 job by 2050.
Last I checked Obama has watched over all those job losses and done nothing. Yet you dumbly blame the minority party for the problem. You are just another Obama sycophant, whose paranoia apparently has no bound.
HAHAHAHA .... BEST JOKE OF THE DAY. LOL.
Man those darn facts that 800,000 jobs a month were lost as Bush-League left office, jobs r being created every month. R u planning to use any actual facts in your statements or will u just be Foxing it???
Yeah, Romney follks sign their checks on the front.
Obamaites sign theirs on...THE BACK!
Wall Street and the stock market is the source of the majority of job lost in the U.S. and not Obama.
Companies are forced to beat the street estimates every quarter or their stock will be punished.
If you look carefully, you'd see Ann and Rafalca in the background. Do you know why Robmoney introduced Paul Ryan on a ship? Well, its to highlight his economic policies if elected, which would be to ship more jobs overseas. Obama/Biden/Roberts 2012!
Where was the "Mission Accomplished" Poster????
C'mon, man – that's too far in the future. Many of us will be dead by then from old age if not environmental damage or World War III.
You know, they've predicted that on Mr Bill Gates being a GAZIllionaire by 2010, one thing about predictions, they never account for any global fluctuations, economically, politically, and geographically, so a nice piece of story but has no merit whatsoever.
I think the most populous nation on the top 4 is South Korea with about 45M people. If you consider that the US has ~350M people and is #5, that still says something about how wealthy the US actually is...
... Singapore? ....hmmm.... I have lived in Singapore.... highest GDP per capita maybe but 99% of the population will still not be able to afford a dwelling with a 10 square foot backyard.
I wonder which – if any – country will be the richest in truly active brains not limited to gadgetry and sports but englightened by the teachings of great classics now relegated to the scrap heap by our increasingly abject educational system. Unless those teachings penetrate dumb and dumber masses, there won't be much hope for sick humanity.
lol. we are all dead by 2050, rofl@@@@!!!
Canada
2050 , Singapore will be just a history. Muslim fundametalist will take over south east asia.
CHINA WONT ALLOW THAT. THEY COME FIRST.
Chinese are doing it now in Southeast asia and they started in the Philippines backyard. Pretty soon they will claim the entire Philippines
The richest country in 2050? that's easy, it will be the country that figures out how to collect the necessary taxes without punishing the people who actually produce wealth. it will be the country that understands the difference between making money and creating wealth. It will be the country that realizes that government beurocrats can't actually manage anything efficiently and that all services an be produced by the private sector for less money if their hands are untied. It will be the country that realizes that the wealth of nations depends on an incentivized and educated population.
If the wealthy created wealth for the nation, they do not have to worry about taxes. As the government does not need higher tax rates to compensate for spending programs. Problem is when the wealthy primary goal is to create wealth for themselves by outsourcing industries, unemployment goes up, the government cant tax the unemployed but have to bear the burden created by high unemployment. Then, government has to borrow money to stimulate job creation for the unemployed. We need an educated class of wealthy people who could balance their desire for money-making and the common good to be a wealthy and successful nation, not a country with a group of super-wealthy few on the expense of the mass, which could jeopardize democracy and led to economic dictatorship.
Peace is a communist.
"...the people who actually produce wealth." And who might that be? People like the Koch brothers? The Coors family? General Electric Co. CEOs? Wall Street speculators and hedge-fund managers? R Reagan worshiping laissez faire capitalists who think any form of market regulation is an infringement on their personal freedom? Does the teacher who produces your desired for "well educated" public not contribute to "wealth creation"? Does the cop who
busts criminals not contribute to the "actual production of wealth". Your vaunted wealth creators couldn't do a damn
think without all those who actually do the labor that produces all that wealth. Most of your wealth creators are nothing
more than a bunch of scheming paper pushers.
The scheming paper pushers that had the idea, brought about the concept, built the idea, risked their money, and got their hands dirty to come up with the money and job-making business model.
M Houston is a communist.
Fact for you "Labor is everything" types – No poor man ever gave another man a job! Learn from that statement and appreciate what the wealthy for this country. Without the wealthy there are no jobs, no tax base, no services, no economy – only a ghostcountry.
Thomas...Nothing is produced In a state full of billionares.
How do you define RICH???...FREEDOM...THE LAND OF THE FREE AND THE HOME OF THE BRAVE....The world wants to come and live in America??...why??...No one is lining up outside the Singapore embassy to immigrate there, but go to any country in the world and see the line outside the US embassy/consulate to see people lining for an opportunity to come to the USA...I'd rather live in my single wide trailer in tall pines mobile park with the freedom that I have than live in a 150 sq.ft apartment on the 50th floor in rich Singapore in 2050 or in any other nation....GOD BLESS AMERICA!!
I say Hooah !!!
In fact PIGS countries are most fortunate. They don't work hard and still have fairly good standard of living.
All they do is to export some olive oil, wine and that 's it. Poeple in S Korea, Hong Kong, Taiwan, Suingapore
have to work very hard and on avarge each family will produce only oen child and thus it guarantee they
are doomed to extinction no matter how high their GDP per capita is
By 2050 China and the U.S. are going to face off militarily aver the status of Taiwan. When that happens it won't
much matter which country is the "richest" in the world because we'll all be the poorer for it. China's new found
"wealth" is leading China into a kind of belligerence and arrogance that will only cause grief long past 2050.
Unfortunately, I dont think it take that long the way China behaves right now. China cant wait that long. They already think they have overtaken USA as superpower and command USA to stay out of South China sea disputes in which China claim ownership of the entire SCS including international trade route.
You mean the kind of belligerence that the US has as the militarily and economically strongest nation on Earth?
Another layman who has no understanding of economics. Taiwan will never provoke China to the point of military confrontation, it has far too much to lose. As such, China will never invade Taiwan forcefully. Let's not forget that China is Taiwan's largest trading partner. Tens of thousands of Taiwanese business people have hundreds of billions of dollars worth of commercial and residential properties in China. On the flip side, Taiwanese businesses employs millions of young and mobile Chinese citizens who would otherwise be bored and angry, not a good prospect for social stability. It's a co-dependent relationship and it is far more likely that even closer ties will result in Taiwan joining China economically as opposed to militarily.
I guess caning works, then.
Such propesirty is useless. The top 4 countries have lowest fertility rate in the world and basically each women only bear one child in her lifetime and country depends on immigrants to sustain. in otherwords, welath youy created now do not belong to your own offspring but to offspring of others who now live somewhere esle.
By 2050, the descendents of the people in South Korea, Singapore, Taiwan and Hong Kong will decrease by half.
At that rate tehy are going to ber extinct. So people from otehr nations, don't envy these 4 countries even if tehy
are rich. They are killing theseves slowly
The fertility rate of many European nations is much lower than the Asian countries you mentioned. So by your logic Europeans will be extinct by 2050. Then what???
You are wrong. European countries have lower fertilirate rate than Asian countries as whole but much higher fertilkierrate than Singapore, South Korea, Taiwan and Hong Kong. Fertility rate of hese 4 countries is aroun 1.0
and European fertility rates are typically 1.6.
And it is true European countries are also in such crisis too because of lower fertility rate. That is why you often see Muslism in Europe openly claim Muslim will conquer Europe. America has teh sdame probllem. According to 2010 census, whites are already below 50% among newly born babies. Many years from now American will
mostly inhabited by people who are descendents of present people who are not not living in USA yet.
Singaorean fertility rate is only 0.78 by CIA data bank. 1,26 by UN and even this is misleading.
If you seperate Singoporean by its ethnic group, the fertility rate is even much lower among ethinic
Chinese population who dominates economics and ficances of Singapore. Of course SIngapore
can take in a lot of immigrants from China proper in a slow and gradual matter so that no one wold even
notice difference but essentially it means current Singopean population is dying out.
So seeking propesrity and top GDP per capita is not a enviable goal if the cost of lower birth rate.
I personally think a woman (and a m,an for that matter) shoudl not sacrifice chance oif bearing more children
for careeer and a nation should not seek economic propesrtiy at the cost of popualtion size.
There should be a balance.
http://en.wikipedia.org/wiki/List_of_sovereign_states_and_dependent_territories_by_fertility_rate
But they have no room, no land for expansion of the population.
The problem is not taht they are not expanding their population (fertility rate>2.1)
The probkem is that they are shrinking their population rather than sustaining. To sustain a population, the fertility rate should be 2.1. Now Singaporean FR is 1.0
Singapore and Hong Kong are cities (and Hong Kong is not a country). If NYC were considered in isolation, where would it rank on this list?
@Dean
How much profits did Mitt Robmoney outsourcing bring to America? Why do you think China's economy is doing a whole lot better than our economy? That's because China doesn't outsource jobs and screw their economy. Unfortunately people like Adelson and Robmoney do.
...and then it will start its own slow decay like all countries do.
It has already decayed. You can chekc out the data of fertility rat eby countries and regions. These four countries
have lowest fertility rate (around1.0) in the world bascially their population shinrk by half each generation. It is like a rich
family who can not produce enough heir. Such prospeirty is misleading and these countries should loosen up a little bit
and stop work so hard but concentrate on bearing more childrens
Yes, who ever started outsourcing here should be hung publicly (we don't do that). Countries we outsourced to owe the U.S. a lot for our loss that we will never see.
Making predictions 38 years into the future? Who would have predicted in 1974 that China would be the #2 economy in the world? Not many, most likely. Extrapolating current trends out 38 years into the future is not going to match the actual future.
My Saudi brothers will be the richest in the world. We will storm Singapore and take their baubles and destroy them. Then we will stone their women for the crime of being uglier than a camel's genitalia.
Eventually this world will belong to middle eastern muslims. Propserirty are like flowers thos ebloom first will wither first. Those countries with higher birth rate will eventuall prevall inspite of that they may not look that way now.
Muzzies will always kill – Infidels, women, children, animals, each other.....
Of course, the income disparity is great – something the American far-right wants to emulate. But right now the average person in Singapore does not have close to the living standard of the USA.
are you sure?? have you been to Singapore?? i lived in Singapore and coming to the US is like visiting a third world country..
Damn right bro, put it nicely, Singapore is where best place to live
You must be delusional or have not your research. Even the poor in Singapore live in government subsidized public housing that will make our section 8 housing look like shanty towns. Food and grocery is also very cheap. The only major drawback is that car ownership is extremely expensive but most people living there don't notice it because Singapore has a vast public transportation network. As for environmental concerns, the city is very clean and green with great air quality, no matter the district. The over all standard is on par with the best we can offer.
Let them knock themselves out trying to make this income. I don't buy any books or reading materials because I can get all I need to read on the web. I've done some travel and I dont' need any more of it because I can watch it on youtube. My car gets me around and I don't need more than one. I have all the gadgets I need. My income is very low which is good because that keeps my taxes low.
By 2050 $100,802 will buy you a stick of gum.
but the analysis is flawed ... by then Obama et al will have convinced every nation in the world to play by the "fair share" rule and everybody will have the same annual income.
Considering that China will overtake the US in total GDP by purchasing power parity by 2017, and by exchange rate by 2025. Thus, in 2050, China will be far and away the largest economy in he world, probably at least double the size of the US economy.
One word.
Tsunami.
Great! Let these countries and the rest of the world pay to bootstrap the 3rd world and worry about the world's despots and dictators. We in the US are tired of footing the bill.
"we" HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHHAHAHAHA Like you are American
HAHAHHAHAHAHAHHAHAHHAHAHHAHAHAHHAHAHA............
Will seen in the future if Citibank is correct about Singapore. I am not too worried if Singapore will be the richest since Singapore is a small country with a small population. I am sure that they would prospered. I am more worried about the size of the economy, such as that in China. I am not a fan of China for many reasons.
Yup China is threat to come in future. Once theirs politburo committee were corrupt in future like Bo xilai n his wife running the China regime, world can't stop their might and US forces just be like hunting game n beaten as like they walk in the park
so he puts the question mark behid his idiot statement and its supposed to be acceptable?
"Books and reading materials"...meanwhile, Americans are tripping and falling while yapping on their 'smart' phones.
Singapore and Hong Kong are not exactly countries. Taiwan and South Korea may not be by that time. Back to the drawing board.
No big deal. All Americans have to do is close their eyes and cover their ears, and keep repeating to themselves over and over, "We're the best! We're the best!"
The report is deeply flawed because one very simple fact: it forgets to take into account cost of living in each country.
Cost of living in different countries varies by an even greater amount than income. Just the privilege of having a compact car in some countries runs near $50K/yr in taxes, having a dog $10K or more. Clothes and toys in many south American countries cost about 5X what they do in the US. Cost of living in Singapore is MUCH, MUCH higher than in the US, so calling that people "richer" than in a country that makes 30% less on average is foolish if their cost of living is twice that of the other country.
I guess that's what one gets from reading research done by a bank.
What so great to be a richest nation, have you all ever heard this sentence? "It is hard for a rich man to enter the kingdom of heaven ..."
I don't think my little ole' pension and Social Security will keep up. Good thing I'll be dead by then.
Until rich people finally get the laws wrapped around their fingers to the point where they can declare themselves their own countries and therefore not be subject to tax laws of the (real) country they're standing on
Ah, return of the plagarist. Time for some more drivel from the copy cat!!!
I cant believe CNN...actually....no, I m too tired.
I call BS on the reporters report. Does the reporter realize what the average wage of a Taiwanese citizen coming out of college in Taiwan is? It's low... It may be 3rd highest in wealth per capita but probably due to the low population and numerous businessmen that make that statistic top heavy.
This isn't accurate at all – Amerika probably won't be in the top 20!!
Bogus article – Incorrect analysis..Here is the reality...The richest country to be would be INDIA...the world runs on IT and silicon valley is now moving into India...
All big companies take pride having their IT dept. in Mumbai / Hyderabad...The magic of Outsourcing...ha haa..haaa
GO AHEAD MOVE TO SINGAPORE. I LOVE AMERICA AND I AM STAYING HERE...HOPEFULLY WITHOUT REPUBLICANS.
Singapore will need the money. With sea levels rising due to global warming, they have some infrastructure to build.
5-The US!!!! very dishonest to omit that.
oh wait, it stuffed underneath without it's own number "And sliding in at number five, the only non-Asian nation, the United States: $100,802" Not bad for a country with over 300million people. Singapore has 3 million, 5 million when foreigners are included.
I lived there 20 years from 1981 till 2001 and saw its rise from a 3rd world condition to its present position. It's wealth is largely due to external investors. As a citizen they have few rights because their laws are geared to attracting foreign investors. Example: downloading of music and movies through improper channels is illegal. A nod to the Americans as a condition of signing a Free Trade Agreement with the US. In the end, they are rich but very shackled. Imagine that rich, shackled, and neurotic. I left the place in 2001 for good.
For a small tiny country without any natural resources (not even water), Singapore has to rely on strict laws to put all things in order. Citizen is the only asset.
Wow, you sound like an economist!... FROM THE '80s
Lee Kwan Yew was the best & perhaps only effective benevolent dictator of the 20th Century.
Damn right. Lee Kuan Yew, not Kwan. He still jailed a fair share of dissidents.
HAHAHAHHAHAHAHAHAHHAAHHAHAHAHAHAHHAHAHAHAHAHHAHAHHATOOHAHAHAHAHA
HAHAHAHAHAHAHHAHAAHASTUPIDHAHAHAHAHAHAHHAHAHAHHAHAHAHAHTOHAHHAHAH
HAHAHAHHAHAHAKNOWHAHAHAHAHAHHAHHAHAHAHAHHAHAHAHAHHAHAHAHAHAHHAHA
PREDICTION as usual. nothing new.
In 2050....... new name of nation will be richest in the world ......Former nations ( Canada and USA ) will merge become new one nation......
Well i think that high GDP per capita doesn't really mean that Singaporens are rich. The high GDP is is actually financed by long term debt (from housing loan, car loan etc..) I think this analysis did not take into considerations of the PPP as well as income disparity in Singapore. How many Singaporeans actually think they are rich?
Bank bailouts
The growing Chinese military strength will challenge the world only superpower which will result in probably a third world war and this will leave oil price at nearly $500 per barrel. the middle east guys will be super rich.
Enough of worthless predictions from random so-called "experts", "professionals", and "academics" who couldn't see the collapse of US economy the day before.. These people are absolutely worthless and their analyses are entirely rubbish.
I am a useless piece of camel dung. I post anti American, anti GB, anti semite, anti India, anti modern anything because I am a good moooooslem. I steal people's monikers because I am so ashamed of myself and post the most stupid comment. When people get angry with me, I claim insanity. I am the same guy.
The USA is unique in the world in the scale, depth and breadth of its prosperity, freedom and quality of life.
Richest for sure. How about wealth?. If one person lives in a 5000 sq. ft flat costing $6.5 million in Singapore and the other in a 6000 sq.ft in Texas costing $650 K.. Who is the wealthiest? I think welath would be money + space + ameneties + etc... Countires with wide spread cities and distributed population like US, India, Canada could fair better. Singapore will turn into a double citizenship place for a lot of rich people.
Interesting article. It's nice to see that we'll still be in the top 5, but America can do better. Also keep in mind America vastly larger by population and area than the others on the list. Not trying to knock the other countries, from what little I have learned they believe in democracy and are relatively good countries that deserve their wealth. Not too sure about Hong Kong though, I thought that belonged to China, but was just slightly autonomous.
Predicting the future is a fools game. Like investing in the stock market. Nobody knows what's gonna happen. If you look at old moviies to see how people envision the future and how far off they are from reality then you get an idea of how silly it is to even guess. I was watching Blade Runner about a month ago laughing at what they thought 2019 would look like. Well we're almost there and no robots or flying cars. On top of that were sitting around watching reality tv and getting dumber and dumber. Hell wel might all be cave men again by 2050! Well not counting the people in Singapore who love books........
Hong Kong is a city not a country.
American is a capilist country, its dirven by self interest. It would be a dangerous gobal perdictament to place the United States between a rock and a hard place and not expect a serious back lash. United States has the most powerful military in the world for a reason. The strategy of Cearsar of the roman empire was "Divide and conquer" The United States revised that strategy to just, 'Conquer" The purpose of the exploration into the new world was to discover, and bring back riches, and in the name of money many lives in history have been lost. The United States still to this day function with the same mentality has the orginal explores of the new world. Good luck with that perdiction of fifth place, fifth place in by historical definition is the catalyst for war and invasions .
Interesting that the top three countries are all Chinese states.
Do you refer to the U.S. and Australia as "British" states then? Singapore is an independent country. Just because the majority of the population in Singapore have Chinese ancestry, it does not mean that Singapore is a "Chinese" state.
Don't worry....by 2050 the rich countries will be on the moon...followed by Mars....and perhaps an asteriod.
The countries will be USA, China, followed, South Korea, India, and everyone else who will be so busy they will not have time to think about poor...or rich for that matter. Since, robots will be doing most of manual tasks...feeding, protecting and caring for those who can't, and for those who can not.
Just keep our 'heads clear' until we can at least get to that point, so even if there is trouble on Earth, there will still be people on the moon, Mars and maybe an asteoid to continue with cultivating our ignorance.
Guess what else they have? Universal healthcare; free education, extensive public (HDB) housing; compulsory and high employer/employee retirement fund contributions (Central Provident Fund); financial incentives to have children. Oh my God! They're socialists!
This is totally ridiculous. I have no idea if this is true or not but it is impossible to make predictions based that far in the future about economics. Does anyone really know how the economy of the US will be next year? If I knew, I could become a very rich. These type of projections are based upon linear projections of the current situation. The only thing that is really known about the current situation is that it will change. It might change for the better or it might change for the worse.
hahahahaha..............
Im Singaporean and ill say this for the last time. If you compare GDP per capita of city vs city Singapore is not even in the top 20. You have to take into account that large countries have rural areas etc. Also the wage to GDP ratio of Singapore is one of the lowest so nope Singaporeans are not rich.
Interesting article. Should have avoided listing Hong Kong as a nation, eventhough we all make mistakes. What about Norway? One of the absolute richest countries in the world now. With great natural resources, and just keep on finding the still "black gold" (oil and gas) Norway also have the second or the third largest fund in our world, eventhough there are ony 5 million inhabitants. For many of the last 10 years the United Nations has listed Norway as the best country in the world to live in. Why are not Norway and other European countries listed? I of course understand that it is not easy to predict the future, but some facts are currently hard to oversee. Europe has taken a hit, but never underestimate for example Germany. It is one of the economical locomotives in our world, and it probably will be so in 2050 also. Back to Norway again. It has not even really been an economical crisis there. In fact salaries have risen with an average of 3-4 percent this year. Many experts think and have the opinion that Norway will still have great economical growth in the years to come. Why is Norway not on the list?:-)
If one devide Norway`s fund to it`s inhabitants, everyone get quite a fortune. I can hardly see any other country who could match that. The fund is growing with a speed that could make most economists` heart sing. Norway keep on investing in foreign countries, so even if the oil and gas is a thing of the past in 2050, it will most likely be an outstanding rich country in 2050 also. China of course has outstanding much "money in the bank", but if one devide the fortune/wealth on every citizen – it will not be very much. The living costs in Norway are very high, but at the same time the salaries have increased almost explosively. And Norway has been able to afford it this far. It is not without reason the United Nations has listed Norway as the best country in the world to live in – for most of the last 10 years. Many facts are taken into consideration before that listing.
so when did hong kong become a country???????????
Bet they arn't giving everyone foreigh aid or trying to buy everyones friendship.
This is totally unsurprising, but where is Norway, Switzerland, Denmark, Australia, Sweden? These countries now are on top and still growing faster than USA, so how is it possible for the US with 300 mln. people to catch up? The only way is to funnel the war funds into something productive, which obviously is not going to happen.
Pretty Funny. Not even close to credible. Switzerland is the top nation in wealth if you consider all factors. Quality of life, Life expectancy, and income. The Scandinavian countries are a close second. It will stay this way for at least 2 more generations based on the current Educatin Systems of countries. Until other countries get serious about educating their youth, and treating them as young adults and not as children these countries will have afford their citizens a better quality of life.
Romney vs. Frankenstein (Obama)
Put simply, better the devil you don't know. Vote Romney.
The richest country will be Tantalis, Vallis Marineris, a booming coltan-rush town on Mars.
Of course not. It will have been anexed, together with Malaysia, by China by thet time (who's gonna protect it? GB as they did with Hong Kong?). China already owns the US and part of Europe.
The income per capita of Kenilworth Illinois is $175,000... how about them apples? oranges?
Way to bias the report
Somehow I would expect Germany to make that list. Perhaps the analysts are predicting that the ol' Deutsche republic goes bankrupt from bailing out the rest of Europe.
Fareed is always a patriot. For me, I am sticking with the West, and the value we place on each and every human life.
I saw an interview of Singapores leader. What a sharp man, he's a very wise leader. He has no love for China but loves the USA. I saw Charlie Rose interveiw him. I was very impressed. English is the nations dialect and he won't let one ethnic group assimulate in one area. they have to spread out to keep the peace. I would go there for Vacation and feel at ease.
I would be careful about labeling Lee Kuan Yew as a U.S.-lover or China-hater. It's not that simple and frankly, wholly inaccurate. While it's true that he personally admires certain aspects of the west in general, he has also dealt with China in a friendly manner. As an example, after meeting with Deng in the 1980's, he advocated for many joint-development deals in China such as industrial parks and export zones during the 90's and early 2000's. China gained some much needed developed world techniques and expertise during the process. Fact is, he has maintained a very cordial relationship with the Chinese leaders through out the years.
A more accurate description of Lee would be that he is a pragmatist through and through. To suggest that he is going to take America's side against China is a pipe dream.
I forgot the mention that despite loving America as a whole, Lee strongly dislike our corporate practices and the political aspect of our government. He's also quite frank when it comes to biaseness in the western media. All in all, the guy is very smart and observant. Although he's no longer wielding direct power in Singapore, he still hold considerable influence is responsible for mentoring the next generation of its leaders.
I can see all of the above except South Korea. That would be a pretty large leap.
I would say it's actually quite plausible. South Korea is an export heavy industry and like Taiwan, their main focus is the high-tech, higher profit margin products. South Korea government also regulates monopoly more loosely, allowing for mega-conglomerates (Chaebol) to be formed which has the effect of cutting overhead cost. For example, a subsidiary company of the Chaebolwouldn't have to pay nearly as much to acquire technology/methods that was developed/patented at another subsidiary under the same umbrella. I guess it is also no surprise that the leaders of these conglomerates have also successfully ran for political office. This is one of the reasons how companies like Samsung, LG, Hyundai made the leap from being merely minor players during the 90's to the dominant sector powers of today.
They must be expecting Obama to get re-elected
Well, it won't be America. By 2050, America will be the United Republic of Mexico the way we're going.
I don;t think America will even be in the Top 10 if these GOP Republican Koch Brother Tea Bagz get their way. They already have property in these other counties and continuing to send more jobs over there.
Asia is rising but like one writer notes it's really hard to predict that far ahead. Many things could change this forcast. I actually thought the U.S. still being in the top five was great. But I still have to say these folks just don't have all the facts correct when you factor in the possible obstacles to Singapores rise. Bottom line is this prediction will be blown apart by future events. I stillhave the United States in the top three and perhaps still at the very top. I just have that much faith. Good Day!
I enjoyed seeing this article. One of the most dynamic and successful entrepreneurs i know recently gave up his US citizenship for full citizenship In Singapore. Whenever he does something, I know he's got good reasons for doing it. He claims that the ease of doing business and financial laws are what attracted him. I'll be keeping my eyes on Singapore to be sure.
In terms of overall wealth, the US will still be #1, if we can get the spendthrift Socialists out of
The U.S. will remain the overall wealthiest, if we can remove the spendthrift Socialists from D.C. and allow Capitalism to run the nation's economy. Otherwise, all bets are off.
d.
c. and let capitalism run the economys
Thanks, Yahoo, for botching my post. The 2nd paragraph is the correct one.
I meant CNN, got my sites mixed up! LOL
Will we still have national borders in 2050? That would shock my socks off.
It's amazing what a business-friendly environment will do. I hope we try it in Europe and America again one day.
Per Wickipedia, Singapore has a non-modified universal healthcare system where the government ensures affordability of healthcare within the public health system, largely through a system of compulsory savings, subsidies and price controls. As this is a part of Singapore's business friendly climate, surely you are a fan of universal health care with a high degree of governmental involvement? Surely your chief complaint against Obamacare is that it is too timid in its approach out of an unfounded fear of government over-reach. Surely you're not one of the muddle headed hypocrites who say "business friendly" when they really mean "what happens to people without money is none of my concern."
Goodbye America. It was nice while it lasted. Time to move to a country that has more liberty, freedom and choices. I shall remember the good ole times in the U.S. I will always cherish them. But you know, as they say, every good thing must come to an end.
Agree, but you won't find more freedom in Singapore, rather much less. Have to look elsewhere.
Too bad Singapore will be under water by then.
I like to play dota its a really fun game!
I have no idea what this article means, but predicting what anything will be like in 2050 seems rediculous to me. But I'll likely be dead anyway, so go for iit.
WHY ISN'T ZAKARIA FIRED? I DON'T WANT TO SEE HIS PLAGIARIZED ARTICLES HERE ANYMORE.
Singapore is successful because it believes in collective welfare. IT is one of the most highly socialized country and the government has learned to find the right balance between progressive socialism and sustained capitalism. The government of Singapore controls many of the industries and it allows private companies to thrive in a very smart and controlled manner. Housing, along with taxes etc is very high in the country, but it provides some of the most advanced and welfare needs to the whole country, from education to healthcare etc. It is absolutely a genius model. This whole crap about Right wing fools who think government is not capable of anything is hubris. Politicians in singapore are giving comparable salary to top CEO's in the country, thus attracting smart ppl in office. Does singpore have domestic issues, absolutely, so does every country, but its is a great model of how a country thrives on collective welfare of its citizens, just liker Germany. Think about these two countries, Germany and Singapore, both are heavily socialized and yet they thrive. So yes, sustained socialism can succeed. It is a new world order. United States cares too much about capitalism and wall street and thats why we suffer. Nobody is advocating a pure socialist economy or communism, it wont succeed, but neither does pure capitalism. Those days are gone. The new world economic order is a balanced mix of all these elements. You have to protect your interest, ,keep manufacturing inhouse, penalize companies that ship jobs, invest in education and science and technology and infrastructure. Create a balance tax code that does not favor the rich, but also make them pay fair share of taxes. Keep Capital gains tax low, but not a loophole where investment banking and rich people can shift all their income into capital gains and pay 10% to 15% while the middle class shells out 25% or more. US is still a great country. The law protects corporations the most in any world. Apple will dare not move its HQ to India or China because when stuff hits the fan...those countries will destroy private companies...so yes US...is still the best country overall and that is why you can bully companies to protect its own interest and keep jobs here. Every single country in the world does that. US needs to learn from how good socialism works in Germany and Singapore and how sustained capitalism works as well.
Do not worry, Apple will move its domicile overseas soon enough. Or at least set up a subsidiary to handle non-US business and keep the cash offshore indefinitely. Plenty of companies already did. Microsoft did.
Will CitiCorp be around in 2050?
And we trust CitiCorp because..........
Ironically, when I leave Singapore this year, two major bookstores there were going to be closed down for not making enough profit. I really doubt the last conclusion.
We should say they have WMD's or something and pillage them for their riches. Here here!
I wish journalists and so called experts would really come and live in Singapore , and live like the majority of Singaporeans. Most of what is said is government hype , the economy is delicate , as its export based , has no natural resources , not even water or food . Is also subject to possible sea levels rise and already there have been floods in the city centre .
This is a city state not a country , and its rich people come from countries all around , with little or no questions asked about where the money comes from.
Also the statement
The favored items of extremely wealthy Singaporeans?
“Books and reading materials.”
Then tell me why most of the bookshops in Singapore have shutdown , even in the city centre
CNN just went down in my estime for producing a report like that , just shows what people really know
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