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Singapore is now world's second-richest country, far ahead of its Southeast Asian neighbors
By Phan Anh August 12, 2025 | 05:00 am PT
Aerial view of the Marina Bay Sands in Singapore. Photo by Unsplash
Singapore has been named the world's second-richest country, and by far the wealthiest in Southeast Asia, in The Economist's latest annual wealth ranking.
The ranking, which assessed 178 countries, placed Singapore's GDP per person at market exchange rates at US$90,700 in 2024, second only to Switzerland's US$100,000 and ahead of Norway's US$86,800.
No other country in Southeast Asia comes close. Brunei ranks a distant second in the region with US$33,400, followed by Malaysia at US$11,900. Vietnam, one of the region's fastest-growing economies, has a GDP per person of US$4,720, according to the ranking.
When adjusted for local costs, a measure known as purchasing-power parity (PPP) that better reflects living standards, Singapore overtook Switzerland to claim first place globally. Lower living costs compared with other wealthy nations mean Singaporeans enjoy greater purchasing power for every dollar earned.
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However, when working hours were factored in, the city-state dropped to eighth place, as nations such as Norway, Qatar and Denmark scored higher thanks to shorter workweeks combined with strong productivity, Mothership reported.