SINGAPORE: Singapore has secured the third position in the latest ranking of the world’s wealthiest countries and regions.

The rankings, released by the monthly financial magazine Global Finance last week, are based on each country’s per capita gross domestic product (GDP) in 2023 and the purchasing power parity (PPP) calculated.

Singapore boasts a remarkable per capita GDP of US$133,895, equivalent to approximately SGD 177,337. While this places the city-state behind Ireland, which clinched the top spot with a per capita GDP of US$145,196 (about SGD 192,304), and Luxembourg securing second place with US$142,490 (around SGD 182,304), Singapore’s achievement reflects its economic prowess on the global stage.

Global Finance Magazine attributes Singapore’s success to the industriousness of Singaporeans who toiled hard to succeed despite the absence of natural resources.

Also, despite lacking inherent wealth reservoirs, Singapore has managed to establish itself as one of the most business-friendly environments worldwide.

The magazine commended Singapore’s people for their hard work, emphasizing the role of intelligent government policies that have fostered an environment conducive to economic growth.

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The city-state’s strategic location, well-developed infrastructure, and robust financial system have undoubtedly contributed to its ascent in the global wealth rankings.

The top four to ten positions in the wealth index are occupied by Qatar, Macau, United Arab Emirates, Switzerland, Norway, the United States, and San Marino, respectively.

This diverse list showcases the global distribution of economic prosperity, with oil-rich nations and financial hubs making significant contributions to the top echelons of the ranking.