In the latest ‘Global Wealth Index’ for 2024, Malaysia has surprisingly been ranked 58th among world richest countries.
According to the index published by Global Finance magazine, With a GDP per capita of $39,030, Malaysia demonstrates a steady economic standing at 58th, though it trails behind other top contenders on the list.
Asian nations also feature prominently in the list with Singapore (4th), Brunei (13th), Taiwan (14th), Hong Kong (15th), South Korea (30th), and Japan (36th) securing spots in the top 40, highlighting the region’s economic vitality and potential.
Singapore ranked the 4th
According to Global Finance, leading the rankings are Luxembourg with a GPD per capital of $143,743, Macau with $134,141, Ireland with $133,895, and Singapore with $133,737, all boasting significantly higher GDP per capita figures.
Other top performers in the top ten include Qatar(5th), the UAE (6th), Switzerland(7th), San Marino(8th), the USA(9th), and Norway(10th).
Notably, Singapore stands out in the ranking as the 4th wealthiest nation, positioned ahead of larger economies like the United States and the UAE.
The study revealed that part of the reason for this impressive standing is Singapore’s sophisticated financial sector and favorable tax regime, which attract substantial foreign investment, professional talent, and significant bank deposits.
Additionally, the rankings take into consideration factors such as income equality. Singapore’s relatively small population also contributes to its disproportionately large economy, enabling it to achieve a high ranking in this study.
Factors taken into consideration
The rankings consider various economic indicators such as Gross Domestic Product (GDP), GDP per capita, growth rates, and the purchasing power parity adjusted for inflation.
Factors such as access to social services like healthcare, education, and housing, along with the cost of energy and food, also influence the rankings.
The index provides a detailed look into the economic health of nations, emphasizing not just income but the overall quality of life and accessibility to essential services.
Read more about the study on Global Finance.
