Southeast Asia is a diverse region with various cultures, economies, and levels of development. Among its nations, Singapore and Brunei stand out for having the highest per person income, known as Gross National Income (GNI). They’re considered high-income countries in the region.
How the World Bank measures cash flow
The World Bank Group, a big international finance organisation, uses a detailed system to sort out countries based on how much money they make.
They update this list every July 1st, looking at the GNI per person from the year before. They use the Atlas method, started in 1989, to measure this in US dollars.
The World Bank’s way of classifying countries by their income is really important for seeing how developed they are. They use the GNI per person, figured out using the Atlas method, as a big clue to how well off a country is. It helps us get a good picture of a nation’s economic strength.
High-income nations: Singapore and Brunei
Singapore really shines in Southeast Asia as the big economic star. Its GNI per person is way higher than its neighbours, putting it in the top tier for income, reported Seasia Stats . Singapore’s strong economy, known for being super innovative, efficient, and a global finance centre, is what keeps it at the top.
Brunei is right behind Singapore in Southeast Asia’s rich list. It gets a lot of attention for being a high-income country too.
Brunei has loads of natural resources, especially oil and gas, which it manages really well. Even though it’s smaller than its neighbours, Brunei’s focus on sustainable growth and trying different ways to make money has made it super wealthy on the world stage.
M’sia is a top upper middle-income nation
Besides Singapore and Brunei, Southeast Asia has a mix of different economies. Malaysia, Thailand, and Indonesia are in the upper middle-income group. They’re doing pretty well with steady growth and projects to develop, making them big players in the region.
Lower middle-income economies
But not all Southeast Asian countries are in the upper middle-income group.
Some are in the lower middle-income category, showing they’re still facing development problems. Vietnam, the Philippines, Laos, Timor-Leste, Cambodia, and Myanmar have lots of social and economic obstacles to overcome as they work to improve living standards and make their economies stronger.
