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  • Zen Chong

Survey on Global Wealth Ranking: Singapore Ranks 15th

Singapore's GDP per person globally ranks sixth, reaching $82,800 USD (approximately 110,000 SGD), according to data compiled by the UK economic journal "The Economist." However, accounting for cost differences and working hours, Singapore's position drops to 15th in the global ranking of the wealthiest countries and regions, with Norway claiming the top spot.

This disparity suggests that the high income of Singaporeans may stem from longer working hours rather than higher hourly wages. In comparison, while other countries and regions have lower GDP per person, their populations earn more per hour due to shorter working hours.

Considering cost differences and working hours adjusted by Purchasing Power Parity, the top ten wealthiest countries and regions globally are primarily composed of European nations, including Norway, Luxembourg, Denmark, Belgium, Switzerland, Sweden, and Austria.

A report reveals that Singapore has the longest average weekly working hours in the Asia-Pacific region, standing at 45 hours, surpassing China and Malaysia. Additionally, 40% of local employees believe they work uncompensated for up to 10 hours per week, ranking second in the Asia-Pacific region, just behind India.

In conclusion, a large economic scale does not necessarily equate to higher incomes for the population. Taking the largest global economy, the United States, as an example, after considering cost and working hours, its GDP per person ranks only 11th. Similarly, China, ranked 65th in pure GDP per person, drops to 96th when working hours are considered. South Korea faces a similar situation, with its ranking falling from 31st to 47th due to longer working hours.

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