Macau is on It’s Way to Become the Richest Place in the World — Here’s Why
What makes a city wealthy? Well, if your city depends on gambling and tourism, then there is no doubt that it would be on the lisof the richest places in the world. It was in 2015 when the Brookings Institution referred to Macau as the fastest growing metropolitan area in the world.
They continue to grow over the years and in fact, experts from the International Monetary Fund predict that the may overtake Qatar not too long from now. This is because of them having the highest gross domestic product per person, that is solely based on the purchasing power parity basis.
The New Richest Place In The World
Located about 40 miles away from Hong Kong on the southern coast of the country, Macau is known to be one of China’s special administrative region. Just like Hong Kong, they are given distinct rules as well as economic freedom from the rest of the country. Since they only have such a small population, Macau’s gross domestic product per capita is already considered as one of the highest in the world. By the time 2020 comes around, the GDP for each person would most likely reach $143,000 since they currently have less than 700,000 in population. Two of the richest places in the world, Qatar and Luxembourg, will then be overthrown since Qatar will most likely have a projected figure of $139,000 while Luxembourg will most likely have $118,000.
These are all fresh from the International Monetary Fund’s most recent World Economic Outlook Update. Currently, Macau is behind Qatar with $122,489 per capita in GDP. Luxembourg took the third spot while Singapore was not too far behind. The United Nations on the other hand, ranked Macau as the most densely populated place in the world despite their small population. The reason is said to be because of how packed the bustling streets are.
The Population Division of the United Nations Department of Economic and Social Affairs said that one of Macau’s most dense areas like Mong Kok already got 120,000 people per square kilometer. A lawyer and social commentator from Macau also revealed that things may not seem to be as great as it seems, especially when things like quality of life, cleanliness, pollution, public transport, and renewable energies are involved.
Las Vegas Left Behind
A couple of years ago, there is one city in the United States where people from all over the world wish to visit when it comes to luxury and gambling. Las Vegas was previously known to be the gambling capital of the world, that is before Macau took over the top spot. They used to only be referred to as the Vegas of Asia, but not anymore since they have already taken over. No one ever thought Macau would be where it is right now, and many people are still wondering if how exactly did they manage to beat Vegas.
It was during the early 1940s when Las Vegas started to bloom into a beautiful flower since gambling just got legalized around that time. Investors and developers knew how this deserted city could literally become a place where people from all over the world would love to visit and have a good time.
Macau, on the other hand, did not get as much attention while they are working their way up, but what technically helped them boost is when film productions started to stir the cameras so the world can see that there is a place like this in Asia. Now, millions of people make their way to this island since it is known to be an easier place to get to compared to the US since almost anyone with a passport can visit Macau without a visa.
More in Global Markets
From Reality TV to Law School: Kim Kardashian’s Career Switch Will Leave You Feeling Inspired
The O. J. Simpson case thrust the Kardashian family into the limelight, sparking a chain of events that would culminate in...May 22, 2019
J.Lo, A. Rod and Others are Backing this Indian Fitness Startup and We Know Why
There’s no truer statement than that J. Lo is a fitness enthusiast, and thankfully, she has met her match in Alex Rodriguez who...May 22, 2019
This Sports Company Is Backed by Some of the Biggest Investors Including Will Smith
Gen. G has recently announced its global expansion plans, fueled by the $46 million the organization has raised owing to a...May 22, 2019
How to Choose the Best Life Insurance Coverage for the Disabled
Securing Financial Protection A primary reason why people get life insurance is so that after the demise of a loved one,...May 22, 2019
Johnny Depp is Apparently Broke! Here’s How He Scorched His Entire Fortune
Back when the Pirates of the Caribbean franchise was the hottest thing in town, the movies’ main man, Johnny Depp, was...May 22, 2019
Reason Why Financial Advisors Need to Adapt To The Tech World
Most people think that money makes the world go round, this may be true in a way especially for those who...May 22, 2019
How Much a $1000 Investment in Apple 38 Years Ago Would be Worth Today
Current Worth Of Investment Apple recently debuted a new set of its updated products. The products include one MacBook Air and...May 22, 2019
Shell Reports Biggest Profits in 4 Years as Oil Prices Rise to Astronomical Levels
Royal Dutch Shell recently disclosed its third-quarter earnings, reporting a 37 per cent increase in revenue and highest profits in the...May 22, 2019
Gone with the Wind! Here’s How Mel B Lost Her Enormous Fortune
The English pop girl group, the Spice Girls, established their dominance with their debut single Wannabe which hit the airwaves in...May 22, 2019