Macau could soon be the world’s wealthiest city
Macau could soon be the world’s most wealthy destination, with the gambling mecca closing the gap on Qatar.
The gross domestic product of the autonomous state has more than tripled from the $34,500 average per capita in 2001, according to the International Monetary Funds (IMF). The economy is expected to reach about $143,116 per capita by 2020, and this would make it the new world leader.
On the other side, the economy of Qatar is expected to grow to $139,151 per capita, on average with its enormous natural resources. That aside, the country has made smart investments of funds generates its resources and diversified the economy making it the richest country in the world.
However, if what the IMF is predicting Macau could soon be the new world king.
Macau’s economic growth is expected to go beyond 2020, with IMF predicting that its gross domestic product (GDP) per capita could reach as much as $172,681 in 2023.
The state’s economic growth vastly driven by gambling, as the gross gambling revenue grew to $33 billion in 2017, which is 19.2% increase compared to last year.
However, the ongoing trade war between the US and China can be a hindrance to the growth of the Asian version of Las Vegas.
The impact of this could be felt during the renewal of casino licences scheduled between 2020 and 2022. Nonetheless, this may affect Macau’s economy in the long term.
Macau has a an area of 30.8-square-kilometres with a population of over 650,000 which means it is the world’s most densely populated place with 21,322 people sharing the same square mile.