The economy of Asia is the fastest growing continental economy and also the largest continental economy in terms of GDP (PPP). The economy comprises of over 4.4 billion people living in the 48 nations of the continent. The wealth of the continent is unequally distributed both within and between the countries of Asia. Here, we present the wealthiest economies in Asia in terms of GDP per capita.
The East Asian nation of Japan located in the Pacific Ocean is the fifth richest country in Asia with a GDP per capita of $39,305USD.
The Japanese economy is highly reliant on the country’s automobile and electronics goods industry. The country is the 3rd largest automobile manufacturing nation and is also the biggest electronics goods industry in the world. Japan is one of the most innovative nations in the world and the biggest creditor nation globally. However, the Japanese economy also faces considerable threats, the biggest being a steeply falling population.
4. United Arab Emirates$40,711
The GDP per capita of the United Arab Emirates (UAE) is $40,711 USD, the fourth highest in Asia. The country is located in Western Asia in the Arabian Peninsula’s southeast end. UAE houses a population of 9.2 million including 7.8 million expatriates and 1.4 million Emiratis.
The economy of UAE is the second largest among the GCC member countries after Saudi Arabia in terms of GDP. The country is ranked as the 26th best nation for conducting business. UAE’s economy is the most diversified in the GCC. However, still the economy is highly reliant on oil revenues and natural and gas and petroleum are the top exports.
Israel is the seventh richest Asian country in terms of GDP per capita which is $41,644 USD. The country has coastlines along the Red Sea and the Mediterranean Sea.
The country’s highly educated workforce and well-developed education system have spurred rapid economic development and a technology boom in the country. Israel has the 24th most competitive economy in the world. The country hosts the second highest number of startup companies. Israel is self-sufficient in food production. Machinery, cut diamonds, chemicals, apparel, agricultural products, etc., are the top export products of Israel.
Singapore is the third richest Asian nation with a GDP per capita of $60,041 USD. The Southeast Asian nation consists of one main island and 62 smaller islets.
The country has a well-established trade-oriented market economy. It is one of the least corrupt and most business-friendly economies in the world. The highly conducive investment scenario in Singapore attracts a large number of global investors. The country promotes innovation and entrepreneurship. The country’s port serves as the second busiest port in the world by cargo tonnage.
The West Asian nation of Qatar, located in the Arabian Peninsula’s northeastern coast, is the richest country in Asia with a GDP per capita of $70,799 USD. The country shares its only land border with Saudi Arabia and has a coastline along the Persian Gulf.
Qatar’s economy is based on the export of petroleum and liquefied natural gas. It accounts for 70% of the country’s government revenue, over 85% of the export earnings, and over 60% of the GDP. Qatar has an immense reserve of oil that can sustain the economy at the current levels for 23 years. Long term goals of the country include the diversification of the economy to reduce the dependency on oil, a fast-depleting resource.