Macau Set to Outpace Qatar as Richest Jurisdiction by 2020

  • By
  • Published
  • Est. 3 minutes

Qatar’s economy has been booming. The average GDP per person has been long set on a course to reach $139,151 per person, making it one of the world’s highest. The forecasts are firmly set for the end of the decade, which will shortly turn Qatar into arguably the best place to be born, if financial prospects are what you desire in life.

An Economic Wonder

Much of the country’s success is owed to the diversification of assets and the smart use of proceedings from lucrative industries. Unlike Saudi Arabia, which has grown too complacent from its rich proceedings, Qatar has been busy. One of the most significant successes of the country has been the development of the casino sector.

Qatar has been well ahead of bastions of traditional gambling, such as Macau, but the Chinese-overseen territory is now revving up its operations in a bid to elbow Qatar in the fringes of the international gambling map. And even then, Macau has yet to deal with some serious competition in the East.

A recently backed bill passed in the Japanese Diet, making it clear that Japan will also open a rich resort for international casino lovers and some of the world’s best-known casino brands.

Macau is also catching up in pure revenue from its diversified economy, albeit most of it relies on the proceedings from gambling operations. Still, Macau may even outpace the GDP per capita by 2020, the IMF estimates, putting it at over $143,000 per citizen.

The Wealth of the Casino Countries

Macau’s success though is contingent upon gambling. The revenue from such activities has skyrocketed and according to the last reported numbers reached $33 billion in a single year, which is a nearly 20% jump in the overall profit of the country.

Macau has been particularly agile too, going unscathed from the raging trade war between the United States and China. Not only that, but the forecast for Macau remains ever so upbeat. The IMF expects that the region will continue to mark an impressive growth until at least 2022 when a slowdown may occur. Even then, the IMF cautions that a new report will have to be issued closer to the date so that a more accurate information can be related. Still, Macau will in all likelihood overcome Qatar as the richest jurisdiction in the world.

Of course, there have been some who would disagree. Whilst the GDP has increased quite remarkably, the quality of life and basic services hasn’t changed much, which means that those aren’t quite on par with the current finances of the country.

A Threat from the East

Qatar’s diversified economy is likely to survive a hit from Japan’s burgeoning casino revolution. However, there’s no indication what will happen to Macau and other places, such as Jeju island in South Korea.

Many expect that international gamers will re-focus their efforts in Japan where glitzy and swanky new properties will entertain the world’s avid casino-lovers. Still, Macau has too strong a pull to be simply ignored. Some suspect that the country may even siphon off gamers from Japan itself.

Leave a Reply

Your email address will not be published. Required fields are marked *