In terms of GDP (gross domestic product) per capita in 2023, the Philippines, mind you, landed 20th among the richest countries in Asia, based on the tabulation of the World Bank. The GDP per capita of the Philippines is $38,471.
As to be expected, the top 10 richest countries in Asia based on GDP per capita, are: Singapore ($131,426); Qatar ($113,675), UAE ($77,272), Brunei ($74,196), Taiwan ($69,500), Bahrain ($57,921), Saudi Arabia ($55,802), Israel ($52,173), Kuwait (51,528) and Malaysia ($49,372).
The next 10 are: Oman ($48,221), Kazakhstan ($47,930);, Thailand ($45,678), Russia ($44,521), Azerbaijan ($42,703), Iran ($41,872), Indonesia ($40,295), Turkmenistan ($39,802) and the Philippines ($38,471).
Asia is home to 4.5 billion people with economies of great contrasts. With countries like India and China boasting of a combined 2.8 billion, Asia accounts for 30 percent of the world’s income, 40 percent of production and ⅓ of global trade, reported travel journalist Michael Rivera on Southwest Journal, a paper based in Minnesota, USA.
Significant Economic Strides
Citing the World Bank report, Rivera said many Asian nations have made significant economic strides, transforming their societies and economies.
Interestingly, the list only includes independent states with open economies. Territories like Macau and Hong Kong, and North Korea are not in the list.
Asia’s Jewel, Singapore, a small city-state has transformed itself from a fishing village to one of the world’s most prosperous nations through its strategic location, pro-business policies and focus on education and innovation.
The Singaporean government’s Economic Development Board’s emphasis on research and development has made the nation a hotspot for tech startups and multinational corporations.
Its port is one of the busiest in the world and its financial sector is a hub for international banking and trade.
Qatar, the tiny nation in the Middle East, has leveraged its vast oil and gas reserves to achieve remarkable economic growth. With the highest GDP per capita in Asia, Qatar’s wealth is evident in its modern infrastructure, world-class facilities and high living standard.
With oil and gas as the primary economic drivers, Qatar invests heavily in diversifying its economy. From sports to education to tourism, Qatar is laying the groundwork for a sustainable future.
The United Arab Emirates, called Oasis of Prosperity, is a federation of seven emirates on the eastern side of the Arabian peninsula. It’s a testament to what vision, planning, and the judicious use of resources can achieve.
Once a quiet backwater, UAE has transformed into a global hub for business, tourism and luxury. Its cities, Dubai and Abu Dhabi, are symbols of modernity with towering skyscrapers, sprawling malls and cultural landmarks.
Though its wealth originated from oil, UAE diversified its economy into sectors like real estate, aviation and entertainment.
Brunei, the silent sultanate, is one of the world’s smallest countries located in the island of Borneo. Its wealth is evident. Ruled by the same royal family for over six centuries, Brunei’s wealth comes from its vast reserves of oil and gas.
Brunei, located on the island of Borneo, is one of the world’s smallest countries, but its wealth is evident. Ruled by the same royal family for over six centuries, Brunei draws its wealth from vast reserves of oil and gas. It opts for a more subdued display of wealth. The country focuses on providing a high standard of living for its citizens, with free healthcare, education and no taxes.
It is also known for its conservation efforts by setting aside vast tracts of its rainforests as protected areas, ensuring that its natural beauty is preserved for future generations.
Taiwan, known as the Asian Tiger, is an island nation off the southeastern coast of China. Despite limited resources, Taiwan has carved a niche for itself as a global leader in technology and manufacturing. From semiconductors to electronics, Taiwan is at the forefront of the tech industry. Companies like TSMC and ASUS have put Taiwan on the global map, showcasing its prowess in innovation and production.
While Taiwan is a beacon of modernity, it also holds onto its rich cultural heritage. From its bustling night markets to its traditional temples, Taiwan offers a blend of the old and the new.
Bahrain, the Pearl of the Gulf, is an archipelago in the Persian Gulf with a history that dates back thousands of years. Known historically for its pearl fisheries, Bahrain has successfully transitioned into a modern economy centered around banking, finance, and tourism.
Bahrain is often referred to as the financial hub of the Middle East. Its liberal economic policies and strategic location have made it a magnet for businesses and investors from around the world.
Bahrain is investing heavily in education, technology, and infrastructure. The nation is keen on fostering innovation and entrepreneurship, ensuring it remains competitive in the global landscape.
Saudi Arabia– the Desert Gian– is the largest country in the Middle East that is synonymous with oil. Home to the world’s second largest proven oil reserves, the Kingdom has been a major player in the global energy market.
An article by OPEC said while oil has been the backbone of Saudi Arabia’s economy, the nation is embarking on an ambitious plan, Vision 2030, to diversify its economy. From tourism to entertainment, Saudi Arabia is opening up new avenues for growth.
Saudi Arabia is also experiencing a cultural renaissance, with new cinemas, concerts, and cultural festivals, the Kingdom is slowly but surely opening up to the world.
Israel– The Start-Up Nation– is nestled on the eastern shore of the Mediterranean Sea and is a land of historical significance and modern innovation. Known as the birthplace of major world religions, today’s Israel is a hub for technological advancements and entrepreneurial spirit.
Israel is often called as the “Start-Up Nation” because of its ecosystem that fosters innovation and entrepreneurship. With more start-ups per capita than any other country, Israel’s tech scene is vibrant and dynamic. From cybersecurity to agritech, Israeli innovations are making waves globally.
While Israel is a beacon of modernity, it also holds onto its rich cultural and religious heritage. The juxtaposition of ancient landmarks with state-of-the-art tech hubs makes Israel a unique and fascinating destination.
South Korea– the Land of Morning Calm– is located on the Korean Peninsula, with a blend of ancient traditions and cutting-edge innovations. From the serene temples and palaces of Seoul to the bustling tech industries, South Korea is a testament to harmonizing the old with the new.
South Korea is home to some of the world’s leading tech giants, including Samsung, LG, and Hyundai. The nation’s emphasis on education and innovation has positioned it as a global leader in various sectors, from electronics to automobile manufacturing.
K-Pop, K-Dramas and Korean cuisine have taken the world by storm, showcasing South Korea’s cultural richness and global appeal. Traditional festivals, dance, and art forms coexist with contemporary entertainment, making South Korea a cultural hotspot.
Kuwait– The Desert Dynamo– is situated at the tip of the Persian Gulf. A small nation with vast economic potential, Kuwait is also known for its oil reserves in addition to its aggressive investments in infrastructure, education, and healthcare, thereby ensuring a high standardf of living for its citizenry.
Kuwait’s economy has been historically driven by its vast oil reserves, making it one of the world’s top oil exporters with revenues playing a pivotal role in shaping its modern infrastructure and skyline.
Kuwait City, the nation’s capital, is a blend of modern skyscrapers and traditional architecture. The Kuwait Towers, an iconic landmark, symbolize the nation’s progress and aspirations.
Malaysia– the Tropical Paradise– in Southeast Asia, is known for its diverse culture, stunning landscapes, and booming economy. Its capital, Kuala Lumpur, is a testament to its rapid modernization and growth.
The Social Science Research Network reported that Malaysia is a rising Islamic tourist destination. From the bustling streets of Penang to the serene beaches of Langkawi, Malaysia offers a blend of Malay, Chinese, Indian and indigenous cultures and traditions.
Oman– the Arabian Gem– is located on the southeastern coast of the Arabian Peninsula. It is known for its rich history, stunning landscapes, and modern infrastructure.
Muscat, its capital, is a blend of ancient and modern, with historic forts and modern shopping malls. Oman’s strategic location has made it a significant trading hub for centuries.
Kazakhstan– the Heart of Eurasia– is the world’s largest landlocked country that boasts of vast steppes, rugged mountains and a growing economy. Its rich reserves of oil, gas and minerals have propelled its economic growth.
Astana, its capital, is a symbol of Kazakhstan’s aspirations, with futuristic architecture and a vision of becoming a central hub between Europe and Asia.
Thailand– The Land of Smiles– is known for its stunning beaches, rich culture, and bustling cities and a major tourist destination in Asia. Its economy benefits from tourism, agriculture, and manufacturing.
A report of the Stockholm Environmental Institute, said Thailand is a rising star in the Bioeconomy.
From the ancient temples of Chiang Mai to the modern skyscrapers of Bangkok, Thailand offers a unique blend of the old and the new.
Russia– the Transcontinental Titan– has a significant part of its land in Europe but its vast expanse in Asia cannot be ignored. Rich in natural resources, its Siberian region is a testament to its economic potential.
Russia’s Asian part is known for its vast landscapes, from the Ural Mountains to the Pacific coast. Cities like Vladivostok showcase Russia’s Asian influence and economic potential.
Azerbaijan– the Land of Fire– is located at the crossroads of Europe and Asia and boasts of a rich history, stunning landscapes, and vast oil reserves. Its capital, Baku, is a blend of ancient and modern.
Azerbaijan’s economy benefits from its oil and gas reserves. At the same time, its rich cultural heritage, from the ancient rock carvings of
Gobustan to the modern Flame Towers of Baku, showcases its diverse identity.
Iran– the Persian Powerhouse– has a rich history and vast landscapes and is known for its oil reserves, cultural heritage, and strategic location. Its economy is diverse, benefiting from oil, agriculture, and manufacturing.
From the ancient ruins of Persepolis to the bustling bazaars of Tehran, Iran offers a unique blend of the ancient and the modern.
Indonesia– the Archipelago of Diversity– is the world’s largest archipelago, which boasts diverse cultures, stunning landscapes, and a growing economy. Its strategic location has made it a significant trading hub for centuries.
From the rice terraces of Bali to the bustling streets of Jakarta, Indonesia’s economy benefits from tourism, agriculture, and manufacturing.
Turkmenistan– the Desert Oasis– is known for its vast deserts and ancient cities, with vast reserves of natural gas. Its economy benefits from energy exports, agriculture, and trade.
Turkmenistan’s rich history, from the ancient city of Merv to the modern capital of Ashgabat, showcases its diverse identity and economic potential.
Philippines– the Pearl of the Orient– is an archipelago of over 7,000 islands with diverse culture, stunning landscapes, and growing economy. Its strategic location has made it a significant trading hub for centuries.
A study by the Asian Development Bank calls the Philippines as a rising economy of Southeast Asia.
From the historic streets of Manila to the serene beaches of Palawan, the Philippines offers a blend of indigenous, Spanish, American, and Asian influences.
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