S'pore among richest countries in the world in terms of GDP: Report

Singapore is the second-richest country in the world, according to an annual ranking by The Economist.

Switzerland took first place, while Norway came in third.

The list was created by ranking 178 countries using three measures:

• Gross Domestic Product (GDP) per person at market exchange rates
• Adjusted incomes for local costs (known as purchasing-power parity)
• Local prices and hours worked

Average annual earnings of S$116,485

Under the first measure, Switzerland tops the list with average annual earnings above US$100,000 (S$128,400) in 2024.

Singapore came second with average annual earnings of US$90,700 (S$116,485), while Norway came third with average annual earnings of US$86,800 (S$111,470).

When adjusted for local costs, Singapore came in first, followed by Macau and Qatar.

And when adjusted for hours worked, Norway took first place, followed by Qatar and Denmark.

When adjusted for hours worked, Singapore came in eighth.

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