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Macau has been ranked as the fifth wealthiest region in the world, with its per-capita gross domestic product (GDP) based on purchasing power parity (PPP) reaching US$89,558 (MOP722,067), according to a survey carried out by Global Finance.
In comparison, Hong Kong, the city’s neighbouring special administrative region, ranks 12th with a GDP adjusted for PPP of US$74,598.
“When Covid struck,
global traveling came to a halt, and for a while Macao even slipped out of the
10 richest nations ranking,” said the monthly financial magazine.
“Today, after more than
three years since the start of the pandemic, Macao is slowly returning to
business as usual.”
Among the listed countries, Macau is the only jurisdiction to experience a decline in per-capita purchasing power since the global pandemic, with the figure dropping by over US$35,000 from around US$125,000 in 2019.
Ireland tops the chart with a GDP-PPP per capita of US$145,196, followed closely by Luxembourg at US$142,490.
Singapore ranks third at US$133,895, while Qatar claims the fourth spot at US$124,848.
According to the Statistics and Census Service, Macau’s GDP expanded by 116.1 per cent year-on-year in the third quarter of 2023.
The growth was driven by exports of services, particularly in gaming and tourism, which saw growth rates of 781.4 per cent and 255.4 per cent respectively.
The overall economic output of the city for the first three quarters of 2023 returned to 77.4 per cent in comparison with the same period of 2019.
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