Macau on track to be richest place in the world

According to Bloomberg, Macau will dethrone Qatar and become the richest place on earth by 2020.

Macau.- The Chinese region of Macau continues to thrive around the gambling industry and is set to become the richest place in the world. According to Bloomberg, the territory will knock Qatar off the top of the list in 2020, based on figures from the International Monetary Fund.

The IMF revealed Macau’s gross domestic product (GDP) has more than tripled since 2001 when it amounted to US$34,500. Furthermore, it expects the economy to reach about US$143,116 per person by 2020, beating Qatar’s US$139,151.

In addition, the IMF foresees that the difference between Macau’s and Qatar’s GDPs will continue to widen as the Chinese territory’s figure per capita is set to reach US$172,681 by 2023.

The financial body explained that the Macanese economy is set to continue growing, fueled by its casino industry, which had its gross gambling revenue hitting just over US$33 billion in 2017, 19.2 per cent higher than the year before.