Hong Kong (CNN)— Asia is set to have the world’s wealthiest residents, with city-state Singapore heading the rich list.
Hong Kong, Taiwan and South Korea will do well, too, according to by a new survey that predicts which countries will be home to the wealthiest citizens by 2050.
By one measure, they are already are. Singapore’s per capita income is estimated by Knight Frank and Citi Private Wealth’s 2012 Wealth Report to be the highest in the world at $56,532 in 2010, measured by purchasing power parity. Norway follows at $51,226, then the U.S. ($45,511), Hong Kong ($45,301) and Switzerland ($42,470). (The International Monetary Fund listed Singapore 3rd in the world in 2010-11 by per capita GDP, behind Qatar and Luxembourg, which weren’t included in the Knight Frank report).
By 2050, the Wealth Report estimates the world’s wealthy citizens will be dominated by Asia: Singapore ($137,710), Hong Kong ($116,639), Taiwan ($114,093) and South Korea ($107,752). The only western economy projected to remain in the top five is the U.S., with an estimated per capita income of $100,802.
Danny Quah of the London School of Economics predicts that by 2050, the world’s economic center of gravity will be somewhere between India and China, the report notes. In 1980, the global economic center lay in the middle of the Atlantic.