Macau set to become richest place in the world

Macau is set to become the richest place in the world by 2020, knocking Qatar off the top slot, Bloomberg reports, citing International Monetary Fund figures.

The economy will reach the equivalent of about $143,116 per person by 2020, ahead of Qatar which will reach $139,151 in the same time frame.

Macau’s gross domestic product has more than tripled from about $34,500 per capita in 2001, the IMF data shows.

The wealth gap between the two places is also expected to widen beyond 2020, with Macau’s GDP per capita set to reach about $172,681 by 2023, it adds.

Macau’s wealth has been driven by its casino industry, with gross gambling revenue hitting just over $33 billion in 2017, a gain of 19.2 percent.