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Macau poised to become richest place on the planet by 2020

Discussion in 'The NF Café' started by mr_shadow, Aug 7, 2018.

  1. mr_shadow Minister of State Security Moderator

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    According to figures from the IMF, the casino hub will overtake Qatar to have the highest per-capita gross domestic product

    Just when you thought it was safe to store away the superlatives to describe its meteoric rise to the top of world gaming, Macau is set to outdo itself by becoming the richest place on the planet.

    Fresh data from the International Monetary Fund (IMF) predicted that by 2020, the city would overtake oil-rich Qatar with the highest per-capita gross domestic product of any country or jurisdiction on earth.

    The IMF’s World Economic Outlook Update – published at the end of last month – expected continuing economic growth in the casino hub would see it leapfrog Qatar by 2020.

    This year the IMF ranked Macau, with a US$122,489 per capita GDP, second behind Qatar, for which it said the equivalent figure was US$128,702. Singapore was ranked fourth with US$98,014, just behind Luxembourg with US$110,870 while Hong Kong took 10th place with a per capita GDP of US$64,533.

    However, by 2020, Hong Kong’s sister SAR – which outstripped Las Vegas to become the world’s richest casino destination several years ago – would become the richest place in the world with a per capita GDP of US$143,116, leaving Qatar, with a paltry US$139,151, in its wake.

    The IMF forecast assumed a period of sustained growth which would see Macau continue to open up a gap on its rivals until 2023.

    However, Macau lawyer and social commentator Sérgio Almeida Correia, wrote in his blog: “In terms of quality of life, green areas, pollution, education, health, sport, renewable energies, recycling of urban waste, hygiene and cleanliness of public spaces, accessibility for disabled people, road cycling, public transport might not rank quite as high by any means.”

    With a population of just over 650,000, packed into just 30.8 sq km, Macau also holds top spot as the most densely populated place on earth, according to the United Nations. The tight squeeze means the casino city has 21,322 people per square kilometre packed into its bustling streets.

    Hong Kong, the fourth most densely populated place on the planet behind Monaco and Singapore, packs in 6,490 people per square kilometre.

    However, within its most dense areas, such as Mong Kok, the population density is more than 120,000 people per square kilometre, according to the Population Division of the United Nations Department of Economic and Social Affairs.

     
    Last edited: Aug 8, 2018
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  2. mr_shadow Minister of State Security Moderator

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    Would be fitting if they could make it in time for the 20th anniversary of reunification on December 20, 2019.
     
  3. Yami Munesanzun I am now having ALL teh segzy.

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    Oh, so close.
     
  4. Alwaysmind 总是心神

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  5. Mider T VM Rapist

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    I love debauchery.:LOS
     
  6. mr_shadow Minister of State Security Moderator

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    You wouldn't think it when you go there, though. The backstreets of Macau are more suggestive of Rio favelas than of Vegas. The buildings look very run-down and unsanitary.

    Their GDP is huge thanks to the casinos, but it feels like the gambling revenue doesn't reach the locals in the form of a better living environment.

    Wiki says casinos pay between 35% and 40% tax, but I-DON'T-BELIEVE-THAT. The ferry terminal you dock at when coming in from Hong Kong looks like it's from the 1970's and has never once been cleaned since.
     
    Last edited: Aug 8, 2018
  7. Alwaysmind 总是心神

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  8. epyoncloud Well-Known Member

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    the people there get free money handouts.
     
  9. stream Do something, Naruto!

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    Who says that any of the tax money goes to infrastructure? :maybe
     
  10. mr_shadow Minister of State Security Moderator

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    What else is there to spend it on?

    They've got less than a million people crammed into just 30 km2, so it's not like you can build twenty schools and thirty hospitals. Not only is there not that much demand, but you couldn't physically fit that many into the territory without violating the One Country-Two Systems principle and expanding in the neighboring mainland city of Zhuhai.

    AFAIK they have like two hospitals and one university. So they'd better be two good hospitals and one amazing university since you can pool all your resources into just those few. But judging by superficial appearances I feel like the living standard in Macau is markedly lower than in Hong Kong, despite HK having 14x the population to worry about.

    Back to the port example, I think there's only four border crossings into Macau: the road crossing to Zhuhai, the Outer Port for ferries to Hong Kong, the Inner Port for ferries to the mainland, and the airport (lol). So why do they all look like they're in rural Angola? Can't you put some of that casino revenue into giving people a good first impression of your city?
     
  11. stream Do something, Naruto!

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    I understand that private and undeclared accounts in the Bahamas and Cayman Islands are very expensive to maintain and require vast sums of money, especially when you're a high-ranking official :maybe What was again the estimated wealth of Winnie-the-Pooh's close family?
     
  12. wibisana still newbie

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    Something something be something by 2020 or 2025 is not important unless it is

    Somecountry (preferably US or 3rd world country) achieve their paris agreement target (which is 20-25% green energy) by 2020 or 2025
     
  13. DonutKid Well-Known Member

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    It's quite the opposite actually. A city with larger population has an easier job to maintain and build infrastructures as compared to one with smaller population. Higher population density also makes the job easier. The reasons are economies of scale and division of labor. With a population base of 600k it doesn't make much economic sense in the long run to build large airports or railways, but of course Macau has huge surpluses.

    Those are the reasons why Shanghai has all those shiny infrastructures and look more advance than Luxembourg even though Shanghai's GDP per capita is still quite low.



    I'm pretty sure Macau would look much more advance if they had a population base of at least 3m even with half the GDP per capita.
     
  14. mr_shadow Minister of State Security Moderator

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    I feel pretty sure that once One Country - Two Systems expires in 2049, Macau will be merged into Zhuhai.

    Zhuhai has 1.5 million people living on 1700 km2 of land, which completely surrounds Macau on all sides. The two cities are so agglomerated that most of the time you can't tell if a given skyscraper is in Macau or Zhuhai unless you start walking towards it and check if there's a border checkpoint along the way.

    For example they haven't bothered building a train station inside Macau, because Zhuhai Station is (intentionally) placed right next to the land border crossing, allowing it to effectively serve both cities.

    Honestly they could also get rid of the Macau Airport and just have people fly to Zhuhai or Hong Kong, if it weren't for the fact that the three territories all have separate visa policies, meaning some unfortunate bastard might be barred from entering both the mainland and Hong Kong but still somehow able to enter Macau.
     
  15. Zenith L'osservatore

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    My business partner will be in Macau next week to speak to a handful of clients of our firm.

    He'll hopefully tell me about the place from first hand experience, and if he sells me Macau really well, then I might actually visit after all.
     
  16. Zenith L'osservatore

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    Oh and yes, I'm a casino junkie through and through.
     
  17. mr_shadow Minister of State Security Moderator

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    Then you need to go to the gambling capital of the world just for bragging rights.

    It's a very surreal city because AFAIK it was almost uninhabited before the Portuguese rented the land from the Ming dynasty, so all the buildings (except temples) are in South European style.

    The only clue that you're in China is the fact that all signs are bilingual, but even then the Portuguese text is often bigger and more prominent than the Chinese translation.
     
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  18. Mider T VM Rapist

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    Funny how all of Portugal's former colonies are now better than Portugal itself. Even if its monarchy GTFO to live and rule from the colony:lmao
     
  19. mr_shadow Minister of State Security Moderator

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    An interesting difference between Hong Kong and Macau is the large presence of an ethnically "Macauese" community in the latter.

    As the homeland of Darwin the U.K. was apparently very racist back in the day, so intermarriage between the British minority and the Chinese majority in HK was almost unheard of.

    But in Macau it seems the authorities had a much more relaxed attitude to Portuguese men sleeping with Chinese prostitutes or keeping Chinese mistresses. It might even have been possible to make the union a formal marriage if the lady agreed to convert to Catholic Christianity.

    You can compare the large number of mixed Portuguese-Native American people in Brazil.
     
  20. Zenith L'osservatore

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    Hmm I thought Las Vegas as the capital, and I've been to Las Vegas already so I assumed the world had nothing better to offer, but I guess another trip is due :kaga

    Also the whole South European style you mention is not lost on me, so I will check it out myself.
     
  21. mr_shadow Minister of State Security Moderator

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    Macau surpassed Las Vegas already in 2006:

     
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  22. mr_shadow Minister of State Security Moderator

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    While everyone knows that China as a whole has a GDP (PPP)/capita almost exactly at the world average ($16,000), I'm confident the People's Daily won't let us forget the day Macau ($114,000) becomes #1 so that the wealthiest "place" in the world is located in China. :maybe

    And yeah that's not a typo, Macau is almost 10x richer than the mainland...
     
  23. the_notorious_Z.É. The Pirate Prime minister

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    While it's true that some of our former colonies are naturally richer than us and have potential to become even richer, none, with the exception of Macau, has our living standards, and I personally prefer to live in a poorer country with European level living standards than in richer countries with third world level living standards. :catboogie
     
  24. Mider T VM Rapist

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    Not sure what countries those are but the difference is richer countries will naturally attain higher HDI and living conditions (richer population = more education = more awareness of your own condition) while your own country's example is decline and there is no helping it.
     
  25. mr_shadow Minister of State Security Moderator

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    @the_notorious_Z.É.

    What's up with Portugal being so seemingly casual about sex, drugs, 'n rock&roll in its colonies?

    Is it just a Catholic thing about "as long as you confess afterwards it's cool"?
     
  26. DonutKid Well-Known Member

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    Which former Portuguese colony is richer than Portugal other than Macau?
     
  27. the_notorious_Z.É. The Pirate Prime minister

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    Brazil for sure, Angola in theory, I'm not sure about Mozambique, maybe you can count Goa as well being part of India, all of them have more money or at least the capacity to have more than us, they are all still very underdeveloped.
     
  28. Alwaysmind 总是心神

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    If you love money you want to be friends with Macau!
     
  29. the_notorious_Z.É. The Pirate Prime minister

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    Only if you're lucky at gambling.
     
  30. mr_shadow Minister of State Security Moderator

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    Macau: the incredible poverty at the heart of world’s richest place

     
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