Gambling haven Macau to topple Qatar as the richest place on Earth by 2020

Venetian Macau | Macau, China | Cost of construction: USD 2.40 billion (Photo: Reuters)

Macau which is also known as the gambling capital of the world will topple Qatar as world’s richest place in 2020, data released by the International Monetary Fund estimates.

According to IMF's projections, the per capita gross-domestic-product of Macau, an autonomous region in China, will be $143,116 by 2020. In the process, it will surpass Qatar whose per capita GDP will reach $139,151 in the same timeframe.

In the year 2016, for which actual data is available, Macau’s per capita GDP was $100,069, considerably lower than Qatar’s $125,159.

The gap between Macau and Qatar will further increase by 2023. The IMF projects that the per capita GDP (PPP-current prices) will reach $172,680 compared to Qatar’s $158,117.

The lofty projections by the IMF are based on Macau’s growing gambling market. The city which is the only place in China where gambling is allowed has become a magnet for high rollers.

In 2017, Macau reported a 19% revenue growth from ‘game of fortune’ generating $32.68 billion. By July 2018, the revenue from gambling business in the city has grown further by 17.5% generating $21.59 billion.

Comparatively, revenue of casinos in Las Vegas (situated in the Nevada state of the US) was just $5.84 billion. This makes Macau the most-favoured gambling destination in the world.

In the list of richest places, Luxembourg, Singapore and Brunei Darussalam will follow Macau and Qatar in 2020, as per the IMF data.