According to the latest report by International Monetary Fund, Singapore has the second highest income per capita in the world.

On the other hand, Malaysia, which is a neighboring country of Singapore, ranks in 58th place according to the report.

Average income per capita of a Singaporean is USD131,580

Singapore-Malaysia
Credit: Thestar

Comparing the average income per capita between the two countries, a Malaysian earns 300 percent less than an average Singaporean.

Therefore, many Malaysians are willing to leave their hometown so that they can work in Singapore where the salary is generally higher.

According to the report, the average income per capita of a Singaporean is USD 131,580, while the average income per capita of a Malaysian is just one-third of that amount.

Singapore is among the richest countries in the world

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Credit: Thestar

 

The income per capita of Malaysians, on the other hand, is USD 32,901, which is around RM146,073.

Singapore and Brunei are ASEAN countries that are among the richest countries in the world.

The formula for calculating the average GDP per capita is to divide the total GDP of a country by the total population of the country.

This is an indicator of the quality of life of a country. Besides, the 2022 ranking of the richest economic bodies of a country shows that Luxembourg, Singapore, and Ireland are the 3 richest countries in the world.

Singapore Has Simpler Taxing Systems

The report noted that the 3 countries are made up of a smaller population. The demographic of the country may affect the final ranking of the country.

The report also shows that the 3 countries have a simpler taxing systems as well as financial systems. As a result, these countries can attract foreign investments as well as talents across the globe.

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