3 years ago
zhengshi
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Macau leapfrogs Switzerland
Well, let's be honest, this was probably a long time coming. Today news broke that Macau has overtaken Switzerland in the wealth stakes and has been named the world's 4th richest territory by the World Bank. Ever increasing numbers of tourists and gamblers from the Mainland helped drive GDP per capita up by 18% in 2013 to £53,227. Macau is the world's top spot for the gambling industry, reporting a staggering $45 billion in gambling revenues last year -- nearly seven times the $6.5 billion that casinos in Las Vegas made during the same period. That said, there have been recent dips in gambling revenues attributed to punters opting to use online sports betting sites to bet on World Cup results rather than gambling in the casinos. In addition to that, Macau was further hit by an American-led anti-corruption investigation which after a major crackdown last month resulted in the outing of an international gambling ring that was running a $600 billion illegal World Cup betting operation out of a Macau-based hotel. Is anyone actually surprised by this?
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That said, the cost of living is still substantially higher in Switzerland than Macau, right? I mean I live in Geneva and it's painful...
@ryantadman I know - it's an incomprehensible amount of money; It's more than twice the GDP of Hong Kong.