Macao set to become world's richest place by 2020

Macao, China’s gambling centre, will overtake Qatar to become the richest place in the world in 2020, according to the International Monetary Fund (IMF).

On the IMF’s 2018 list, Qatar ranks first with a Gross Domestic Product (GDP) per capita of US$128,702, followed by Macao with US$122,489 and Luxembourg with US$110,870. Hong Kong, another special administrative region (SAR) belonging to China, is in 10th place with a per capita GDP of US$64,533.

The IMF forecasts that oil-rich Qatar will still top the list in 2019, with a GDP per capita of US$133,357. Macao will hold on to second place (US$133,161) and Luxembourg will retain its third position (US$114,824).

However, by 2020 Macao will become the world’s wealthiest territory, with a per capita GDP figure of US$143,116 - far ahead of Qatar’s US$139,151. Luxembourg will, once again, remain third with US$118.149.

The organisation has looked as far ahead as 2023, with no significant changes in the top three positions predicted.

With a population of 650,900 (2016) living in an area of 30.5 square kilometres, Macao is the most densely populated region in the world. It was returned to China in 1999, after more than 400 years of Portuguese control.

Macao is the only place in China where gambling is legal. However, after a crackdown on corruption among China's government officials by President Xi Jinping, casino bosses are now investing in lavish resorts, high-end shopping malls and elaborate stage shows as the region tries to diversify into a more family-friendly tourist destination.