Filipinos are seeing a steady increase in wealth over the years but remain below that of their neighbors in Southeast Asia, the World Bank said.
Based on the WB’s latest The Changing Wealth of Nations 2021 report, wealth per capita in the Philippines is estimated at $35,135. This is 14 percent higher than the previous level of $30,823.
The World Bank report tracks the wealth of 146 countries between 1995 and 2018 by measuring the economic value of both renewable and non-renewable natural capital, human capital, produced capital, net foreign assets, and blue natural capital, which was included for the first time.
In Southeast Asia, Singapore topped the rank with wealth per capita at $817,847, followed by Malaysia with $167,365. Thailand came in third with $78,216.
Indonesia and Laos also recorded higher wealth per capita at $78,216 and $38,079 respectively.
Only Vietnam and Cambodia were below the Philippines. Vietnam is already trailing close with $34,084 while Cambodia is still far behind at $18,397.
Based on the report, low-income countries like the Philippines are expanding their wealth at a relatively slow rate, with per capita wealth growing an average of 22 percent, below the global average of 44 percent.
Simply stated, Filipinos need to work harder.
