Asia Set to Top World's Wealthy By 2050

A recent “survey” was conducted in an attempt to predict the future of international wealth and the national wealth status. As a result, the findings have “concluded” Asia will be at the top of the list as world’s wealthiest national based on per capita income by 2050.

The logistics place Singapore at the top of the list as the wealthiest residents with an estimated income per capita of $137,170. Hong Kong is next at $116,639, then Taiwan $114,093, and South Korea $107,802. The United States is predicted to be the only western nation in the top five with $100,802 income per capita. The United States current income per capita in the U.S. is $45,511, still below Norway and Singapore.

With the predictions of this survey, the strength of the economic center will be placed in the region of China and India. Whether or not this "survey" has any accuracy, the one definitive result is that capitalism is shifting and it will be much easier to become wealthy in Asia in 40 years, than it will be in the United States. Simply put, Asian countries are the primary creditor nations as the world's leading manufacturers and exporters.

Realistically speaking, these surveys rarely have much accuracy because there are so many unknown variables that can take place that would completely curb the results beyond margin of error. Also, the survey is separating city and nation by Hong Kong and China. If this is the case, the survey should include London and New York. It's more like an apples to oranges comparison, so the results can't be consistent.

Another assumption that doesn't seem to have been considered is the expected versus real birthrate of these nations. In many Asian countries, the birthrate is low and the aging population is increasing, which minimizes the chance of getting rich before they are old.

There's always a chance these predictions may be accurate because it's obvious these nations have superior and advanced education programs, and their economies are in healthier position than the United States. So say this is true, it is possible more Americans will begin migrating to economically strong nations and placing children in education systems where they can thrive on an international level. At this point, it doesn't look like capitalism is going to recover over here.

Posted by bigtex at August 22, 2012 7:25 PM
Comments
Comment #351368

China owns so much of the US so this comes as no surprise.

Posted by: BZA at August 23, 2012 4:40 PM
Comment #351370

Off subject, but very interesting:

http://www.huffingtonpost.com/2012/08/22/university-of-colorado-pr_n_1822933.html

“Two University of Colorado professors, one from Boulder and one from Denver, have put together an Electoral College forecast model to predict who will win the 2012 presidential election and the result is bad news for Barack Obama. The model points to a Mitt Romney victory in 2012…

“Based on our forecasting model, it becomes clear that the president is in electoral trouble,” Bickers said in a press statement.

To predict the race’s outcome, the model uses economic indicators from all 50 states and it shows 320 electoral votes for Romney and 218 for Obama, according to The Associated Press. The model also suggests that Romney will win every state currently considered a swing state which includes Florida, Virginia, North Carolina, Ohio, Pennsylvania, Wisconsin, Minnesota, New Hampshire and Colorado.”

Posted by: TomT at August 23, 2012 5:12 PM
Comment #351371

I forgot to add; these 2 professors have never been wrong since the election of Ronald Reagan.

Posted by: TomT at August 23, 2012 5:14 PM
Comment #351397

Frank, of course it’s important. If we are going to continue to innovate money is a report card for how we are doing.

Posted by: BZA at August 23, 2012 11:05 PM
Comment #351401

BZA, I believe this Frank is a commercial. These clowns are getting pretty good at advertising and trying to fit into the conversation. You just talked with an advertisement link:)

Posted by: Frank at August 23, 2012 11:54 PM
Comment #351402

BZA,
That’s not Frank, that’s a Chinese contractor pretending to be Frank in order to get you to click on the link.

TomT,
Nate Silver did an analysis of the model from the CO prof’s. Their model did NOT predict anything. It’s a new model. Complete baloney. Don’t waste your time on that stuff.

There are many polling organizations and many sites compiling electoral map outcomes. They consistently show Obama with a large lead. For Romney to win at this point, he would have to take every single swing state. Many of those swing states show an Obama lead of 4 - 6 percent, which is beyond the margin of error. It would take an enormous sea change for the outcome of this election to change.

But strange things do happen, totally unexplected things. Even 85 days can be an eternity in politics. Polls are interesting sources of information, but only the vote matters.

Posted by: phx8 at August 23, 2012 11:55 PM
Comment #351407

That Frank just got deleted. Thanks guys

Posted by: Editor at August 24, 2012 12:59 AM
Comment #351410

CJ
Almost sounds like you are advocating increased investment in education like the Obama administration has been pushing instead of the drastic cuts in the Ryan”plan”.
Perhaps it will help to negotiate trade agreements with some of these growing economies like Korea for example…damn, Obama already did. Can’t back that now.
I got it..we should invest in broadband improvements, research and infrastructure to help American business become more competitive…nope, can’t do that either, damn the man.
Well, we should probably be prudent and refocus a major chunk of our navy and other military capabilities to the region just to make sure our trade routes stay open and China doesn’t start bullying their neighbors and trying to shut us out. Maybe firm up relations with some of our allies and open doors to others…arrr! again BO beat us to the punch! How the hell does such a “small” man keep doing stuff like that? Guess you are right. Capitalism just doesn’t stand much of a chance there, not when Obama keeps pushing for all the things we need to do to revitalize it so we have to oppose them. Our hands are tied.

of note: New CBO report that concludes major projected deficit reduction will harm the economy significantly:http://www.cbo.gov/publication/43539

Posted by: bills at August 24, 2012 8:32 AM
Comment #351441

bills writes; “Almost sounds like you are advocating increased investment in education like the Obama administration has been pushing instead of the drastic cuts in the Ryan”plan.”

When have we reduced investmemnt in education in the last 50 years? And, what do we have to show for it…not much.

Throwing money at education at the national level is truly a waste with dismal results. You need to actually look at Romney’s plan, and then we can talk about it.

I know, I know, the answer for every problem is more government spending or another government program, or more government regulation…or better yet, a combination of all three.

Posted by: Royal Flush at August 24, 2012 7:44 PM
Comment #351466

Royal & Bill

Royal is right. More money does not mean better educational outcomes. If it did, we would have by far the best educated people in the world and schools systems in NY or Washington would be turning out top students.

We need to reform the system … always.

We need to have a public school system, but it need not be delivered by a public bureaucracy is all cases. We have lots of great public schools and public school teachers, but we have no great public school teachers’ unions.

Merely throwing more money at failing schools is like nourishing cancer cells. We have to cure the disease, not feed it.

Posted by: C&J at August 25, 2012 10:43 AM
Comment #351469

The key to success is Charter schools. I have a friend who graduated several years ago and is teaching in a Charter school in Ohio. She loves her job and she don’t have to support the teacher’s union. When she graduated from college, she tried to get a job in several public schools, but was unable to get hired due to the union. She makes as much as her public school counterparts.

Charter schools creates competition and forces public schools to compete to survive.

Posted by: TomT at August 25, 2012 12:12 PM
Comment #351478

Tom

I agree about the charter schools, but we need to be clear. When we use the word, competition, the enemies of freedom use it against us to imply that we advocate a competition that will leave one winner and wipe out others.

What we are really talking about it choice. People will make a variety of choices to satisfy a variety of needs. Currently only the rich has such choices. The rest of the folks are trapped in a monopoly too much controlled by teachers unions unconcerned with teaching.

Posted by: C&J at August 25, 2012 2:09 PM
Comment #351480

Not every child can be educated to any significant degree unfortunately. My wife was first a teacher and then an educational diagnostician in public schools for over 30 years. She tested children for learning and other disabilities and if present, would prepare special education plans with the parents and teachers input.

Special ed has a myriad of regulations, both state and federal, and costs are significantly higher than regular ed.

In some cases, children are so impaired that at most, some of them might eventually, and with great expense, learn to tie their own shoes.

I have great sympathy for both these children and their parents. And, I ask, is it the best use of scarce educational resources, to spend hundreds of thousands of dollars on a child who can never learn to read and write, or function normally in our society? Could all these dollars be better spent on children who have some chance of being educated?

Posted by: Royal Flush at August 25, 2012 2:41 PM
Comment #351483

C&J, you are correct about competition. When I said compete to survive, I was referring to competition that would force public schools to actually be successful or lose students (also losing tax dollars) and allow parents to have an option. Competition is always good for the consumer.

Re/Royal’s remarks; I have a close friend who’s son went through the special ed program. He is about 19 years old now and a great kid; but only has the mentality of a 7 or 8 year old. He cannot read or write and has the comprehension of a child. I don’t know that his education really did anything for him, but I imagine it cost the tax payers a lot of money.

Posted by: TomT at August 25, 2012 3:10 PM
Comment #351684

…And the reason so many of these Asian countries are investing heavily in education is what again? Of course money is not the only answer, neither is cutting funding, especially for higher education or cutting funding that enables more bright students to attend college as the Ryan budget does.
Hard to believe RF does not understand what we have gotten from education…how’s Silicon Valley for starters.

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