Asia’s economy is one of the fastest-growing economies in the world. Asia is fuelling the global growth momentum, but the global uncertainties and geopolitics are slowing the economic momentum. The Russia-Ukraine war, Israel’s continuous attack on the Gaza Strip, high interest rates, and increasing inflation are the major causes that have changed the dynamics of the global economy in 2023. Despite the havoc in the global economy, Asia is performing quite well. The reopening of China, rebounding tourism, money transfers into the region, resilient service sectors, and stable financial conditions are supporting Asia’s overall economic activities.
According to the Asian Development Bank’s economic outlook for September 2023, the regional economic growth forecast has been revised to 4.7% for 2023 compared to April’s forecast of 4.8%. The drop in economic growth is based on slower expansions in South Asia and Southeast Asia. The growth forecast for 2024 remains unchanged at 4.8%. Inflation in developing Asia is expected to drop to 3.6% in 2023 from 4.4% in 2022.
For 2024, inflation is further forecasted to fall to 3.5%. The decline in regional inflation in 2023 will mainly be driven by the drop in inflation forecast for China, where the forecast is revised down to 0.7% in September from 2.2% in April. The average inflation in Asia will also drop to 6.3% in 2023 from 6.7% in 2022, excluding China. While the inflation in 2024 is forecasted to fall to 4.9%. However, price pressures in certain regions of Asia remain strong and core inflation is high in areas including the Caucasus and Central Asia, and South Asia. Pakistan is the most affected country in South Asia, where inflation has increased from 12.2% in 2022 to 29.2% in 2023.
Businesses in Asia
Asia has some of the wealthiest countries in the world and almost 36% of them made it to our list of 30 wealthiest countries by per capita net worth. The Asia-Pacific region is a mix of high-income countries, such as Hong Kong, Japan, and Singapore, and low-income countries, such as Bangladesh and Pakistan. Asia is the biggest continent with a diverse landscape and various sub-regions. The Middle East is a land with an abundance of oil and natural gas. Rich Arab countries such as the United Arab Emirates, Qatar, and Saudi Arabia are investing in the digital economy and real estate to diversify their economy.
The largest economies in Asia are backed by some of the largest businesses. Taiwan’s largest company, Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is one of the biggest semiconductor firms in the world. On November 10, Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) reported its revenue for October 2023. The company’s revenue came in at NT$243.20 billion, increasing by 34.8% from September 2023 and a 15.7% increase from October 2022. The increase in Taiwan Semiconductor Manufacturing Company Limited’s (NYSE:TSM) revenue is attributed to a growing demand for its chips.
On November 7, Reuters reported that Robert Bosch GmbH, Infineon Technologies AG (OTCQX:IFNNY), and NXP Semiconductors N.V. (NASDAQ:NXPI) have received approval from the German cartel office to acquire a 10% stake in the European Semiconductor Manufacturing Company (ESMC), founded by TSMC. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) will set up its first plant in Europe to manufacture chips for the German automotive and industrial sectors.
DBS Group Holdings Ltd (OTC:DBSDY) is Singapore’s leading multinational bank and financial services corporation. On November 6, DBS Group Holdings Ltd (OTC:DBSDY) reported its net profit for the third quarter of 2023. The company’s net profit was SGD 2.63 billion during Q3 2023, a rise of 18% year over year. The rise in net profit was due to higher interest rates in 2023 and DBS Group Holdings Ltd (OTC:DBSDY) expects a strong outlook for 2024 as the higher-for-longer interest rates will be a net benefit to earnings. The company posted a revenue of $3.84 billion, beating estimates by $150.46 million.
Qatar’s leading public company, Qatar National Bank Q.P.S.C. (DSM:QNBK), has operations in 31 countries across multiple continents. Half of the bank is owned by the Qatar Investment Authority. On October 31, Qatar National Bank Q.P.S.C. (DSM:QNBK) announced that it received the “Market Leader in Digitizing Government Payments” award at the Mastercard Edge 2023 Forum, which was hosted by Mastercard Incorporated (NYSE:MA) in Dubai. Qatar National Bank Q.P.S.C. (DSM:QNBK) is playing a vital role in revolutionizing the landscape of government payments via cutting-edge digital solutions. Qatar National Bank Q.P.S.C.’s (DSM:QNBK) developments in providing, secure and user-friendly payment solutions helped it achieve this award. The senior executive vice president of QNB’s Senior Executive Vice President Qatar National Bank Q.P.S.C. (DSM:QNBK), Mr. Adel Ali Al-Malki said:
“QNB has always been committed to advancing digital financial services, especially in the realm of government payments. This award reflects our unwavering commitment to innovation and our role as a trusted partner for governments and their citizens in the digital age.”
Now let’s take a look at the richest countries in Asia by GDP per capita in 2023.
23 Richest Countries in Asia by GDP Per Capita in 2023
23 Richest Countries in Asia by GDP Per Capita in 2023
Our Methodology
To compile our list of the richest countries in Asia by GDP per capita in 2023, we used data from the International Monetary Fund’s (IMF) database of the global GDP per capita by country. Purchasing Power Parity (PPP) figures are used, and as a simple definition, PPP is calculated by subtracting price differences and nominal changes in the local currency and the US Dollar.
We ranked the countries in ascending order of their GDP per capita in 2023.
23 Richest Countries in Asia by GDP Per Capita in 2023
23. Turkmenistan
GDP Per Capita In 2023: $19,940
Turkmenistan is located in Central Asia along the Caspian Sea. With a GDP per capita of $19,940, Turkmenistan ranks 23rd on our list of the richest countries in Asia by GDP per capita in 2023.
Some of the well-known companies operating in Asia include Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM), DBS Group Holdings Ltd (OTC:DBSDY), and Qatar National Bank Q.P.S.C. (DSM:QNBK).
22. Iran
GDP Per Capita In 2023: $19,940
Officially the Islamic Republic of Iran is located in West Asia. With a total wealth of $3.03 trillion in 2022, Iran makes it to our list of the richest countries in Asia by GDP per capita in 2023.
21. Georgia
GDP Per Capita In 2023: $22,360
A former Soviet republic, Georgia lies at the intersection of Europe and Asia. Georgia had a total wealth of $83 billion in 2022 and with a GDP per capita of $22,360, it makes it to our list of the richest countries in Asia by GDP per capita in 2023.
20. Thailand
GDP Per Capita In 2023: $22,490
One of the richest countries in Asia by GDP per capita in 2023, Thailand is located in Southeast Asia. The country’s total wealth came in at $1.42 trillion in 2022. Thailand has a GDP per capita of $22,490, as of 2023.
19. China
GDP Per Capita In 2023: $23,310
China is one of the wealthiest and largest economies in the world. In 2022, China’s total wealth was $84.48 trillion. With a GDP per capita of $23,310, the People's Republic of China ranks 19th on our list of the richest countries in Asia by GDP per capita in 2023.
18. Kazakhstan
GDP Per Capita In 2023: $32,710
Kazakhstan is a Central Asian country and a former Soviet republic. The country had a total wealth of $720 billion in 2022. The GDP per capita of $32,710 helps Kazakhstan rank among the richest countries in Asia by GDP per capita in 2023.
17. Russia
GDP Per Capita In 2023: $35,310
The largest country by land, Russia is located in North Asia and some part of the country is in East Europe. Russia’s total wealth stood at $4.38 trillion in 2022. With a GDP per capita of $35,310, Russia ranks 17th among the richest countries in Asia by GDP per capita in 2023.
16. Malaysia
GDP Per Capita In 2023: $37,080
Malaysia is a Southeast Asian country and makes it to our list of the richest countries in Asia by GDP per capita in 2023. Malaysia’s total wealth came in at $678 billion in 2022 and has a GDP per capita of $37,080 in 2023.
15. Maldives
GDP Per Capita In 2023: $37,090
One of the richest countries in Asia by GDP per capita in 2023, Maldives is located in South Asia. The country’s total wealth came in at $10 billion in 2022. Maldives has a GDP per capita of $37,090 as of 2023.
14. Oman
GDP Per Capita In 2023: $39,340
One of the richest Arab countries, Oman is situated in West Asia. Oman’s total wealth in 2022 was $189 billion. With a GDP per capita of $39,340, Oman ranks among the richest countries in Asia by GDP per capita in 2023.
13. Turkiye
GDP Per Capita In 2023: $41,890
Turkey, officially the Republic of Turkiye, is located at the juncture of West Asia and Southeast Europe. Turkiye’s total wealth was $1.04 trillion in 2022 and ranks among the richest countries in Asia by GDP per capita in 2023 with a GDP per capita of $41,890.
12. Kuwait
GDP Per Capita In 2023: $51,760
Kuwait is a small Arab country with rich resources of petroleum and natural gas. Kuwait had a total wealth of $564 billion in 2022. With a GDP per capita of $51,760, Kuwait ranks among the richest countries in Asia by GDP per capita in 2023.
11. Japan
GDP Per Capita In 2023: $52,120
Japan is an East Asian country with one of the strongest economies in the world. Japan’s total wealth stood at $22.58 trillion in 2022. Japan’s GDP per capita of $52,120 makes it one of the richest countries in Asia by GDP per capita in 2023.
10. Cyprus
GDP Per Capita In 2023: $53,930
Officially the Republic of Cyprus is an island country along the eastern Mediterranean Sea. In 2022, Cyprus had a total wealth of $109 billion. With a GDP per capita of $53,930, Cyprus ranks among the richest countries in Asia by GDP per capita in 2023.
9. Israel
GDP Per Capita In 2023: $54,770
Israel had a total wealth of $1.36 trillion in 2022. With a GDP per capita of $54,770, Israel ranks among the richest countries in Asia by GDP per capita in 2023.
8. South Korea
GDP Per Capita In 2023: $56,710
Officially the Republic of Korea, South Korea is located in East Asia. In 2022, South Korea’s total wealth came in at $9.89 trillion. South Korea ranks among the richest countries in Asia by GDP per capita in 2023 with a GDP per capita of $56,710.
7. Bahrain
GDP Per Capita In 2023: $60,720
Bahrain is an island country in the Middle East. The country’s total wealth was $116 billion in 2022 and ranks seventh among the richest countries in Asia by GDP per capita in 2023.
6. Saudi Arabia
GDP Per Capita In 2023: $68,450
Saudi Arabia is the richest Arab country and its total wealth came in at $2.26 trillion in 2022. With a GDP per capita of $68,450, Saudi Arabia makes it to the list of richest countries in Asia by GDP per capita in 2023.
Some of the top Asian stocks to buy according to hedge funds include Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM), DBS Group Holdings Ltd (OTC:DBSDY), and Qatar National Bank Q.P.S.C. (DSM:QNBK).
