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Daily Data InsightsSince 1960, Singapore has risen from three times poorer than Western Europe to twice as rich

Since 1960, Singapore has risen from three times poorer than Western Europe to twice as rich

A line graph comparing GDP per capita between Singapore and Western Europe from 1960 to 2022. The vertical axis represents GDP per capita in international dollars, ranging from $0 to $80,300, while the horizontal axis marks the years from 1960 to 2022. 

Singapore's GDP per capita is represented by a blue line that rises sharply over the years, starting at around $3,460 in 1960 and reaching about $80,300 by 2022. The red line represents Western Europe, which shows a steadier increase from approximately $10,900 in 1960 to around $41,300 by 2022.

An annotation indicates that since 1960, Singapore's GDP per capita has grown 23-fold, moving from one-third of Western Europe's level to nearly double. 

Data sources include Bolt and van Zanden from the Maddison Project Database 2023. The note specifies that this data is expressed in international dollars at 2011 prices. The image credit is attributed to Our World in Data, with a CC BY license.

In 1960, Singapore’s GDP per capita — a measure of average income — was a third of the average in Western Europe. It was even lower than Western Europe’s average income in 1900.

Since then, while Western Europe experienced steady growth, Singapore grew even faster. By 1994, it had surpassed Western Europe, and today, its average income is roughly twice as high. This is after adjusting for inflation and differences in living costs between countries.

Singapore became an independent republic in 1965. Key factors in its economic success include anti-corruption policies, investment in education and human capital, and its development as a global financial hub.

Explore how GDP per capita trajectories compare across countries

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