This Will Be The World's Richest Country In 2050

TBI ^ | 12-7-2011 | Joe Weisenthal

[blam]

CHART OF THE DAY: This Will Be The World's Richest Country In 2050

Joe Weisenthal
Dec. 7, 2011, 9:40 AM

Goldman has a new report out on The BRICs countries after 10 years, and how global markets will continue to evolve.

Remember, the BRICs are Brazil, Russia, India, and China -- the four countries identified 10 years ago by Goldman's Jim O'Neill as being the global growth-drivers of the next generation.

This new report discusses various themes, including the emergence of non-BRIC emerging markets, as well as a general flattening of income equality over the next several years.

Goldman also makes its prediction for what the richest economies will be in the year 2050.

The good news for the U.S.: The U.S. will remain top dog on a per-capita-GDP basis (this list does exclude some tiny countries, like the Mideast petro-kingdoms, which might actually be higher).

According to the report, China will be far and away the world's biggest economy, but on a per-capita-GDP basis, it still won't even be as rich as Mexico.

[for-q-clinton]

It’s all about growth though. When you’re growing things are good as life is getting better. When you are in managed decline it’s misery and despair 24x7.

[Citizen Tom Paine]

Assuming no wars.

[cizinec]

Yes, and our growth is dependent on our ability to provide goods and services for developing economies where there is more growth potential. We grow when they grow, which is why our foreign policy is linked intrinsically to our economic prosperity.

[proxy_user]

China: Big demographic problems. By 2050, more than half the population will be over 60, and of those under 60, about 60% will be men.

Russia: Population continues to decline, very high death rate of men 40-60. Smartest and best-educated people leaving while they can. Neighboring peoples eying empty territory with interest.

India: More than 1 billion people, of whom about 800 million are completely uneducated and living at the subsistence level. Lot of corruption in the government.

Brazil: Might do OK.

[oyez]

And The Administration preaches to us that wealth is a sinful condition and is well on the way to saving us from our materialistic desires..

[Maneesh]

India has 800 billion people completely uneducated ? Really ? Ever been there you moron ? There are about 400 million in the middle class and another 200 million that do have basic education. These broad generalizations with no basis in facts make you look very uneducated yourself.

[tillacum]

Then we’d better vote right in 2012. We need someone who will bring back our manufacturing base, use our own energy resourses for our own use and to sell. Allow the minerals, now on the epa & government no, no list, used in manufacturing computer parts. Remove laws used to keep private business from forming and growing. Tax companies, per sale who’ve moved overseas to keep from paying taxes here. Taxes on goods coming in, even those “american” companies who’ve moved overseas, ie, GE, now moving to china, and putting a few thousand chinese to work, and Americans out of work.

[cunning_fish]

USA was near a top of richest nations on per capita basis some 20 years ago.
Today is it hardly in top 10 with numerous European and Asian nations higher on list.
Norway, Luxembourg, Singapore, Liechtenstein not to mention Kuwait and most other Gulf States - all of them has much better average household income than USA.

[Darth Reardon]

Nice to see someone mention GDP PER CAPITA. Even if we accept that “real” GDP growth is positive, it is still below population growth.

[CowboyJay]

"Yes, and our growth is dependent on our ability to provide goods and services for developing economies where there is more growth potential. We grow when they grow, which is why our foreign policy is linked intrinsically to our economic prosperity."

That may have been true in 1950. Today? Not so much. The lion's share of our GDP is consumed domestically. Our growth (or lack of) is almost entirely dependent on the relative financial health of the US middle class, who are responsible for most of that consumption. Same goes for quite a few of those developing economies, who rely heavily on US consumption to fuel their growth.

We've also hit a point where we're in direct competition with those developing economies for resources - namely oil. Growth in world oil supply has been virtually flat for the better part of a decade - and the share of that supply available to fuel our economy is decreasing as consumption in developing nations ticks up.

[cizinec]

Your point on oil is correct. However, the Chinese and Russians do not have the technology to produce the heavy equipment to produce oil and gas, which is why they rely almost exclusively on US companies to make the machines required.

We buy cheap electronic junk from developing economies and sell heavy equipment. That is still true today, not just in the 1950s.

[proxy_user]

According to UN statistics as of 2010, the average education per adult in India is 5.1 years, and 25% are illiterate.

I agree great progress is being made, but the bulk of the education still goes to the top 200 million. It will be a long time before the average adult is a secondary school graduate, and in the meantime the large number of uneducated people will hold India back.

[corkoman]

I just returned from spending time in Bangalore and Hyderabad. I am so impressed with the industriousness of the poor and uneducated - they are out there hustling every day. Unfortunately there is only a small middle class and these folks are also working 7 days a week. Or so it seems.

It would be hard to determine how you get 400 million or about 45% of the country as middle-class.

I look forward to returning to this wonderful place and helping grow a new company.

[FrogMom]

Did you see Glenn Beck’s show last night?

I think he was talking about you. “Did you hear about the guy with all the nickels?”

;)

[blam]

"Did you see Glenn Beck’s show last night?

I think he was talking about you. “Did you hear about the guy with all the nickels?” "

No, I didn't see Glenn Beck. He was probably talking about Kyle Bass who has one million dollars worth of nickels. See this post:

In Debt Up To Our Eyeballs (Kyle Bass Has 20 Million Nickels)

BTW, it was FReeper Travis McGee who tipped us off to the 'nickel thing' two or three years ago.