World Bank wealth estimates place PHL near bottom of ASEAN

THE WEALTH of Filipinos grew over 56% over the nine years to 2014, according to the World Bank, though it remained among the lowest in the Association of Southeast Asian Nations (ASEAN).

According to World Bank’s The Changing Wealth of Nations 2018 report released yesterday, the Philippines’ wealth per capita stood at $ 30,823 based on 2014 data, up 56.48% from the bank’s 2011 estimate, which was based on 2005 data.

Wealth includes produced capital ( buildings, machinery, and infrastructure); natural capital such as agricultural land, forests, protected areas, minerals, oil, coal and gas reserves; human capital; and net foreign assets.

Singapore topped the ASEAN rankings at $775,196 per person, followed by Malaysia at $239,203 and Thailand at $62,599. Indonesia came in at $ 46,919, followed by Laos at $39,307.

Vietnam and Cambodia were behind the Philippines at $27,368 and $16,933 respectively. No data was available for Brunei and Myanmar.

The report noted that the Philippines, along with China and Thailand, have “reported gains in forestland area,” noting the Philippines’ gains in accounting for resource assets, similar to those systems in place in Australia, the Netherlands, Mexico, and Rwanda.

Human capital was the largest component of the Philippines’ wealth at $17,790. Natural capital was $5,644 and produced capital stood at $7,860.

The report found that global wealth grew an estimated 66% to $1,143 trillion in 2014, compared with 2005 levels.

“What our research has shown is that the value of natural capital per person tends to rise with income. This contradicts traditional wisdom that development necessarily entails depletion of natural resources,” said Karin Kemper, Senior Director, Environment and Natural Resources Global Practice at the World Bank.

The most wealthy economies per capita include Norway, Qatar, Switzerland, Luxembourg, Kuwait, Australia, Canada, and the United States. —