China has the masses but the wealth goes to the former ‘Little Dragons’:
China’s economy is now bigger than Japan’s, but less noticed is the fact that Asia’s so-called newly industrialised economies (NIEs) are, one by one, becoming richer than Japan.
According to The Economist in ‘A game of leapfrog South Korea may soon be richer than Japan,’ based on purchasing power parity:
Japan was overtaken by Singapore in 1993, by Hong Kong in 1997 and by Taiwan in 2010. But the most humbling re-ranking will be when South Korea becomes richer than Japan.
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