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Brunei at top of incomplete list of Asian economies

Brunei topped the list of Asia's richest economies by per capita income and Hong Kong emerged as the biggest spender, according to a study released yesterday.

Nepal, meanwhile, was the region's poorest by both measures.

The report by regional statistical agencies, coordinated by the Asian Development Bank, showed wide disparities in Asia's living standards.

It found that the tiny, oil-rich sultanate of Brunei has a per capita GDP 13 times higher than the regional average of US$2,621, and more than 40 times larger than the lowest-ranked Nepal.

Brunei is followed by Singapore, Macau, Hong Kong and Taiwan. Apart from Nepal, the poorest have-nots include Bangladesh, Cambodia, and Laos.

The study included 23 countries, excluding Japan, South Korea and East Timor.

India, one of the world's fastest-growing economies, has a per capita income of US$1,551, still behind the regional average and also below Sri Lanka and Pakistan.

China, meanwhile, ranked above average with its per capita income of US$2,986.

Meanwhile, Hong Kong residents were the biggest spenders, according to a measure of household living standards known as the per capita actual final consumption expenditure index. Taiwan and Brunei came in second and third.

The study, called 2005 International Comparison Program in Asia and the Pacific: Purchasing Power Parity and Real Expenditure, is part of a global initiative spearheaded by the World Bank that allows cross-country comparison of purchasing powers of currencies and living standards.
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