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In other words, while the total size of the economies might be similar, Singapore's smaller population means the wealth is spread more evenly, leading to higher individual income levels. Thailand has a larger population, so its GDP per capita is much lower, which generally indicates a lower average income for its citizens compared to Singapore.
So, despite Thailand's large economy, the average person in Singapore is wealthier.
In other words, while the total size of the economies might be similar, Singapore's smaller population means the wealth is spread more evenly, leading to higher individual income levels. Thailand has a larger population, so its GDP per capita is much lower, which generally indicates a lower average income for its citizens compared to Singapore.
So, despite Thailand's large economy, the average person in Singapore is wealthier.