S’pore Ranked 2nd Richest Country, But Drops To 8th After Factoring In No. Of Hours Worked

2025 was a relatively solid year for Singapore, on paper at least.

Second-richest country in the world? Check.

Our gross domestic product (GDP) expanding a healthy 4.8 per cent? Check.

Not bad, right? All that in the face of US tariffs, huge layoffs, and geopolitical stress.

Singapore’s global ranking was largely driven by the high average annual earnings of US$90,700 (S$116,485).

But there is a catch. 

According to a chart posted on Instagram by The Economist, Singapore tumbles drastically from second to eighth place once working hours were factored in. Ouch. 

According to the International Labour Organization (ILO), Singaporeans worked approximately 44.6 hours on average a week.

Meanwhile, Norway climbed from third to the top spot after local prices and its average working hours — 34 hours weekly — were factored in.

In comparison, the country with the longest average working hours weekly at 54.5 hours is Bhutan, which is still dubbed the “happiest country in the world”.

The Economist's list was created by ranking 178 countries using three measures:

• Gross Domestic Product (GDP) per person at market exchange rates
• Adjusted incomes for local costs (purchasing-power parity)
• Local prices and hours worked

“Prices differ between countries, and a modest salary can go further where things are cheaper. Working hours vary too: some places manage to generate high incomes with fewer hours of labour, leaving time for leisure,” The Economist explained.

Some netizens were intrigued by the findings, with one lamenting: “Singapore works too many hours”.

“Who wants to move to Norway now? They are winning at getting paid and going home early. Life goals unlocked,” another wrote.

Photos: The Economist, Pexels