Pinoys worth $19,351 each, says World Bank paper

Manila Standard Today
Sept 14, 2005

 

Pinoys worth $19,351 each, says World Bank paper

By Roderick T. dela Cruz

Each Filipino has a total wealth of $19,351, according to a newly released World Bank publication that has made a bold attempt to measure wealth of each man in the planet by nationality.

This puts the national wealth of the Philippines at $1.483 trillion, based on a population of 76.627 million as of 2000.

In its report titled “Where is the Wealth of Nations” released at the start of the World Summit this week, the World Bank said the amount includes the total actual value of produced capital, natural resources and intangible capital.

Intangible capital refers to the value of human skills and capabilities. It also includes social capital or the trust among people in a society and their ability to work together for a common purpose. The residual also includes all those governance elements that boost the productivity of labor.

“Worldwide, natural capital accounts for 5 percent of total wealth, produced capital accounts for 18 percent, and intangible capital accounts for 77 percent,” the report said.

The publication said Switzerland has the highest per capita wealth while Ethiopia has the lowest level of per capita wealth.

Data show that the per capita wealth in the Philippines is 32 times less than that of Switzerland, the richest nation, but eight times more than that of Ethiopia, the poorest nation.

Among its Asian neighbors, the per capita wealth in the Philippines is higher than in Indonesia and China but lower than in Malaysia and Thailand.

Worldwide, the $19,351 per capita wealth of the Philippines is below the world average per capita wealth of $90,000.

“The average world citizen owns a total wealth of $90,000,” the World Bank publication said. “Most of the wealth comes from intangible capital. Tangible assets include produced capital, for an amount of $16,000, and natural capital, $5,000.”

The World Bank said it released the report to provide new measures of wealth to capture the social and environmental costs of development decisions.

“Including the value of natural resources and our social capital in national accounting is a vital step to achieve economic growth that is equitable and sustainable,” said Achim Steiner, director general of the World Conservation Union.