At first glance, 2025 appeared to be a strong economic year for Singapore. The city-state recorded an impressive 4.8 per cent GDP growth, navigating global headwinds that included US tariff pressures, large-scale layoffs, and rising geopolitical tensions. On paper, the numbers painted a picture of resilience and prosperity.
However, a deeper look reveals a more complex reality.
Singapore recently ranked as the second richest country in the world, largely driven by its high average annual income of US$90,700 (S$116,485). Yet, once analysts factored in working hours, the country’s position slipped sharply to eighth place, according to data shared by The Economist.
The ranking shift stems from one critical factor: time spent at work. Data from the International Labour Organization (ILO) shows that Singaporeans work an average of 44.6 hours per week, significantly above the global average.
As a result, when income is measured against hours worked, Singapore’s apparent wealth advantage weakens. In contrast, Norway climbed from third to first place after analysts adjusted for local prices and shorter working hours, averaging just 34 hours per week.
Meanwhile, Bhutan, often described as the “happiest country in the world,” recorded the longest average working hours globally at 54.5 hours per week, highlighting how income, productivity, and well-being do not always move in the same direction.
To arrive at its conclusions, The Economist evaluated 178 countries using three core metrics:
• GDP per person at market exchange rates
• Income adjusted for purchasing power parity (PPP)
• Local prices and average hours worked
Explaining the methodology, The Economist noted:
“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.”
Unsurprisingly, the findings sparked lively conversations online. Many netizens questioned the sustainability of Singapore’s work culture, with one commenter remarking, “Singapore works too many hours.”
Others looked enviously toward Scandinavia. “Who wants to move to Norway now? They are winning at getting paid and going home early. Life goals unlocked,” another user wrote.
Beyond Wealth: Rethinking Productivity and Quality of Life
Ultimately, the rankings underline a growing global conversation about productivity versus quality of life. While Singapore remains an economic powerhouse with strong earnings and growth, the data suggests that long working hours may dilute the real value of wealth.
For countries across Africa and emerging markets watching these trends, the lesson is clear: economic growth alone is not enough. True prosperity increasingly depends on how effectively nations balance income, cost of living, and time, the most finite resource of all.
