Malta Projected to Join World's Top 15 Wealthiest Nations by 2040

Malta is projected to become one of the world's 15 wealthiest nations per capita by 2040, climbing ten places in global rankings to overtake economic powerhouses including the United Kingdom, Germany, and Canada.

According to the latest World Economic League Table published by the Centre for Economics and Business Research (CEBR), the Mediterranean island nation currently ranks 25th globally with a GDP per head of €41,660. However, the forecaster predicts Malta will rise to 20th position by 2035, with GDP per capita reaching €65,887, before climbing further to 15th place by 2040 with €81,478 per head.

The projections indicate that Malta will surpass not only the UK and Germany but also Austria, Finland, Belgium, Canada, Sweden, and Israel in terms of living standards. Malta’s anticipated climb represents one of the most dramatic improvements amongst developed economies in the CEBR's projections. The CEBR cites the country’s pro-enterprise culture which combined with Malta’s strategic location and business friendly regulatory environment has enabled it to sustain strong economic growth. Indeed, the country is set to retain the strongest economic growth in the European Union for a further five years, according to the IMF’s World Economic Outlook.

The forecasts by CEBR show Luxembourg, Ireland, and Switzerland maintaining their positions as the world's three wealthiest nations per capita, whilst Singapore is expected to climb to fourth place and the United States to fifth.

For Malta, the projections underscore the success of its economic diversification strategy, which has seen the nation develop thriving financial services, technology, and tourism sectors. If realised, the forecasts would cement Malta's reputation as one of the world's wealthiest nations on a per capita basis within 15 years.