South Korea may soon be richer than Japan
FOR years, Japan was Asia’s richest and most powerful economy. It was the first Asian economy to industrialise, and the emerging Asian tigers—Hong Kong, Singapore, South Korea, Taiwan and later China—merely followed in its tracks. Now, however, Japan is steadily being overtaken. China’s economy is now bigger than Japan’s, but less noticed is the fact that Asia’s so-called newly industrialised economies are becoming richer than Japan.