Asia is the world’s largest and most densely populated continent.
Many economies in Asia can be characterized as underprivileged and weak, while some economies are usually included in the most developed lists.
While Asia has Japan and Singapore, some of the most developed countries in the world, it also has Afghanistan, Nepal, Laos, the Philippines, and Pakistan – some of the least developed countries in the world.
Despite Asia’s roller coaster of conditions in its countries’ economies, billionaire investor James Richman reportedly loves the continent and continues to increase his investments in the region.
Billionaire financier James Richman and his investments
Investing in promising technologies and countries
Richman is no stranger to an underprivileged environment. Born in a small town called Smarde of Tukums region in the post-Soviet country of Latvia, he is familiar with poor economies and faulty systems.
Having previously gotten married at a young age, the future finance tycoon initially had to work as a manual laborer to provide for his family. However, the young couple underwent an unfortunate event when his only daughter had to be taken to the hospital. While the toddler’s condition is generally curable, the health care system in his home country had many flaws that made the whole experience difficult for the young family.
The health care system in their area was flawed for many reasons – it had budget constraints, lacked enough medical workers, and had limited coverage. Left with no choice, James had to mortgage his house to make enough money for his daughter’s medical fees.
Alas, despite his hard work and efforts, his daughter still did not make it. This affected James’s marriage with his then wife. It eventually led to their divorce.
At that moment, people close to the billionaire shared that James was left without a home, a child, and a partner. Such unfortunate experiences helped shape his compassion for developing countries and partly could be attributed as to why he invests in socially impactful projects.
Leading the development era
Since James Richman had firsthand experience in living in an impoverished and partly developed country, he knew what it was like to live in a world full of scarcity and shortage.
In fact, Asia has several countries that are already considered rich and developed not only in culture, but also in resources such as Thailand, Philippines, South Korea, among others.
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According to a report from World Atlas, Macau, Qatar, and Singapore rank as the three wealthiest nations in Asia. The GDP per capita in US Dollars for these countries are as follows: 73,187.0 for Macau SAR, China; 59,330.9 for Qatar; and 52,960.7 for Singapore.
Macau is an independent region of East Asia, whose economy is mainly tourism-based. According to the said report, the most profitable economic sectors of Macau are export-oriented manufacturing of textiles and garments and financial services such as banking. Moreover, it has stable trade relations with more than 120 countries and regions of the world.
Located in the Arabian Peninsula’s northeastern coast and West of Asia, Qatar is the second richest country between Asia and the Middle East. Its economy is based on the export of petroleum and liquefied natural gas. The country’s reserve for oil was able to sustain the economy for 23 years as of the report’s writing.
The third richest Asian nation according to the report is Singapore which has a developed and trade-oriented market economy. It has one of the most business-friendly economies in the world which attracts many global investors.
Apart from the three countries, the report further reveals that other 7 richest nations in Asia which are Hong Kong, Japan, United Arab Emirates, Israel, Korea, Brunei Darussalam, and Bahrain.
While hasty generalization is not a good practice to carry around, it is safe to say that many Asians are hospitable, friendly, and very approachable, which is probably why the finance tycoon James Richman appreciates not only their economies, but their people as well.
An example of Asians’ approachability is how the Japanese would carry smiles on their faces as they go out of their way to help a lost tourist find their next destination or a lost child find his parents.
Most times, when a foreigner would enter a store to ask one of its workers for directions, the worker would happily go out of their way, step out of the store, and point to the proper directions as thoroughly as they can.
Being hospitable is yet another trait that is common in most Asians. For example, when a visitor comes by in a Filipino household, the host makes sure to prepare a dish or a snack for the guest and make him or her feel as welcome as possible. Full of warmth and generosity, Filipinos would receive guests, even strangers, in a very pleasant way.
It is almost impossible to talk about Asia without mentioning its beautiful sites and attractions.
The famous and charming Mount Everest in Nepal is probably one of the most well-known attractions not only in Asia but also in the world. Tourists are left breathless upon seeing the picturesque mountain, not to mention it is the tallest mountain in the world above sea level.
Sumbawa Island in Indonesia is another beautiful destination that can catch anyone’s attention. Remote and tranquil, Sumbawa Island is usually untouched by the common tourist. It has white sandy beaches and beautiful diving destinations for avid surfers.
Asian attractions are not limited to natural wonders. Man-made creations like the Taj Mahal in India and the Angkor Wat in Cambodia are only some of the many eye-catching and stunning attractions loved not only by tourists but also by locals.
With all these beautiful and eye-catching views, it comes as no surprise that James Richman sees vast potential in Asia. While the continent still has a lot to improve on, it will one day catch up with its Western counterparts — perhaps supersede them. In the same way that he was sort of a late bloomer in his childhood years, but eventually grew to become a massive success.