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Countries with lower GDP than Premier League spending
September 1, 2016
If there’s a great example of excessive spending, it’s the Premier League. Money spent on transfers has spiralled out of control, with seemingly little thought given to return on investment on these payments. For example, earlier this month Manchester United paid £89 million for Paul Pogba, just a short time after they let him join Juventus for next to nothing. With this rather excessive spend, the club’s total pre-season outgoings hit £157.25 million.
The teams’ rival, Manchester City, also spent in excess of £165.58 million – which gives a combined total of £322.83 million (or $418.79m) for these two clubs alone. To put this figure into context, that’s more than the total GDP for some countries, such as:
- São Tomé and Principe: With a population of 190,428 and GDP of $337 million, these two small islands are situated off the coast of Gabon. The Portuguese-speaking nation is a great place to experience unspoiled jungles, relax on sandy beaches and spot a variety of sea life including dolphins and humpback whales.
- Federated States of Micronesia: Made up of four states in the Pacific – Yap, Chuuk, Pohnpei and Kosrae – this nation is home to 106,104 people and has a total GDP of $318 million. Consisting of multiple artificial islands, it’s perhaps no wonder that it has been described as the Venice of the Pacific.
- Palau: Located between the Federated Stated of Micronesia, The Philippines and Indonesia, Palau’s 250 islands are home to just shy of 18,000 people and boasts GDP of $251 million. The location and nature of this nation makes it a great diving spot and its Jellyfish Lake is a sight not to be missed.
- Marshall Islands: Another neighbour of the Federated States of Micronesia, these islands were originally the site of 67 US nuclear weapons tests during the Cold War. They are now home to over 53,000 individuals, but only reports total GDP of $187 million.
- Kiribati: Located just a stones throw away from Marshall Island, Kiribati is made up of 33 coral islands, all with excellent surfing and diving options. Over 100,000 people inhabit the islands and they generate a combined GDP of $167 million.
- Tuvalu: With a GDP totalling just $38 million and a population of less than ten thousand, Tuvalu appears to be a favourite destination for the Royal Family, with the Duke and Duchess of Cambridge visiting the country in 2012.
While of course these small communities are unlikely to present much in the way of opportunities for contractors, it’s important not to let the size of the nation lure you into a false sense of security. No matter where in the world you are working, as a contract professional you must remain compliant with local tax laws. As this legislation can often be a minefield for those without the experience, it’s advisable to partner with a team of experts to avoid any potentially hefty fines.
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