No, he's talking PPP which in this type of comparison cripples Italy by about 30% while jumping up Taiwan and S. Korea probably by a similar extent, Singapore would be pretty much in the middle. That would mean that in raw GDP numbers (which you think he is talking about) Italy's numbers in absolute dollars would be something like $2 trillion, while S. Korea and Taiwan's would be much less. Yes the average Singaporean may make more, but who cares, there are barely any of them anyway. Italians earn way more than S. Koreans and the average person in Seoul or Singapore lives in a tiny apartment with lots of electronics, that's about it.