Qatar has been named the fourth richest country globally. Also, it is the first-ever Arab nation to be among the top four wealthiest nations. The latest report from Global Finance ranks other Arab countries, like the UAE, Bahrain, Saudi Arabia, Kuwait, and Oman, positioned after Qatar.
The study also coincides with the World Bank’s assessment that sees Qatar as the fastest growing global economy.
According to the data, Qatar’s real GDP is expected to rise by 4.9% this year and grow steadily at 4.5% and 4.4% in 2023 and 2024, respectively. This data also tells us that Qatar’s economic growth is expected to remain the fastest among the other GCC countries.
Qatar is fourth after countries like Luxembourg, Switzerland, and Singapore and has a distinct advantage over the three countries that are ranked higher. Unlike these countries that are very small and benefit mainly from foreign investment, Qatar has massive reserves of hydrocarbons or other natural resources.
A relatively smaller population of just 2.8 million also favors Qatar’s numbers. According to the report, the per-capita GDP of a Qatari citizen is also high at $97,846, dipping slightly in 2014 from $143,222. This contrasts with some of the poorest countries’ average per capita purchasing power, which stands at just $1,350.
Qatar has also benefited from the increase in the demand for gas owing to the ongoing Russia-Ukraine War. Additionally, the expansion of Qatar’s North Field liquified natural gas (LNG) project, which is the biggest of its kind, is also a significant contributor to the country’s GDP.
Apart from these, the country will become the first-ever Gulf state to host the football World Cup in November. This marquee event will add to Qatar’s reputation and act as a shot in the arm for the country’s tourism sector.
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FAQs
🇶🇦 Qatar has been ranked as the richest Arab country and the fourth wealthiest on a global scale. 🔗 Click the link in bio to see where the other Arab regions ranked.
Why is Qatar the richest country in the world? ›
Qatar's oil and natural gas reserves are significantly huge compared to its population, contributing to its high ranking among the richest countries. Qatar is also increasing its economy in other sectors like hosting FIFA 2022 gave a huge boost to Qatar's tourism and economy.
Who is the richest Arab family in the world? ›
With an estimated wealth of $305 billion, the Royal family of Abu Dhabi- Al Nahyan family— is known as the richest family in the world. The head of the Al Nahyan family, Sheikh Mohammed bin Zayed Al Nahyan, is the ruler and President of the United Arab Emirates (UAE).
Is Qatar more rich than USA? ›
The US is the largest economy in the world. It has a large population and a highish GDP per person. China is the second largest economy because it has a middling GDP per person but a huge , billion plus population. Liechtenstein and Qatar have much higher GDP per person but a much smaller population than the US .
Why is Qatar so powerful? ›
It is a high-income economy, backed by the world's third-largest natural gas reserves and oil reserves. Qatar is one of the world's largest exporters of liquefied natural gas and the world's largest emitter of carbon dioxide per capita.
How did Qatar get so much money? ›
The exploration of oil and gas fields began in 1939. In 1973, oil production and revenues increased dramatically, moving Qatar out of the ranks of the world's poorest countries and providing it with one of the highest per capita incomes in the world. Qatar's economy was in a downturn from 1982 to 1989.
Is there poverty in Qatar? ›
At least one in ten Qatari households lives in “relative poverty” as usually defined. Poorer Qataris tend to move away from metropolitan Doha towards less expensive areas, raising commuting costs. Transportation (including vehicle and fuel costs) already constitutes a key expenditure of lower income citizens.
Is Dubai richer than Qatar? ›
The short answer is yes. Qatar has a per capital income that is higher than UAE of which Dubai is a part. Qatar's Income is from oil and gas and it's fown stream industries; whereas Dubai has very little oil and much of its income is from trading, tourism and trans shipment.
What are the 3 richest countries in the world? ›
If we simply consider a nation's gross domestic product—the sum of all goods and services produced by a country during one year—then we would have to conclude that the richest nations are exactly the ones with the largest GDP: United States, China, Japan, Germany.
Who is a trillionaire? ›
A trillionaire is an individual with a net worth equal to at least one trillion in U.S. dollars or a similarly valued currency, such as the euro or the British pound. Currently, no one has yet claimed trillionaire status, although some of the world's richest individuals may only be a few years away from this milestone.
Wealth. Mansa Musa is renowned for his wealth and generosity. Online articles in the 21st century have claimed that Mansa Musa was the richest person of all time. Historians such as Hadrien Collet have argued that Musa's wealth is impossible to accurately calculate.
Who is the richest woman in the world? ›
1. Françoise Bettencourt Meyers and family. Frenchwoman Bettencourt Meyers is the wealthiest woman on the planet. Bettencourt Meyers earned her wealth by inheriting a fortune from her mother, Lillian Bettencourt (died 2017), whose father was Eugene Schuler, the founder of cosmetics giant L'Oréal.
How rich is Saudi Arabia vs Qatar? ›
Both Qatar and Saudi Arabia are wealthy nations due to their vast oil and gas reserves. However, in terms of GDP per capita, Qatar has been consistently ranked higher than Saudi Arabia, making it one of the richest countries in the world on a per capita basis.
Is Qatar better than Saudi Arabia? ›
Additionally, Qatar has been aggressively promoting itself as a hub for Medical, Education and Sports innovation, creating more jobs in the healthcare and education sector. In contrast, Saudi Arabia's economy is more diversified, with industries such as petrochemicals, mining, sports and tourism driving job creation.
