Arab countries are the largest oil producers and suppliers in the world. They are 22 in number and all of them are considered wealthy, they account for 422 million of the world population. Two of their numbers are among the richest in the world and their currencies are valued the highest. In addition to oil, tourism is another major part of its economy. The richest ten countries among them on the basis of GDP per capita are listed below.
Top 10 Richest Arab Countries in 2019 :
It’s officially known as The People’s Democratic Republic of Algeria. It has an abundance of natural resources like lead, iron, mercury, copper, natural gas, and oil. Its economy is driven by exporting oil. It’s considered the largest exporter of oil in Africa and an exporter of natural gas to great import to the European Union. It has a GDP per capita of $7500 placing Algeria tenth among the 10 richest Arab countries.
The economy of Tunisia is based on agriculture, mining, and tourism along with manufacturing. It’s a popular tourist destination due to its vicinity to the Sahara desert, the Atlas mountains, and Mediterranean sea. It’s also home to a variety of monuments and beautiful architecture. Their GDP per capita is $9900 making it 9th richest Arabian country.
Lebanon or the Lebanese Republic as it’s officially known as a democratic country that’s considered socially and culturally advanced among their Arab brethren. Its economy is based on services, commerce, and agriculture. It’s subject to border tension due to a shared border with Israel and Syria. The 8th richest Arabian country has a GDP per capita of $ 10700.
The seventh largest country in the Arab region has the tenth largest oil deposit in the world. Its economy is based on oil export constituting a 97% export of total oil production making it a wealthy country. It also has large deposits of Gypsum, natural gas, and sweet crude. It boasts of a well-developed infrastructure and education. The GDP per capita of $11497 places it 7th in the top ten richest Arab countries in the world.
The Sultanate of Oman has an illustrious past. It was once the most powerful country in the Arab world. It shares a border with Yemen, Pakistan, Saudi Arabia, United Arab Emirates, and Iran. The principal part of its economy is oil export, but tourism is no less significant. Another important part of its economy is trading goods like dates, fish, etc. With a GDP per capita of $21700, its considered sixth richest Arab country.
5. Saudi Arabia
The Kingdom of Saudi Arabia is the second largest Arab country. The discovery of oil deposits in the year 1938 has made Saudi Arabia largest exporter of oil in today’s world. Its oil deposits are considered the second largest oil deposits in the world while the natural gas deposits are the sixth largest of the world gas deposits. Tourism is another aspect if its economy. The most important pilgrimage of the Muslims, Mecca, and Medina are located in Saudi Arabia that makes millions of Muslims across the world to visit South Africa. The GDP per capita of $24900 places it 5th in this list of 10 richest Arab countries.
The kingdom of Bahrain is a small island nation. Its economy is based on providing services and goods to other countries. Tourism along with banking is also a major part of its economy. Bahrain is known for its growing infrastructure and big manufacturing industry. It has a GDP per capita of $27900 placing it 4th richest in the Arab world.
3. The United Arab Emirates
The United Arab Emirates is known for developing an economy that’s mostly independent of oil exports. It has developed tourist attractions like Burj Khalifa and palm islands purely on the basis of technology and innovation. It’s one of the few Arab countries that has used the monetary benefits of oil in developing additional pillars for its economic stability. Its economy is driven by infrastructure, tourism, and oil. It has a GDP per capita of $44500 making it the 3rd richest Arab country.
Kuwait or the State of Kuwait is a country that’s official currency has the highest value across the world. Its primary source of revenue is oil exports, and post the instability faced during the 1990’s it has recovered strongly with a GDP per capita of $45100. The State of Kuwait employs a number of foreign nationals in the oil mining sector. It has 6th largest oil deposits and a population of nearly four million. It’s considered one of the richest countries in the world.
Qatar is not only the richest Arab country but the richest in the world. It supplies 14% of the natural gas requirement of the world. It’s also one of the largest oil exporters and producers. Qatar was under British rule till 1971 after that it became one the most influential in the Arab world. The primary business of Qatar is oil refining due to its great technological advancement. It has a GDP per capita of $98900 that’s double the GDP per capita of the second richest Arab country Kuwait.