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Andrew Falk
Andrew Falk

Top 10 Richest Arab Countries



When talking about rich Arab countries, Libya is an obvious contender and has been for years. It was previously on the list for the wealthiest Arab countries and considered the wealthiest country in Africa. However, the economy has experienced a considerable downturn recently.




Top 10 Richest Arab Countries



Lebanon is an important center of trade and agriculture among Arab countries, dating back to ancient times. In fact, most of the wealth in this country comes from trade and agriculture activities. The nation is also well-known for its archaeological heritage, being at the crossroads of Europe, Egypt, and Mesopotamia, which has led to increased tourism in the area.


Economic diversity in Kuwait is minimal because the economy primarily depends on crude oil. Some of the most powerful countries in the Arab region surround Kuwait, including Iran, Iraq, and Saudi Arabia.


As you can see, the richest Arab countries are diverse and represent some areas with the highest GDP in the region and in the world. This list often changes, but these are the wealthiest countries in the Arab region for 2021.


What do people think when they think about the richest countries in the world? And what comes to mind when they think about the smallest nations in the world? Some would be surprised to find out that many of the wealthiest nations are also amongst the tiniest.


To be sure, when a crisis of such unprecedented magnitude takes place, you'd rather be where welfare and social services can offer a degree of assistance and hospitals have reliable electricity access. In the world's 10 poorest countries, the average per-capita purchasing power is about $1,350 while in the 10 richest is close to $100,000 according to data from the International Monetary Fund (IMF).


However, despite the rumors of their imminent demise, fossil fuels have not gone out of fashion: as soon as their prices recovered, the United Arab Emirates regained their spot on the list of ten richest countries in the world.


Just a few years ago, many were betting that the Las Vegas of Asia was on its way to becoming the richest nation in the world. Formerly a colony of the Portuguese Empire, since the gaming industry was liberalized in 2001 this special administrative region of the People's Republic of China has seen its wealth growing at an astounding pace. With a population just over 600,000, and more than 40 casinos spread over a territory of about 30 square kilometers, this narrow peninsula just south of Hong Kong became a money-making machine.


With an estimated net worth of $23 billion, restaurateur Zhang Yong is the richest person living in Singapore. In second place with assets of about $20 billion (to some people's surprise) is Eduardo Saverin, the co-founder of Facebook, who in 2011 left the U.S. with 53 million shares of the company and became a permanent resident of the island nation. Saverin did not choose it just for its urban attractions or natural gateways: Singapore is an affluent fiscal haven where capital gains and dividends are tax-free.


This article lists the countries of the Arab League sorted by their gross domestic product (GDP) at nominal values. GDP is the value of all final goods and services produced within a nation in a given year. The table below shows the nominal GDP and GDP per capita for the 22 Arab League members in 2022. The figures shown are estimates compiled by the International Monetary Fund's World Economic Outlook[1]


As more wealth is created in the world, more of it is concentrated among the richest people in the richest countries. The combined gross domestic product of countries for which there is data adds up to $116.7 trillion. Nearly $93 trillion of that wealth is concentrated among just 25 countries.


The wealthiest 25 countries in the world tend to have complex and diverse economies. Many of these countries export goods and services from a variety of industries such as pharmaceuticals, biotechnology, and aerospace.


With a gross domestic product of more than $2.6 trillion in 2017, France is one of the wealthiest countries in the world. The French created nearly $40,000 in economic output per person in 2017. Like many other very wealthy nations, France's economy is complex and diverse, exporting over $500 billion worth of goods and services annually. The country's exports in 2017 included aerospace and automobile parts, medications, and more than $10 billion worth of wine.


Wealthy countries can afford to invest in health care infrastructure, and their residents can afford to lead healthier lives. As a result, the wealthiest nations tend to have the best health outcomes in the world. France's life expectancy at birth of 82.5 years is more than a decade higher than the average life expectancy worldwide.


Finland is one of just two dozen countries in the world where GNI per capita was over $40,000 in 2017. Finland has one of the most diverse export economies in the world, selling paper goods, refined petroleum, and various machinery around the world.


Finland's relative prosperity is more evenly distributed among its residents. Likely in part due to the relative equality of the society, the Nordic country's poverty rate is the lowest among all countries for which there is data. The country also has some of the best health outcomes as measured by life expectancy, maternal mortality, and infant mortality.


Australia is one of just 23 countries with a GDP of more than $1 trillion. Australia relies heavily on exports of natural resources -- particularly iron ore. It is the world's leading exporter of the mineral, accounting for 52% of the world's total supply. This pumps tens of billions of dollars into the national economy, accounting for one-fifth of Australia's total exports.


With a GDP exceeding $1.6 trillion, Canada is one of the wealthiest and most economically productive countries in the world. Canada is the world's fourth largest exporter of crude petroleum, behind Saudi Arabia, Russia, and Iraq. In 2017 crude petroleum, accounting for 14% of Canada's total export value.


Austria encourages innovation to bolster its economy. Like several other countries that rank among the richest in the world, research and development accounts for a significant percentage of Austria's GDP. Austria is one of just six countries in which research and development spending is equal to more than 3% of GDP.


One of the richest countries in the world, the Netherlands' GNI per capita is nearly $49,000. The country's economy relies heavily on exports. In 2017, the country's exports generated the equivalent of nearly 83% of the nation's GDP -- more than double the rate of the average country.


With an average life expectancy of 81.6 years at birth, the Netherlands has among the best health outcomes in the world. It also ranks better than most countries in terms of infant and maternal mortality.


Saudi Arabia ranks among the richest countries in the world for one reason -- oil. In the resource-rich kingdom, petroleum accounted for more than three-quarters of exports in 2017. No country exports more crude petroleum than Saudi Arabia.


While petroleum is lucrative, without a diversified economy, Saudi Arabia is vulnerable to fluctuations in oil prices. It is one of just two countries to rank among the richest in the world that also saw a decline in its GDP over the past year. The other, Kuwait, also relies heavily on petroleum. Saudi Arabia's economy contracted by nearly 0.9% in 2017.


Ireland is one of just 13 countries in which the GNI per capita exceeded $50,000 in 2017. The country also has one of the fastest growing economies, with a 7.2% annual increase in its GDP. Worldwide, the annual GDP increase was less than 3.2%.


Ireland relies heavily on exports. Ireland's top exports are chemicals, like packaged medicaments. Its exports are actually worth more than its GDP, which is the case in only seven other countries. Ireland's exports are worth nearly 20% more than its GDP of over $320 billion.


Unlike nearly every other nation to rank among the richest in the world, the United States does not rely heavily on exports. The total export value of goods and services from the United States is equal to just 12.1% of GDP, the lowest share on this list and one of the lowest in the world. For context, exports are equal to an average of 29.4% of GDP globally. Among the 25 richest countries for which there is data, the United States also has the highest level of income inequality.


One of the richest countries in the world, Switzerland has a GNI per capita of $58,138. Though Switzerland has a fairly diverse economy, gold makes up by far the largest share of its exports. About a quarter of the nation's $285 billion in exports in 2017 was in gold. Despite being a relatively small country of less than 8.5 million people, Switzerland is one of the countries that controls a large share of the world's gold.


Hong Kong is not a fully independent nation, but rather a special administrative region of China. But it has its own powerful economy with a GDP of $414.3 billion and a GNI per capita of $58,420 per person. In addition to being one of the wealthiest countries in the world, Hong Kong is also one of the healthiest. The average life expectancy at birth in the country of 84.7 years is more than 12 years longer than the global average and about six years longer than in the United States.


Luxembourg is one of the smallest countries in the world, both in terms of landmass and population, with fewer than 600,000 people. With a GDP of $55.5 billion, Luxembourg's GNI per capita is one of the highest in the world at $65,101.


Despite being one of the smaller countries in the world with a population of 5.3 million, Norway has one of the larger economies, with a GDP of $342.8 billion. Since the discovery of offshore oil and gas in the 1960s, Norway has become a petroleum-producing powerhouse. In 2017, petroleum made up more than half of the Scandinavian country's exports.


Nearly half of all exports from the United Arab Emirates are forms of petroleum -- crude, refined, or gas. The country's exports also include precious metals and minerals like gold and diamonds. These valuable exports have helped make the UAE one of the wealthiest countries in the world, with a GNI per capita of $67,758. 041b061a72


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