Would you like to know which are the richest Arab countries in the world? In a world where wealth easily translates into power, knowing which are the economic power houses of a region can be quite helpful. The nations presented in this article boast considerable influence on the global stage, especially those who control critical commodities such as petroleum and gas.
When it comes to influence, one thing is certain: money can buy you a lot of it. The richest Arab countries in the world have vast investments overseas, making their financial leverage strong. Some have used these economic ties to the West to gain access to advanced military hardware, which the weapons deals between the US and Saudi Arabia have demonstrated time after time. Other nations positioned amongst the ten wealthiest have not followed this strategy, taking on a rather critical stance towards the West, albeit rarely taking a confrontational one. One thing remains clear, these countries are powerful in their respective regions, while their access to valuable resources makes them financially strong and developed.
So which countries are we actually talking about here? Well, the nations belonging to the Arab League will constitute our field of inquiry, and they will be ranked according to their GDP per capita, in order to determine the level of their wealth. This will reveal the ten richest Arab countries in the world, and allow us to get a better idea of who wields the most economic influence in the Arab League.
With wealth hierarchies in mind, we would also recommend you read one of our previous posts on the top 10 richest cities in the world. Some of these might even be located in one of the richest Arab countries we will reveal in our current list!
10. Algeria – $7,600
Classified as an upper middle income nation by the World Bank, Algeria barely makes the list of the richest Arab countries. Nevertheless, its petroleum exports have always been a reliable source of income, as has the production of natural gas.
A popular tourist destination is next on the list of the richest Arab countries in the world. Check it out on the next page.
9. Tunisia – $9,900
Unlike many other countries on this list, Tunisia has a rather diversified economy, ranging from mining and petroleum, to agriculture and tourism. The services industry has grown particularly large, thanks to a large influx of tourists from Europe every year.
8. Lebanon – $10,700
This small Arab nation is known as the most European, with democratic institutions, and social and religious freedoms. Its population lives from commerce, services, and agriculture, with no significant raw materials exported.
7. Libya – $10,700
Around 80% of Libya’s GDP is made up of oil, as are 97% of its exports, making it a very vulnerable economy. Nevertheless, the world’s continuous thirst for crude has allowed this nation to boast what looks like a healthy economy, despite the lack of infrastructure, governance, and high unemployment.
6. Oman – $21,700
This country usually keeps to itself, rarely making an appearance in the news, but always lurking in the background. Things have been good for Oman, and citizens enjoy a high living standard thanks to the large income stemming from the oil industry.
5. Saudi Arabia – $24,900
Despite being the largest Arab economy, the GDP per capita in Saudi Arabia is not necessarily as high as it could be. Although the highly oil-dependent economy allows residents to enjoy a high standard of living, it has recently seen per capita income drop considerably, revealing new vulnerabilities.
4. Bahrain – $27,900
The fastest growing economy in the Arab world belongs to Bahrain, which is turning into a power financial center. The growing demand for consumer goods not available in this region has turned Bahrain into a huge advocate of free trade of goods and services.
3. United Arab Emirates – $44,500
As the second largest economy in the Arab world, the United Arab Emirates (UAE) has managed to successfully begin the process of truly diversifying its economy. Non-oil trade is now a trillion dollar business in the UAE, which is home to incredible cities like Abu Dhabi and Dubai.
2. Kuwait – $45,100
When your currency is the highest valued coin in the world, you know your economy is as strong as it can get. The Kuwaiti dinar is symbolic of the economic growth that can be achieved through petroleum, which makes up 95% of this nation’s GDP.
1. Qatar – $98,900
This tiny monarchy situated along the Arabian Peninsula is not only the most conservative, but also by far the richest Arab country in the world. Around 14% of the households in Qatar belong to millionaires, which derive their profits mainly from liquified natural gas and of course, oil.
