This Gulf state was listed as the richest country in the world

Published October 29th, 2015 - 11:48 GMT
Qatar was ranked the richest country in the world, according to a study that factored in GDP per capita and purchasing power in the country. (Shutterstock)
Qatar was ranked the richest country in the world, according to a study that factored in GDP per capita and purchasing power in the country. (Shutterstock)

You may have expected Saudi Arabia to be leading wealth in the Gulf. But when economists take a look at countries' income per capita, three other neighbors in the region come out on top.

Saudi Arabia's not the only one in the Gulf Cooperation Council that knows how to make a name of itself financially. A study by Global Finance Magazine earlier this year ranked the richest and poorest countries based on estimated information from the International Monetary Fund. The Gulf states that made it in the top 25: Qatar as the richest in the world, followed closely by Kuwait, the UAE, Saudi Arabia, Bahrain and Oman.

The rankings used GDP per capita and PPP (purchasing power parity), which takes into account living expenses and inflation rates.

It shouldn't be much of a surprise that Qatar was ranked No. 1 — the country earlier this year was also named the most efficient government in the World Economic Forum's Global Competitiveness Report. According to the Global Finance Magazine, Qatar's GDP per capita was overwhelmingly the highest, 50 percent higher than No. 2 Luxembourg.

These current international dollars are based off this year's currency exchange rates and PPP adjustments.

1. Qatar: 146,011.85 international dollars

5. Kuwait: 71,600.96 international dollars

7. UAE: 67,201.88 international dollars

11. Saudi Arabia: 56,253.43 international dollars

12. Bahrain: 52,830.01 international dollars

22. Oman: 44,903.66 international dollars

Read the full report here

By Hayat Norimine


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