The Middle East has some of the world’s greatest oil and natural gas reserves. The nations in the area have among of the world’s greatest GDPs as a result of these massive resources and expanding worldwide demand.
The Middle East’s nations are also among the world’s least populous, resulting in some of the world’s greatest GDP per capita.
The Richest Economies In The Middle East
Qatar is one of the Middle East’s smallest nations, with a total size of about 4,473 square miles.
Qatar has 25 trillion cubic meters of natural gas reserves, the third biggest in the world, and proven oil reserves of 15 billion barrels, making up for the country’s lack of size in natural resources.
This natural resource richness amounts to $166.9 billion in GDP. Qatar has a modest population of roughly 2.5 million people and the highest GDP per capita in the Middle East and the globe, at $129,700.
In the 1970s, the GDP per capita increased by 1,156 percent, which was a new high.
Kuwait is another small Middle Eastern nation, with 6,880 square miles. Kuwait is also one of the world’s wealthiest nations, with a GDP per capita of $71,300, the world’s tenth highest and the second-highest in the Middle East.
The country’s high GDP per capita is due to its abundant natural resources and a tiny population of 4.3 million people.
The country’s oil production capacity is 2.5 million barrels per day, and its estimated oil reserves are 94 billion barrels. The Kuwaiti dinar is the country’s official currency. It is the world’s most valuable monetary unit.
3. Emirates of the United Arab Emirates (UAE)
On the Arabian Peninsula, the United Arab Emirates is a small nation. With a GDP per capita of $67,700, the 32,300-square-mile nation is the third wealthiest in the Middle East.
The economy of the nation is based in part on its enormous mineral reserves, with oil income accounting for a third of the country’s $377 billion GDP.
The country’s high GDP per capita is due to its tiny population, which is believed to be about 9.3 million people, with the bulk of citizens being expatriates (7.8 million).
The Poorest Economies in the Middle East
Syria borders Lebanon, Turkey, Jordan, Israel, and Iraq in the Middle East. In its 71,500-square-mile territory, the country’s population is estimated to be 17 million people.
Agriculture, services, industry, and oil are the primary pillars of Syria’s economy, which is one of the most varied in the area.
The country’s GDP per capita, estimated at $2,900, is among the lowest in the Middle East.
The continuing Syrian war has wreaked havoc on the nation and wreaked havoc on the Syrian economy, with an estimated economic loss of approximately $237 billion as a result of the conflict.
Yemen is a nation in the Arabian Peninsula’s southern region with a land size of 203,850 square miles. With a GDP of $73.445 billion and a populous of over 25 million people, the nation has the lowest GDP per capita in the Middle East at $2,500.
Oil provides for almost 90% of the nation’s exports, and the country has proven oil reserves of approximately 4 billion barrels.