Thursday , September 28 2023

Kuwait 2nd in per capita wealth; Qatar tops in Arab world

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KUWAIT CITY, Oct 1: Qatar has the highest per capita wealth in the Arab world – an average of $183,100 per individual, reports Al-Anba daily quoting the Credit Suisse Bank’s Global Wealth Report. The report stated that Kuwait ranked second with per capita wealth of $171,300; United Arab Emirates (UAE) in third place with $122,800; Bahrain ranked fourth with $98,000; Saudi Arabia took the fifth place with $84,400; Oman ranked sixth; Jordan ranked seventh; Egypt ranked eighth; Tunisia ranked ninth and Iraq ranked 10th.

In a related development, MoneyLink website has reported that Kuwait is one of the richest countries in the Middle East because of its abundant supply of crude oil; while its oil reserves have been strategically used to secure an advanced position on the list of the richest countries in the world.

It pointed out that Kuwait is a small country geographically, yet it enjoys an open economy backed by oil reserves of about 102 billion barrels – six percent of the total global reserve. Oil income contributes almost half of the country’s gross domestic product (GDP) and 90 percent of government income. Kuwait plans to increase oil production to four million barrels per day in order to increase its wealth, the website revealed.

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