Setting records is second nature to the UAE . We’re no stranger to making it onto global rankings, whether it’s having one of the most powerful passports or having one of the best airlines in the world. This time the UAE has nabbed the title of being one of the world’s richest countries.
What makes the UAE one of the richest countries?
According to estimates by the International Monetary Fund (IMF) this year, the UAE has been ranked the seventh richest country in the world based on per capita GDP (Gross Domestic Product) of approx. AED 326,760. Based on this data, Global Finance Magazine issued a detailed report on the 10 richest countries in the world that offers interesting insights about their wealth and income.
The report explains how the UAE’s wealth is derived from large reserves of hydrocarbons and natural resources such as crude oil and natural gas. Moreover, it adds that tourism, construction, trade and finance are also industries that have contributed immensely to the UAE’s riches. Despite dropping out of IMF’s richest countries ranking during COVID-19 due to the pandemic’s impact on global fuel prices, the UAE quickly bounced back once energy prices stabilised.
Qatar, ranking fourth richest, is the only GCC (and Middle Eastern) nation besides the UAE to make it into the 10 richest countries list.
Interestingly, the world’s wealthiest countries are some of the smallest nations. Taking first place is the tiny, land-locked European country Luxembourg. The island nation of Ireland came in second, and Singapore ranked as the world’s third wealthiest country.
Here’s a list of the world’s 10 richest countries:
- Luxembourg
- Ireland
- Singapore
- Qatar
- Macao
- Switzerland
- UAE
- San Marino
- Norway
- United States of America
Why rich equates to small, the report clarifies, is because the economies of these countries are larger than the number of their inhabitants. The overall wealth of the countries on this list was calculated by dividing its GDP – the value of goods and services produced– by the country’s total number of full-time residents. These numbers
Meanwhile, some of the poorest countries of the world were African nations such as South Sudan, Central African Republic, Burundi suffering from civil war and strife. Find the full list here