Qatar is the richest country in the world with a GNI per capital of $116,799. The per capita GNI is around $20,000 higher than the country coming second. While it might be the smallest countries among the member states of the OPEC, it is the richest in terms of oil reserves and equals to 13% of the global supply.
The country has a population of 2.4 million living in a 12,000 square kilometres. Thanks to its huge oil reserve, it is the richest country in the world with high income. Around 55% of the country’s GDP can be attributed to its oil and natural gas reserves. The Qatari royals are among the richest in the world and they lead a luxurious lifestyle that can’t be dreamt by the common men.
Why Qatar has the Highest Per Capita GDP in the world
Qatar has the highest per capita GDP in the world because of the following reasons –
Qatar Investment Authority (QIA)
The QIA is one of the richest bodies in the country which is responsible for investing, managing and growing the reserves of the country thereby flourishing the economy of the country. it aims at creating various opportunities to promote the economy of the country. it has obtained 335 billion US dollars of assets from the rest of the world since its formation in 2005.
Per Capita GDP
In terms of per Capita GDP, Qatar is the richest country in the world. It stands at $127,600 and is around $23000 more than the second-placed Luxemborg with a per capita GDP of $104,003. The reason for such high GDP can be attributed to it being the third largest oil reserve in the world.
Resilience despite trade embargo
Qatar blockade was one of the major trade and economic embargo inflicted by Saudi Arabia and its allies against Qatar a year ago. The reason given was that Qatar was supporting Iran and its terrorist activities despite having no such proofs. During the embargo, the Arab countries closed land, sea and air links to Qatar thereby depriving the country of basic supplies. The country showed great resilience and now has enough assets and capital to pay for its shortages for a hundred years.
Over the last century, Qatar has become self-sufficient by creating various opportunities. It built the Hamad port which aims to be the mega port in the region. It also spent 700 million dollars to build a huge dairy to become self-sufficient in milk, a commodity which it was most deprived of during the trade embargo.
It is due to the country’s resilience that it has become one of the leading countries in the world and will hold the Football Men’s World Cup 2022.