Checkout the below list of Top 10 Richest Arab Countries in 2016 and 2017. The Arab world consists of 22 countries and territories of the Arab League. The Arab States comprise of area occupying in between the Atlantic Ocean to Arabian Sea from west to east and the Mediterranean Sea to Indian Ocean from north to south. The Arab has a combined population of almost 422 million. For political unification in 1945 Arab League was formed to unite all Arab countries.
In most of Arab countries the main source of income is considered oil, which is a plenteous source of wealth which reflects the power. Arab countries are considered remarkable all over the world for their fuel reserves specially oil and gas. In some countries the other source of revenue is tourism, which also led to increment in treasury wealth by different means. The 10 richest Arab countries, according to the net gross domestic product (GDP) are:
List of the top 10 Richest Arab Countries in 2016
Algeria officially People`s Democratic Republic of Algeria is a sovereign state. Algeria is the largest oil producer company of Africa also it provides different minerals like iron, mercury, lead, copper, etc. It is also of great importance as it provides natural gas to Europe and other countries. Algeria has a net GPD of $7,500 per capita makes Algeria the 10th richest Arab country.
Also Read – Richest African Countries
Tunisia, officially known as the Republic of Tunisia. The source of income are mining, manufacturing, agriculture and tourism while the major source is tourism. Tunisia shares border with the Mediterranean Sea and also with the most popular hottest desert Sahara. It has different lands like fertile, coastline areas. Tunisia has a net GDP of $9,900 per capita and the 9th richest Arab country.
Lebanon, officially named as the Lebanese Republic is a sovereign state and it shares border with Syria and Israel. Lebanon flourished over thousands of years in terms of culture. Unlike other Arab countries Lebanon is advanced, social and democratic country. The sources of income are agriculture, services and commerce. With a net GDP per capita of $10,700 Lebanon is the 8th richest Arab country.
Libya is a North African Arab country and it is the 4th largest country of Africa and 16th largest country in the world. Libya is well known for its oil production as it has the 10th largest oil reserves in the world. Libya is also defined as an upper-middle economy along with god system, education and infrastructure. With a net GDP per capita of $11,497 it is the 7th richest Arab country.
Oman, officially named as the Sultanate of Oman is situated in the mouth of the Persian Gulf and has strategical importance. It shares border with United Arab Emirate, Saui Arabia, Yemen, Iran and Pakistan. During the 17th and 19th century Omani Sultanate was considered the most powerful late in the 20th century it came under the influence of the United Kingdom. The main sources of revenue are oil reserves. Oman has a net GDP per capita of $21,700 which makes it the 6th richest Arab country.
5. Saudi Arabia:
Saudi Arabia, officially known as the Kingdom of Saudi Arabia is an Arab state in western Asia, constituting of the bulk of the Arabian Peninsula. Saudi is the second largest country in the Arab State, while the fifth largest country in Asia. Petroleum reserves were discovered in Saudi in 1938 which immensely raised the economy of the country. Now, Saudi Arabia is the world`s largest oil producer and exporter having second largest oil reserves and sixth largest gas reserves. Saudi has a net GDP per capita of $24,900 which ranks it 5th richest Arab country.
Bahrain, officially named as the Kingdom of Bahrain is a small island country situated near the western shore of the Persian Gulf. Bahrain provides service an goods not only for itself but in the neighboring countries as well. This factor becomes the raise in economy of Bahrain. It has a net GDP per capita of $27,900 which makes it the 4th richest Arab country in the world.
3. United Arab Emirates:
United Arab Emirates also called as Emirates or UAE is situated at the southeast end of the Arab Peninsula on the Persian Gulf. UAE is established in 1971 by the union of seven federations. UAE is a highly expensive developed country with developed people with facilities and living standards and UAE is also one the wealthiest country of Middle-East. The major sources of income are oil and tourism. With a net GDP per capita of $44,500 UAE is the 3rd richest Arab country.
Kuwait, officially known as State of Kuwait is a country in the Western Asia and is situated at the northern end of the Persian Gulf. Kuwait modernized in 1980`s, but in 1990 it faced geographical instability and economic crisis following by a stock market crash. Later again maintained the economy. The main source of income is oil reserves. With a net GDP per capita of $45,100 Kuwait is the 2nd richest Arab country.
Qatar, officially named as The State of Qatar is a sovereign country located in the Southwest Asia and is a small country. Qatar gained independence in 1971 from the British. After Saudi Arabia and Oman, Qatar has the most conservative society and is considered as the significant power in Arab. The main source of income is oil production and refining. With a net GDP per capita of $98,900 Qatar is the richest Arab country.
These Arab countries, providing different services, goods, etc mainly oil and gas supply which make these countries wealthy, powerful and remarkable on the globe. These Arab countries also have good relations with the world, thus o trade and business throughout the world and in response make money also.