10 Richest Muslim Countries in the World

10 Richest Muslim Countries in the World

Qatar:

The Gulf state with a population of 1.7 million topped the list of the world’s richest Muslim countries. Qatar had booked a probable gross domestic product per capita of more than 88,919 dollars for 2011. The country is considered to be one of thefastest growing economy in the world. The main drivers for this rapid growth are attributed to ongoing increases in production and exports of natural gas, oil and petrochemicals. Qatar, which will host the 2022 Football World Cup, is also in the running for the 2020 Olympics Games. It has been a high-profile investor in recent times. The government is also pouring money into infrastructure, including a deepwater seaport, an airport and a railway track, to make the country a better host for business and 2022 World Cup.

Kuwait:

The country with a population of about 3.5 million is the second richest Muslim country in the world. The gross domestic product per capita is 54,654 dollars for 2011 (PPP). Kuwait has proven crude oil reserves of 104 million barrels, estimated to be 10 percent of the world’s reserves. Kuwait’s oil production is expected to increase to 4 million barrel units by 2020. Other major industries include shipping, construction and financial services. Kuwait has a well developed banking system and The National Bank of Kuwait is the largest bank in the country and one of thelargest in the Arab world.

Brunei:

Brunei is the third richest Muslim country in the world. It has GDP per capita of about 50,506 dollars for 2010 (PPP). The country is rich due its extensive petroleum and natural gas fields. The country’s economy has been dominated by the oil and gas industry for the past 80 years, and the hydrogen resources account for over 90 percent of its exports and more than half of its GDP. The country is the fourth largest oil producer in the region and ninth largest exporter of liquefied natural gas in the world.

United Arab Emirates:

The United Arab Emirates takes the 4^thposition in the list. UAE banks on its oil and gas for about 25 percent of the GDP which is nearly 48,222 dollars for 2011 (PPP). In the country, petroleum and natural gas exports plays an important role in the economy, especially in Abu Dhabi. A gigantic construction boom and expanding manufacturing base are helping the country diversify its economy.

Oman:

Oman is the fifth richest Muslim country in the world. It has a GDP (PPP) per capita of 28,880 dollars for 2011. Oman’s proved reserves of petroleum totals to about 5.5 billion barrels. In 2010, production was estimated at 816,000 barrels per day. Natural gas has increased greatly due to the development of gas fields. Oman’s natural gas reserves are estimated at 849.5 billion cubic meters ranking 28^th in the world. Oman’s mineral resources include copper, gold, zinc, and iron. Several industries have grown up around them as part of the national development process, which have provided jobs for many Omanis and has contributed to the nation’s GDP as well. The citizens of the country enjoy good living standards.

Saudi Arabia:

The country takes the 6^th position in the list. It has a GDP (PPP) per capita of 24,434 dollars for 2011. Saudi Arabia has the world’s second largest oil reserves and oil accounts for more than 95 percent of exports and 70 percent of government revenues. It also has the world’s sixth largest natural gas reserves. The country is planning to launch six “economic cities” which are planned to be completed by 2020. The six new industrialized cities are intended to diversify the economy of Saudi Arabia.

Bahrain:

Bahrain is the seventh richest Muslim country in the world. It has a GDP (PPP) per capita of 23,690 dollars for 2011. Bahrain is regarded as one of the fastest growing economy in the Arab world. In 2008, the country was named the world’s fastest growing financial center by the city of London’s Global Financial Centers Index. Bahrain’s banking and financial sectors has benefited from the regional boom driven by demand for oil. Petroleum is Bahrain’s most exported product. Aluminium is considered as the second most exported product, followed by finance and construction materials.

Turkey:

Turkey takes the 8^th position in the list. It has a GDP (PPP) per capita of 16,885 dollars for 2011. Turkey has gradually opened up its market through economic reforms by reducing government controls on foreign trade and investment and the privatization of publicly owned industries. Tourism in Turkey has experienced a rapid growth and constitutes an important part of the economy. Other key sectors of the Turkish economy are banking, construction, oil refining, petro chemicals and automotive. Turkey is one of the leading shipbuilding nations and is ranked 4^th in the world after China, Japan and South Korea, in terms of number of ordered ships.

Libya:

Libya is the ninth richest Muslim country in the world. The country has a GDP (PPP) per capita of 14,100 dollars for 2011. Libya has the 4th highest GDP (PPP) per capita in Africa behind Seychelles, Equatorial Guinea and Gabon. Libya has the 10th largest proven oil reserves of any country in the world and the 17^th highest production of petroleum in the world. The Libyan economy depends upon revenues from the oil sector, which constitutes all export earnings. High oil revenues and a small population have given Libya one of the highest GDPs per capita in Africa.    

Malaysia:

Malaysia takes the 10^th position in the list. The country has a GDP (PPP) per capita of 15,589 dollars for 2011. Malaysia has relatively open state-oriented and newly industrialized market economy. Malaysia is an exporter of agricultural resources, the most valuable exported resource being petroleum. The country has also been the largest producer of tin, rubber and palm oil in the world. Malaysia remains one of the world’s largest producers of palm oil. Tourism in Malaysia is the third largest source of income from exchange. The infrastructure in Malaysia is considered as one of the most developed in Asia.