Also, the currency used in Bahraini is the second-highest valued currency in the entire world, contributing to its ranking on this list. This country’s GDP is currently higher than Japan, France, the UK, and Canada. The economy of this country is thriving thanks to its exports of aluminum, tourist attractions, and natural gas and oil resources. While Bahrain is considered the fifth most prosperous country in the Arab region, it is ranked amongst the top 50 globally. Bahrain – 2022 GDP per capita $30,152 World Trade Center skyscraper and skyline of Manama City, Kingdom of Bahrain Of course, this has greatly assisted the country’s wealth. The oil reserves found in Oman have made it one of the wealthiest countries in the world.Įven though the county has the fewest oil reserves in the region, it is in the Persian/Arabian Gulf, which means it has more oil to exploit. When you think of the wealthiest Arab country, chances are oil comes to mind right away. Oman – 2022 GDP per capita $25,057 Sultan Qaboos Grand Mosque in Muscat, Oman Despite these issues, Libya retains great wealth today and ranks amongst the top 120 economies globally. Additionally, war has also contributed to the economic downturn. The corruption in the area has taken a toll on its financial stability and its overall economy. However, the economy has experienced a considerable downturn recently. It was previously on the list for the wealthiest Arab countries and considered the wealthiest country in Africa. When talking about rich Arab countries, Libya is an obvious contender and has been for years. Libya – 2022 GDP per capita $6,716 Tripoli, Lebanon The ancient city of Babylon, the hanging gardens, and a rich cultural heritage continue to attract tourists, adding to the nation’s GDP. However, efforts are being made to diversify the economy and reduce the dependence on oil revenue. But with the discovery of oil, the nation shifted its focus. Historically, Iraq’s economy was more diverse, with agriculture playing a crucial role. Iraq is the second-largest producer of crude oil in the OPEC and plays a significant role in the global oil market. Despite the nation’s prolonged periods of war and political instability, it has managed to remain one of the richest Arab countries due to its abundant oil reserves. Iraq, known as the cradle of civilization, has a rich history that spans millennia. Iraq – 2022 GDP per capita $5,937 Erbil city in Iraq However, it has been impacted recently by political and social uncertainties. Manufacturing, agriculture, and tourism are all important industries for this country. Most of Egypt’s economic wealth relates to activity on the Nile River Valley, teeming with arable land. With over 80 million people, Egypt is one of the most populous and wealthiest Arab countries today. Egypt, Arab Republic – 2022 GDP per capita $4,295 Beach on Red Sea, Sharm El Sheikh, Egypt In fact, until 1962, this country’s economy was mainly based on agriculture, and it complemented the economy of France. The economy mainly relies on hydrocarbons exports, which handle 60% of the country’s budget revenues and 30% of its GDP.Īlgeria’s economy was not always fueled by oil and gas. It is also the sixth-largest exporter of natural gas. Algeria – 2022 GDP per capita $4,295 Algiers, the capital city of Algeria, Northern Africa and part of the Arab World.īeing home to the 10th largest reserve of natural gas in the world has significantly contributed to Algeria’s wealth. Map created by Mappr with Data from the World Bank. Richest Arab Countries in 2023 (based on GDP per Capita in 2022).
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