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Qatar is the richest country in the world

Qatar has grown to be the wealthiest nation on earth last year, after it made its way into the global list, supported by its huge gas wealth.

Luxembourg, the small European state is the second richest globally, while Kuwait and UAE follows Qatar as the wealthiest nations in Arab region. Qatar, Kuwait and UAE were the only nations in the region to have found a place among the 20 richest nations in the world, as per the 2010 list by Global Finance, the leading US business magazine, which released the list recently.

However, Bahrain was way ahead of Saudi Arabia, in the list, although it does not export oil, while Saudi Arabia controls more than one-fifth of the recoverable oil resources in the world.

The report noted that the richest country is Qatar, with a GDP per capita of $90,149 in 2010. The poorest nation is the Republic of Congo, with $342 as per capita.

The report also said that Qatar is the largest gas exporter in the world, with proven natural gas resources of 25 trillion cubic meters as the world’s third largest, following Russia and Iran.

Qatar, recording a population of 1.15mn in 2009, completed a range of gas projects, which boosted its LNG output to 77mn tonnes every year, which is more than one-fifth of the total global LNG supplies. Qatar’s income has been largely boosted by LNG exporters, which is also supported by crude oil sales, which has led to Qatar being recorded one of the highest growth rates.

However, the noteworthy point is that Qatar is the only country in the Arab region, to have been included in the list of world’s top ten richest nations. The other nine wealthiest nations following Qatar are Luxembourg, Norway, Singapore, Brunei, United States, Hong Kong, Switzerland, Netherlands and Australia.

The wealth classification by Global Finance included 182 nations, based on comparison of living standards of overall population of each country by using the GDP per capital based on party or purchasing power balance internationally. The indicators used were the relative cost of living, inflation and exchange rate of the country.

Posted on 21/6/2011

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