Migrants mostly from South Asia changed everything — now making up about 94 percent of Qatar's workforce, The Guardian reported. It is considered an absolute monarchy. Qatar is a monarchy headed by the emir, who is the head of state and commander-in-chief of the armed forces. The nation has been ruled by the Al-Thani family since the midth century. It also aims to create various kinds of opportunities other than oil, to promote economic growth.
This involves looking at other potential exports and developing local talent. Ever since the QIA was formed back in , its success can be seen in the fact that it has, to this date, obtained billion US dollars of assets from the rest of the world. Speaking of being rich, Qatar is actually the richest country in the world, at least in terms of per capita GDP. Again, this can be attributed to the fact that it is quite a small country that is blessed with the third largest oil reserve in the world.
More than a year ago, Saudi Arabia and some of its allies have launched an economic embargo against Qatar, because the country was purported to be supporting Iran and its terrorist activities. In this embargo, these Arab countries have closed land, sea, and air links against Qatar, hoping to deprive the rich tiny country.
While this severely impacted Qatar in the beginning, it has since stabilized by using its huge finances to pay for imports, and now has enough assets to pay for its shortages until a hundred years from now. Over the years, Qatar has created projects that aim to become self-sufficient.
This includes building the Hamad Port, which aims to be a mega port in the region. Qatar also spent million dollars to build a huge dairy farm to become self-sufficient in terms of milk. Indeed, Qatar is the richest country in the world. In fact, it is currently spending tens of billions of dollars to create stadiums and other state-of-the-art facilities for the World Cup.
New revenue from oil exports flooded the pockets of the ruling family, and Qatar began a slow modernization process. The country's first school, hospital, power plant, desalination plant, and telephone exchange all opened in the s. Oil revenues steadily increased through the s as the Al-Thani family strengthened its grip on power by installing relatives in high government positions.
All Al-Thani family members were granted extravagant allowances. Qatar gained its independence in after Great Britain announced that it was removing all of its military obligations east of the Suez Canal.
Khalifa bin Hamad cut the expenditures of the royal family and increased spending on social programs, housing, health, education, and pensions. Petroleum production was still running high at the time, so the field was not developed. Thanks to the North Field, Qatar has the largest natural-gas reserves in the world after Russia and Iran. Qatar's reserves are estimated to be trillion cubic feet. The crash of oil prices in the s, along with the emir siphoning off oil revenues, stalled the Qatari economy.
The crisis led Qatar finally to develop the North Field in , though even then production was slow. By , the situation in Qatar had not improved. Sheikh Hamad set a whole new direction for the country.
One of Sheikh Hamad's first moves was to fast-track the development of the North Dome field. Production was ramped up, and Qatar began exporting liquid natural gas for the first time. To accommodate increased production and demand, Qatar began building new liquid-natural-gas plants. Over the past 15 years, 14 liquid-natural-gas plants have been built in partnership with international oil companies.
In the late s, Qatar entered into production sharing agreements with numerous international oil companies. The new companies began using horizontal drilling methods to reverse declines in oil production. Norway has among the best health outcomes in the world. The country has a life expectancy of Norway also has among the lowest rates of maternal mortality and childhood mortality for children under five.
Nearly half of all exports from the United Arab Emirates are forms of petroleum -- crude, refined, or gas. The country's exports also include precious metals and minerals like gold and diamonds. The UAE has among the highest rates of primary school enrollment and primary school completion, setting up students for future success.
The country also has one of the lowest unemployment rates in the world, at 2. The island nation of Bermuda is by far the least populous country to rank among the richest in the world, with a population of less than 66, Bermuda's exports are worth very little.
The nation ranks among the wealthiest largely because of international businesses, like insurance and financial services companies that operate in the country.
Tourism is also an economic boon for the country accounting for a large share of total employment. Unlike most other countries that rank among the wealthiest in the world, Kuwait does not have a diverse economy. Kuwait ranks as one of the most corrupt nations on this list, likely resulting in an uneven dispersal of the wealth created from petroleum.
Along with fellow oil-rich nation Saudi Arabia, Kuwait is one of the only countries that rank among the richest in the world that saw a decline in their GDP in Kuwait actually had one of the sharpest decreases in GDP of any country, with an economic contraction of 2. Citizens of the country do not have to pay taxes and still enjoy generous services provided by the public sector. The country is not without its economic and social problems however.
Operating under sharia law, citizens can be stoned for adultery and have a limb amputated for crimes like theft.
Brunei also has the highest unemployment rate among the 25 richest countries at 9. Sitting on the southern edge of Malaysia, Singapore is an important shipping point, connecting much of mainland Asia to the rest of the world. Singapore is the single largest seller of integrated circuits, or microchips, in the world. As it relies heavily on the export of technology, Singapore invests a large amount, worth 2. Macao is another special administrative region of China, meaning it is not fully autonomous, as China handles foreign affairs and defense.
Since allowing the foreign competition in its local casino industry starting in , Macao has become one of the world's top gaming destinations, and the sector has pumped billions of dollars into the economy of this relatively small region. Macao's economy is growing faster than that of any country that ranks among the 25 richest in the world. The special administrative region's economy grew 9.
This natural resource brings in tens of billions of dollars to the country of less than 3 million residents each year. Oil revenue helps subsidize government services in the country.
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