Qatar has consistently been ranked among the top 10 richest countries in the world. Its economy is primarily propelled by a robust petroleum sector, which constitutes approximately 85 percent of its exports and contributes around 70 percent to its national revenue.
The country’s GDP per capita, which represents the annual income of the average Qatari, has been steadily increasing, reaching a world record-breaking peak growth of 1,156% in the 1970s.
Despite concerted efforts to diversify the economy, Since 2014, the oil and gas sector has consistently accounted for at least 80 percent of the government’s total revenues and 90 percent of Qatar’s total exports. Qatar’s ranking among the top 10 richest countries has varied slightly across different reports. Initially, it ranked fourth, according to a report by Global Finance magazine in January 2024.
However, more recent updates by Forbes India and NDTV World in April 2024 placed Qatar seventh, based on International Monetary Fund (IMF) data. The country’s wealth is credited to its oil, gas, and petrochemical reserves and its small population of around 2.639 million.
The International Monetary Fund (IMF) is renowned for publishing semiannual assessments detailing the economic performance of the wealthiest nations globally, gauged by their GDP per capita, which considers purchasing power parity (PPP) to compare living conditions among different countries.
According to the IMF, the average per capita purchasing power in the 10 poorest countries is less than $1,500, while in the 10 wealthiest countries, it is over $110,000.Qatar’s economy has been resilient despite challenges such as the recent recovery from the pandemic and global trade disruptions instigated by the Ukraine conflict. The country’s economy is forecasted to expand by approximately 2% in 2024 and 2025.
