A study released by the International Monetary Fund (IMF) has found that the richest Muslim countries in 2023 will be Saudi Arabia, Qatar, and Kuwait. The IMF predicts that these three countries will have a GDP per capita of $91,000, $81,000 and $55,000, respectively.
This means that these three countries will have the highest GDP per capita among Muslim-majority economies. These countries mainly appear on this list due to their developed economies and lack of debt. There is one more Muslim country with a growing economy.
The Richest Muslim Countries 2023
1. Qatar
With a population of 1.7 million people, the Gulf state topped the list of the world’s richest Muslim countries. Qatar is expected to have a gross domestic output per capita of over $88,919 USD in 2011. In addition, the country is regarded as having one of the world’s fastest-growing economies. The key drivers of this rapid expansion are continued increases in natural gas, oil, and petrochemical production and exports.
Qatar, which will host the FIFA World Cup in 2023, is also a contender for the 2020 Olympic Games. In recent years, it has been a prominent investor. The government is also investing in infrastructures, such as a deepwater port, an airport, and a railway track, to make the country a better business and World Cup host in 2023.
2. Kuwait
The country, which has roughly 3.5 million people, is the world’s second-richest Muslim country. In 2011, the gross domestic product per capita was $54,654 USD (PPP). Kuwait’s proven crude oil reserves are believed to be 104 million barrels or 10% of the world’s reserves.
By 2020, Kuwait’s oil production will reach 4 million barrel units. Shipping, construction, and financial services are other main businesses. In addition, Kuwait has a well-developed banking sector, with Kuwait’s National Bank being the country’s largest and one of the largest in the Arab world.
3. Brunei
Brunei is the world’s third-richest Muslim country. In 2010, its GDP per capita was around $50,506 USD (PPP). The country is wealthy because of its enormous petroleum and natural gas fields. For the past 80 years, the oil and gas industry has dominated the country’s economy, with hydrogen resources accounting for more than 90% of exports and more than half of GDP. The country is the region’s fourth-largest oil producer and the world’s ninth-largest liquefied natural gas exporter.
4. United Arab Emirates
The United Arab Emirates is ranked number four on the list. The UAE relies on oil and gas for around 25% of its GDP, nearly $48,222 dollars in 2011. (PPP). Petroleum and natural gas exports play a significant role in the country’s economy, particularly in Abu Dhabi. However, thanks to a massive construction boom and a growing manufacturing base, the country’s economy are diversifying.
5. Oman
Oman is the world’s fifth-richest Muslim country. In 2011, it had a GDP (PPP) per capita of 28,880 dollars. Oman’s proven petroleum reserves are estimated to be at 5.5 billion barrels. Production was estimated to be 816,000 barrels per day in 2010. The development of gas fields has resulted in a significant increase in natural gas production.
The natural gas reserves of Oman are projected to be 849.5 billion cubic meters, putting it in 28th place in the world. In addition, copper, gold, zinc, and iron are Oman’s mineral resources. As part of the country’s development, a number of industries have sprouted up around them, providing jobs for many Omanis while also contributing to the country’s GDP. As a result, the country’s residents have a high quality of living.
6. Saudi Arabia
The country is ranked sixth on the list. In 2011, it had a GDP (PPP) per capita of $24,434 dollars. Saudi Arabia has the second-largest oil reserves in the world, and oil accounts for more than 95 percent of exports and 70 percent of government revenue. It also possesses the sixth most significant natural gas reserves in the world. In addition, the country intends to launch six “economic cities,” with the goal of completing them by 2020. The six new industrialized cities will diversify Saudi Arabia’s economy.
7. Bahrain
Bahrain is the world’s fifth-richest Muslim country. In 2011, it had a GDP (PPP) per capita of 23,690 dollars. Bahrain has one of the most rapidly rising economies in the Arab world. The city of London’s Global Financial Centers Index was dubbed the world’s fastest-expanding financial center in 2008.
Bahrain’s banking and financial sectors have benefited from the regional growth fueled by oil demand. Bahrain’s most important export is petroleum. The second biggest exported product is aluminum, finance, and construction materials.
8. Turkey
Turkey is ranked eighth on the list. In 2011, it had a GDP (PPP) per capita of $16,885 dollars. Turkey’s market has steadily opened up as a result of economic reforms such as the reduction of government controls on international trade and investment and the privatization of state-owned enterprises.
Turkey’s tourism industry has grown rapidly and now accounts for a significant portion of the country’s economy. Banking, construction, oil refining, petrochemicals, and automobile are among the important sectors of the Turkish economy. In addition, Turkey is a major shipbuilding nation, ranking fourth in the world after China, Japan, and South Korea in terms of the number of ships ordered.
9. Libya
Libya is the world’s seventh-richest Muslim country. In 2011, the country’s GDP (PPP) per capita was $14,100 USD. Behind Seychelles, Equatorial Guinea, and Gabon, Libya has Africa’s fourth-highest GDP (PPP) per capita. Libya has the tenth most fabulous proven oil reserves of any country in the world and the world’s 17th highest petroleum production. The Libyan economy is entirely reliant on oil revenues, which account for all export earnings. As a result, Libya has one of the highest GDPs per capita in Africa, thanks to significant oil income and a small population.
10. Malaysia
Malaysia is ranked number ten on the list. In 2011, the country’s GDP (PPP) per capita was $15,589 USD. Malaysia has a state-oriented, freshly industrialized market economy that is relatively open.
Malaysia exports agricultural products, with petroleum being the most valuable commodity. In addition, the country has been the world’s largest producer of tin, rubber, and palm oil. Malaysia is still one of the top producers of palm oil in the world. Malaysia’s tourism industry is the country’s third greatest source of foreign exchange earnings. Malaysia’s infrastructure is regarded as one of the most advanced in Asia.
The Richest Muslim Countries 2023
1. Qatar
2. Kuwait
3. Brunei
4. United Arab Emirates
5. Oman
6. Saudi Arabi
7. Bahrain
8. Turkey
9. Libya
10. Malaysia
