10 of the world's wealthiest Muslim nations
The region is most known for its huge oil reserves, and it continues to be one of the main suppliers of this natural resource. In reality, a large number of the countries in the region have made it onto lists of the richest nations in the world thanks in part to the region's abundant oil production.
Richest Muslim countries in the world :
1.Qatar
The richest Muslim nation in the world is the Gulf state, which has a population of 1.7 million. For 2011, Qatar reported a per-capita GDP of more than $88,919 dollars.
The primary cause of this quick expansion is ascribed to the ongoing increase in natural gas, oil, and petrochemical production as well as exports. the country that will host the 2022 FIFA World Cup.
To make the nation a better host for trade and the 2022 World Cup, the government is also investing money into infrastructure, including a deep-water port, an airport, and a railroad track.
2. United Arab Emirates
It's likely that when you hear about the United Arab Emirates, thoughts of luxury and sophistication come to mind. The nation is about much more than just tourism and lifestyle, however those are two of the key factors contributing to its inclusion on this list.
Exports of natural gas and oil are significant to the national economy, particularly in Abu Dhabi. The nation's economy is becoming diversified thanks to a massive construction boom and a rising manufacturing sector.
3. Kuwait
The nation, which has a population of roughly 3.5 million, is the second-richest Muslim nation worldwide. The 2011 GDP per person (ppp) is $54,654. Kuwait has 104 million barrels of confirmed crude oil reserves, which is equivalent to 10% of global reserves.
By 2020, Kuwait will produce 4 million barrels per day more oil. Shipping, building, and financial services are further meanings.
4. Burnie
Burnie is the third-richest Muslim nation in the world. Its government's GDP in 2010 (PPP) was about $50,506. The abundance of natural gas and petroleum in the nation contributes to its success. The country's economy has been dominated by the oil and gas sector for the past 80 years, and more than 90% of its exports of hydrogen resources and half of its GDP.
5. Saudi Arabia
Petroleum exports and production are crucial to Saudi Arabia's economy. The second-largest OPEC member state is it. Saudi Arabia produces around 18% of the world's total petroleum production, earning the nation high regard in the market.
- Bahrain
Bahrain is ranked 23rd globally and is regarded as the fifth-richest nation in the Arab world. The export of tourist attractions made of aluminium as well as natural gas and oil resources has greatly boosted the nation's economy.
Currently, this nation's GDP exceeds those of Japan, France, the UK, and Canada. Aluminum's ranking on this list is further influenced by the fact that the currency in which it is traded is the second-most valuable in the world.
6. Oman
Oman is one of the richest countries in the world thanks to its oil deposits. Despite having some of the lowest oil reserves in the region, the country is on the Persian/Arabian Gulf, which means there is more oil there to be extracted.
7. Egypt
Egypt is currently one of the most populous and prosperous Arab nations. The Nile Valley's business activities on fertile land is a major contributor to Egypt's economic prosperity. For this nation, manufacturing, agriculture, and tourism are essential industries. However, in recent years, it has been impacted by political and social uncertainty.
8. Turkey
Eighth on this list is Turkey. Its 2011 PPP per capita gross domestic output is $16,885. With the help of economic reforms, including the privatisation of publicly owned businesses and the relaxation of government restrictions on foreign investment and trade, Turkey has steadily opened up its market. Turkey's tourism industry has expanded quickly and plays a significant role in the country's economy.
The banking, building, petrochemicals, oil refining, and automotive industries are some of the other important sectors of the Turkish economy. Turkey, one of the top nations for shipbuilding, comes in fourth globally in terms of the quantity of ships ordered, trailing only China, Japan, and South Korea.
9. Algeria
The tenth-largest natural gas reserves in the world are located there, and they have greatly increased Algeria's wealth. It is also the sixth-largest natural gas exporter. The export of hydrocarbons, which accounts for 30% of the nation's GDP and 60% of its budgetary income, is the key driver of the economy.
Algeria's economy did not always depend on oil and gas. In fact, the country's economy, which complimented France's economy until 1962, was primarily dependent on agriculture.
10. Libya
It ranks as the tenth-richest nation in the world for Muslims. In 2011, the nation's GDP per person (PPP) was $14,100. Africa's fourth-highest GDP per capita (PPP) is held by Libya, behind Gabon, the Seychelles, and Equatorial Guinea. Libya is the 17th largest producer of petroleum in the world and has the 10th highest proven oil reserves of any nation.
The oil industry, which accounts for all export income, is what drives the Libyan economy. Due to its low population and large oil income, Libya has one of the highest GDPs per capita in Africa.