Global Finance magazine ranked Kuwait 5th richest in the Gulf and the Arab world and 32nd globally in terms of GDP per capita according to purchasing power parity, with a share of USD 41,621, Al-Rai reported.
Qatar ranked 1st in the region and 4th in the world, with a per capita share of USD 93,508, followed by the UAE in 11th place globally with a share of USD 58,753, then Bahrain 23rd globally, with a share of USD 48,766, and Saudi Arabia 25th, with a share of USD 46,811.
The magazine mentioned that some very small and very rich countries, such as Luxembourg, Singapore, and Hong Kong, have benefited from the existence of advanced financial sectors and tax systems that help attract foreign investment and professional talent, while other countries such as Qatar and Brunei have large reserves of hydrocarbons or natural resources.
The magazine added that while gross domestic product measures the value of all goods and services produced in a country, dividing this output by the number of residents throughout the year is a better way to determine how rich or poor a country is about another country’s population. However, only when taking into account the rates of inflation and the cost of domestic goods and services can a more accurate picture of the average standard of living in the country be obtained; the resulting figure is the so-called purchasing power parity (PPP), which is often expressed in current prices in dollars, to allow for a measure & comparisons between different countries.
Globally, Luxembourg came first as the richest country, followed by Singapore, Ireland, Qatar, and Switzerland. Norway was ranked sixth followed by America, Brunei, Hong Kong, and Denmark as tenth richest.
SOURCE : TIMES KUWAIT