Top 10 Richest Arab Countries 2024 By GDP Total and per Capita

Top 10 Richest Arab Countries 2024 By GDP Total and per Capita

Ever wonder which Arab nations are topping the charts in wealth this year? You’re in the right spot! Our journey through the richest Arab countries in 2024 isn’t just about big numbers; it’s a fascinating glimpse into economies booming with oil riches, innovative diversifications, and strategic investments.

Get ready to explore the economic marvels that define the wealthiest in the Arab world, from the sprawling deserts of Saudi Arabia to the futuristic cities of the UAE.

Top 10 Richest Arab Countries by GDP

RankCountryGDP (Billions USD)GDP per Capita (USD)
01Saudi Arabia1,069.4432,586
02UAE509.17950,602
03Egypt398.3973,770
04Iraq254.9935,883
05Qatar235.581,968
06Algeria224.1075,104
07Kuwait159.68732,215
08Morocco147.3433,979
09Oman108.28221,265
10Syria60.043 (2013)2,806 (2017)

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Top 10 Richest Arab Countries by GDP

Saudi Arabia

Leading the pack, Saudi Arabia’s economy is a behemoth, with a GDP in PPP terms reaching a staggering $1.747 trillion in 2023.

Fueled by robust oil production and a burgeoning non-oil sector, the kingdom enjoyed the status of the fastest-growing G20 economy in 2022. Its tax system, sans personal income tax, not only attracts expatriates but also underpins a favorable investment climate.

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Saudi Arabia’s journey towards economic diversification and innovation is a narrative of ambition and strategic foresight.
As of 2024,Saudi Arabia has 32,586 of GDP per capita and making this nation to be the wealthiest country in Arab.

United Arab Emirates (UAE)

The UAE’s skyline isn’t the only thing reaching impressive heights; its economy, with a nominal GDP of $509.17 billion and a PPP-adjusted GDP of $890.17 billion in 2023, speaks volumes of its economic prowess. High GDP per capita figures reflect a thriving economy driven by diverse sectors beyond oil.

The IMF’s anticipation of a 3.5% growth in 2023 showcases the UAE’s dynamic market and its successful economic diversification strategies.

Egypt: A Land of Growth Amidst Challenges

Egypt’s economy, as of the end of 2023, paints a picture of resilience and potential. With a GDP in PPP terms officially estimated at a robust $1.398 trillion, Egypt stands as a significant player in the Arab world.

The IMF’s upgraded growth projection to 4.2 percent in 2023 from an earlier 3.7 percent signals confidence in Egypt’s economic reforms and its ability to navigate global economic turbulence.

However, a projected slowdown to 3.6 percent in 2024 suggests challenges ahead, requiring continued focus on diversification and structural reforms. The IMF’s engagement, particularly the expanded financing program, underscores the international community’s support for Egypt’s economic stability and growth ambitions.

Iraq: Navigating Economic Recovery

Iraq’s projected GDP growth, reaching $277.39 billion USD by the end of 2024, reflects a cautiously optimistic outlook for the country’s economy. The steady increase expected through 2026 indicates potential for recovery and development, fueled by oil exports and efforts to diversify the economy.

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The 2023 estimate of $254.99 billion USD, alongside a real GDP growth rate of 2.9 percent, suggests that Iraq is making strides toward overcoming its economic challenges. However, the country’s reliance on oil revenue remains a vulnerability, highlighting the need for sustained economic reforms and investment in non-oil sectors to ensure long-term stability and growth.

Qatar: Prosperity Through Diversification

Qatar’s economic strength is evident in its $267 billion GDP at the end of 2023 in PPP terms, bolstered by a nominal GDP of $219.576 billion for the same year. The country’s success in diversifying its economy beyond natural gas and oil is reflected in the IMF Data Mapper’s listing of Qatar’s GDP at $246.36 billion USD.

With one of the highest GDP per capita figures globally, Qatar’s economic model is a testament to the benefits of strategic investment in infrastructure, education, and technology. The nation’s ability to host major international events, like the FIFA World Cup, further showcases its economic resilience and global integration.

Algeria

Algeria’s economy, predominantly powered by natural gas and oil exports, stood at $515 billion in PPP terms by the end of 2023. As an upper-middle-income nation, Algeria is on a path to diversify its economy, aiming to reduce its dependence on hydrocarbon revenues and explore sustainable growth avenues.

Kuwait

Kuwait, holding about 6% of the world’s oil reserves, has a GDP that mirrors its rich natural resource base. With a PPP GDP of $212 billion at the end of 2023, Kuwait’s economic model is heavily reliant on oil exports. Despite this, Kuwait is navigating towards diversification, aiming to enhance its economic sustainability.

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Morocco: A Diverse Economy on the Rise

Morocco’s economy, officially estimated at $313 billion in PPP terms at the end of 2023, showcases its middle-income status with a vision for growth. The kingdom has been making strides in diversifying its economy beyond the traditional agriculture sector, venturing into industries like automotive, aerospace, and renewable energy.

Morocco’s strategic location as a gateway between Africa and Europe, combined with significant investments in infrastructure like the Tangier Med port, positions it as an emerging hub for trade and manufacturing. The country’s commitment to renewable energy, particularly solar power, exemplifies its forward-thinking approach to sustainable development.

Oman: Strategic Investments and Economic Diversification

Oman’s economy, with a GDP officially estimated at $164 billion in PPP terms for 2023, reflects its ongoing efforts to diversify away from oil dependency. The Sultanate has been focusing on sectors such as tourism, fishing, logistics, and mining to broaden its economic base.

Oman Vision 2040 outlines the country’s long-term strategy to enhance economic diversification, attract foreign investment, and foster a competitive business environment. The development of the Duqm Special Economic Zone is a testament to Oman’s ambitions, offering opportunities for investment and acting as a catalyst for economic growth.

Syria: Economic Challenges Amid Recovery Efforts

Syria’s economy has faced significant challenges due to the prolonged conflict, with a GDP worth $8.97 billion in 2021 according to the World Bank. Despite these challenges, there are efforts underway to rebuild and stabilize the economy.

Reconstruction efforts, humanitarian aid, and international support play crucial roles in Syria’s path to recovery. The resilience of the Syrian people and small-scale recovery projects across the country hint at potential for gradual economic improvement, although the road to full economic recovery remains long and complex.

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Conclusion

Wrapping up our tour of the richest Arab countries, it’s clear that wealth isn’t just about natural resources; it’s also about how these nations innovate and diversify their economies. Whether it’s through strategic investments in non-oil sectors or embracing technological advancements, these countries are not just surviving; they’re thriving.

Their stories of growth and resilience offer valuable insights into the dynamic economic landscape of the Arab world. Here’s to the continued prosperity and development of these fascinating nations!
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