UN Report: Qatar Is the Richest Arab Country, Egypt Has Largest Economy
A new United Nations Economic and Social Commission for Western Asia (ESCWA) report reveals that Arab economies collectively account for nearly 5% of global gross domestic product (GDP), with Qatar ranking as the wealthiest nation in the region. The study, published on Monday, assesses economic performance from 2017 to 2023 based on data from the International Comparison Programme (ICP) and purchasing power parities.
The report highlights that the average per capita income in the six Gulf Cooperation Council countries exceeds the global average. Qatar holds the fourth-highest GDP per capita worldwide, making it the richest Arab nation, followed by the United Arab Emirates (UAE) in 12th place and Bahrain in 26th. In contrast, Somalia and Syria rank among the lowest in per capita income.
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While Qatar leads in GDP per capita, it ranks third in material well-being, measured by actual individual consumption per capita. “Qatar ranks as the richest in the Arab region by GDP per capita, but in terms of material well-being, it places third,” said Majed Skaini, the regional program manager for the ICP at ESCWA.
The UAE ranks first in the Arab world in material well-being and 24th globally, followed by Kuwait in 37th and Qatar in 38th.
In terms of economic size, Egypt and Saudi Arabia dominate the region, accounting for 27% and 24% of the Arab economy, respectively. Both countries rank among the world’s top 20 economies.
