Qatar has been recognized as one of the richest countries worldwide. It secured a spot among the top 10 richest nations based on its Gross Domestic Product (GDP) per person. Many of the world's richest countries are also the world's smallest, and the pandemic, global economic slowdown and geopolitical turmoil have barely made a dent in their huge wealth.

GDP per capita is a way to measure a country's wealth by looking at the total value of goods and services produced divided by the number of people living there. The report also considers purchasing power, which accounts for differences in costs of living across countries.

Despite the recent recovery, oil prices have on average declined since the mid-2010s. In 2014, the per-capita GDP of a Qatari citizen was over $143,222; one year later, it plunged significantly and remained below the $100,000 mark for the next five years. However, that figure has gradually grown, increasing by about $10,000 each year.

Still, Qatar's oil, gas, and petrochemical reserves are so large and its population so small—just 3 million—that this marvel of ultramodern architecture, luxury shopping malls, and fine cuisine has managed to stay atop the list of the world's richest nations for 20 years.

No rich country is without its problems. With only about 12% of residents being Qatari nationals, the initial pandemic months saw COVID-19 spreading rapidly among low-income migrant workers in crowded quarters, triggering high positive case rates. Falling energy prices also meant lower government and private revenues. As an export economy, Qatar suffered from disrupted global trade due to the Ukraine war. Later, the Gaza conflict sparked renewed regional fears and uncertainty. Still, the economy has proven resilient, projected to grow around 2% in 2024 and 2025.

Being ranked among the top 10 highlights Qatar's impressive economic achievements and stable finances. It also reflects the high standard of living enjoyed by people residing in Qatar.

Source: Global Finance