The Middle East, often synonymous with vast deserts and ancient civilizations, is also home to some of the wealthiest nations in the world. With an average GDP per capita surpassing $60,000, countries like Qatar, the UAE, and Kuwait dominate global wealth rankings, primarily fueled by their rich oil and gas reserves. Qatar leads with an astounding GDP per capita of over $118,000, while the UAE’s strategic economic diversification has positioned it as a global trade and finance hub. As these nations invest in innovation and sustainability, the Middle East is reshaping its economic landscape, promising a dynamic future for its citizens and the world.

List of 10 Richest Countries in the Middle East

1. Qatar
2. United Arab Emirates
3. Saudi Arabia
4. Bahrain 
5. Kuwait
6. Israel 
7. Turkey
8. Oman
9. Iran
10. Egypt

1) Qatar

With a GDP per capita of $118,150 in 2024, Qatar continues to lead the Middle East in wealth. The remarkable amount can be ascribed to its huge oil and natural gas deposits, which persistently propel its economy. Qatar is a major player in the global energy market since it has the third-largest natural gas reserves in the world. The nation’s per capita income has increased by over 60% of its GDP which comes from the export of liquefied natural gas, or LNG.

Besides its energy sector, Qatar has made tremendous achievements in diversifying its economy. The Qatar National Vision 2030 initiative aims to move the country toward a knowledge-based economy. This project includes significant investments in tourism, education, and infrastructure. The development of Lusail City and the hosting of major global events, including the 2022 FIFA World Cup, have further boosted the country’s economic profile.

Despite its small population of over 3 million, Qatar enjoys a very high standard of living, with low unemployment and a robust welfare system. The wealth generated by its energy exports allows for comprehensive healthcare, education, and social benefits for its citizens.

2) United Arab Emirates

With a projected GDP per capita of $92,954 in 2024, the United Arab Emirates (UAE) will rank among the richest countries in the Middle East. Oil and natural gas deposits are the main sources of the nation’s explosive economic growth; hydrocarbons account for close to 30% of the UAE’s GDP overall. The capital, Abu Dhabi, has the greatest share of these resources, but Dubai’s economy has been diversified to emphasize trade, tourism, and banking.

The UAE’s riches are largely due to Dubai’s position as a major international hub for trade and finance. The city is home to one of the biggest maritime ports in the world as well as the busiest airport in the world for international passenger traffic. Tourism, too, is a significant contributor to the economy, with landmarks like the Burj Khalifa and luxury resorts attracting millions of visitors annually.

The UAE’s government has implemented a long-term strategy to reduce its dependence on oil, aiming for a knowledge-based, innovation-driven economy by 2050. The renewable energy sector, particularly solar power, is also seeing significant investments. With a population of around 10 million, the UAE provides high living standards, with top-notch infrastructure, healthcare, and education, reflecting its growing global economic influence.

3) Saudi Arabia

Saudi Arabia is a major economic force in the Middle East, as evidenced by its GDP per capita of $71,370 in 2024. The nation’s enormous oil reserves, which supply more than 70% of its export revenue and almost 50% of its GDP, are the main source of its income. Saudi Arabia, the largest crude oil exporter in the world, is a major player in the world energy markets, and its state-owned oil giant, Saudi Aramco, is the most lucrative business in the world.

Still, Saudi Arabia has been making significant efforts to diversify its economy away from the oil industry as part of the Vision 2030 strategy. The project, backed by Crown Prince Mohammed bin Salman, focuses on boosting areas including tourism, entertainment, and technology. Key projects include the construction of NEOM, a $500 billion futuristic city, and significant investments in renewable energy sources, particularly solar and wind power.

Saudi Arabia’s population of around 36 million benefits from extensive government programs funded by oil revenues, providing free healthcare, education, and housing assistance. The introduction of social reforms, alongside economic diversification, has attracted foreign investments and positioned the kingdom as a regional hub for business and innovation. These efforts are reshaping Saudi Arabia’s economic landscape for long-term prosperity.

4) Bahrain

With a GDP per capita of $62,750 in 2024, Bahrain has one of the strongest economies in the Middle East. Bahrain has made good use of its limited oil reserves, especially in offshore oil fields, despite not having as much as some of its neighbors. Oil continues to contribute around 18% of the country’s GDP and is essential to its economic growth.

Bahrain’s economy has been successfully diversified, with a notable contribution from the financial services sector, including Islamic banking. The nation, which is home to several foreign banks and investment firms, is recognized as a financial center in the Gulf area. Today, the financial services industry makes up more than 27% of Bahrain’s GDP, demonstrating its significance.

Also, the Bahraini government has invested heavily in infrastructure, tourism, and industrial sectors. The expansion of the Bahrain International Airport and the development of the Bahrain International Investment Park are part of a broader plan to attract foreign investment and boost non-oil sectors.

With a population of just over 1.5 million, Bahrain provides a high standard of living for its citizens, supported by government subsidies in housing, healthcare, and education. Despite its smaller size, Bahrain’s economic resilience and strategic diversification efforts position it as a growing player in the region.

5) Kuwait

Kuwait’s GDP per capita in 2024 hit $53,760, putting it as one of the richest countries in the Middle East. The nation’s enormous oil reserves, which account for more than 90% of export earnings and almost 40% of its GDP, are the main source of its income. Kuwait contains around 6% of the world’s total crude oil reserves, making it an important player in global energy markets. An important part of overseeing the country’s oil sector is the Kuwait Petroleum Corporation (KPC).

Kuwait is making efforts to diversify its economy despite its significant reliance on oil. Plans like the “Kuwait Vision 2035” strategy, which intends to lessen reliance on oil and boost industries like infrastructure, finance, and tourism, have been started by the government. The development of projects like Silk City, a $100 billion infrastructure initiative, reflects the country’s ambitions to become a trade and investment hub.

With a relatively small population of around 4.6 million, Kuwait offers a high standard of living. Citizens enjoy generous state subsidies, free healthcare, and education, all funded by oil revenues. Kuwait’s sovereign wealth fund, one of the largest in the world, further strengthens its economic stability, ensuring long-term prosperity even as the country works toward diversification.

6) Israel

Israel’s strong and diverse economy is reflected in its GDP per capita of $53,370 in 2024. Israel is wealthier than many of its neighbors in the Middle East, but not because of its natural riches; rather, its innovation and technology sectors are booming. Israel, also referred to as the “Startup Nation,” has one of the highest rates of global venture capital investments and digital startup concentrations. Fintech, software development, cybersecurity, and biotechnology are some of the major sectors propelling the economy of this region.

Strong government assistance and a highly educated workforce enable Israel to innovate. The nation has one of the highest rates of research and development (R&D) allocations in the world, at 4.9% of GDP. The establishment of research facilities in Israel by prominent global firms such as Intel, Google, and Microsoft has contributed to the country’s economic growth.

Despite regional geopolitical challenges, Israel maintains a stable and rapidly growing economy. Besides tech, the agricultural and defense industries contribute significantly to its GDP. Israel is also a leader in water technology and exports cutting-edge irrigation systems worldwide.

With a population of over 9 million, Israel enjoys a high standard of living, low unemployment, and a robust welfare system. Its innovative economy and global exports make Israel a key player in the global tech and defense markets.

7) Turkey

With a GDP per capita of $43,620 in 2024, Turkey ranks among the largest and most diversified economies in the Middle East. In contrast to many of its neighbors that mostly rely on oil, Turkey’s economy is fueled by a variety of sectors, such as manufacturing, services, and agriculture. The nation is a significant player in industries like electronics, textiles, automobile manufacturing, and tourism. 

Approximately 25% of Turkey’s GDP is derived from manufacturing, with the automobile sector being a major contributor. Turkey is one of the leading vehicle makers in Europe, exporting automobiles, lorries, and buses worldwide. Furthermore, Turkey is a major producer of hazelnuts, apricots, and cherries in the world, making its agricultural industry noteworthy.

Turkey’s strategic location at the crossroads of Europe and Asia enhances its role as a global trade hub. The country is part of multiple trade agreements, and its logistics sector has expanded, benefiting from its proximity to major markets in Europe, the Middle East, and Central Asia.

Turkey, with a population of over 85 million, continues to invest in infrastructure and education to support economic growth. Despite facing inflation and currency fluctuations, Turkey’s diversified economy provides resilience, ensuring steady development and global economic integration.

8) Oman

With an oil and gas industry that is the main driver of the country’s growth, Oman’s GDP per capita in 2024 is $40,020. About three-quarters of Oman’s GDP comes from the extraction of oil, and more than 60% of the country’s exports are hydrocarbons. But compared to its Gulf neighbors, Oman’s oil reserves are more meager, which is why the government is concentrating on economic diversification.

Oman has been investing in non-oil industries like tourism, manufacturing, logistics, and fisheries as part of its Vision 2040 goal to lessen its need for oil earnings. The country’s strategic location along key shipping routes has also spurred the growth of its logistics and port operations, with the Port of Salalah and the Duqm Special Economic Zone becoming important global trade hubs.

Oman has a population of approximately 4.6 million and offers its citizens a relatively high standard of living, with significant investments in healthcare, education, and infrastructure. The government’s diversification efforts have been steadily paying off, as sectors like tourism and logistics contribute more to GDP each year. As Oman continues to modernize, it is positioning itself as a regional hub for trade and industry.

9) Iran

Iran’s varied but severely sanctioned economy is reflected in its $20,690 GDP per capita in 2024. Despite owning the second-largest natural gas reserves and fourth-largest crude oil reserves globally, Iran’s economy has struggled due to lengthy international sanctions, particularly on its oil exports. Due to these limitations, the oil and gas industry, which formerly contributed significantly to Iran’s income, is now less important but still accounts for 15% of the country’s GDP.

Iran has prioritized independence and diversity in reaction to the sanctions. The nation’s mining, agricultural, and manufacturing sectors have all grown significantly. Iran is one of the region’s top producers of cement, steel, and autos. Agriculture also plays a key role, employing about 17% of the workforce and contributing roughly 10% to the GDP, with pistachios, saffron, and dates being key exports.

With a population of over 87 million, Iran has invested in scientific research, ranking highly in nanotechnology and pharmaceuticals. However, the economy faces challenges, including inflation, unemployment, and political instability, which hinder growth. Despite these challenges, Iran’s vast natural resources and industrial capabilities remain key pillars of its economic resilience.

10) Egypt

With a GDP per capita of $17,790 in 2024, Egypt ranks among the countries with the largest economy in the Middle East and North Africa (MENA) area. Egypt, a country of more than 110 million people, has a diversified economy based on industries including manufacturing, services, agriculture, and the quickly expanding natural gas sector. With an annual revenue of over $7 billion, the Suez Canal continues to be a vital source of cash, establishing Egypt as a hub for international trade.

Tourism is another key sector, generating roughly 12% of Egypt’s GDP. Every year, millions of tourists visit famous sites like the Giza Pyramids, the Valley of the Kings, and the Red Sea resorts, which help to maintain foreign exchange reserves.

In recent years, Egypt has focused on modernizing its economy through infrastructure projects, such as the construction of the New Administrative Capital and the expansion of its road and energy networks. The discovery of the Zohr gas field, one of the largest in the Mediterranean, has further boosted Egypt’s energy exports.

Despite these advancements, Egypt faces challenges like high inflation, a growing debt burden, and unemployment. Nevertheless, with its strategic location, natural resources, and efforts toward economic reform, Egypt continues to be a key player in the region.

Conclusion

In conclusion, the richest countries in the Middle East exemplify the remarkable economic transformation fueled by their abundant natural resources and strategic investments in diversification. With Qatar, the UAE, and Kuwait leading the way, these nations are not only reaping the benefits of their oil wealth but are also proactively shaping a sustainable future through innovation and infrastructure development. As they navigate global economic challenges, their commitment to fostering growth in non-oil sectors positions them as key players on the world stage. The ongoing evolution of these economies will undoubtedly influence regional dynamics and contribute to a more prosperous Middle East for generations to come.

FAQs

Which Middle Eastern Country Is the Richest?

Qatar is currently the richest country in the Middle East, boasting a GDP per capita of over $118,000 in 2024. This wealth is primarily driven by its vast oil and gas reserves and significant investments in infrastructure and innovation.

Is Qatar the Richest Country?

Yes, Qatar holds the title of the richest country in the Middle East and one of the wealthiest globally, with a GDP per capita that significantly surpasses that of its regional neighbors, thanks to its abundant energy resources and economic diversification efforts.

Is Qatar Richer Than Saudi?

Yes, Qatar is richer than Saudi Arabia in terms of GDP per capita. In 2024, Qatar’s GDP per capita is approximately $118,000, compared to Saudi Arabia’s $71,370, highlighting Qatar’s stronger economic position despite its smaller size.

Is the UAE Richer Than Saudi Arabia?

Yes, the UAE is richer than Saudi Arabia when comparing GDP per capita. In 2024, the UAE’s GDP per capita is approximately $92,954, while Saudi Arabia’s is $71,370, reflecting the UAE’s successful diversification into sectors beyond oil.

How Many Countries Are in the Middle East?

The Middle East consists of 17 countries. The names of these countries are: 

1. Turkey
2. Lebanon
3. Saudi Arabia
4. Palestine
5. United Arab Emirates
6. Jordan
7. Kuwait
8. Yemen
9. Qatar
10. Syria
11. Bahrain
12. Israel
13. Iraq
14. Oman
15. Iran
16. Cyprus
17. Egypt

How Old is the Middle East?

The Sumerians founded the first civilizations in history which is now known as the Middle East around 3500 BC in southern Mesopotamia (modern-day Iraq).