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Fri 23 Sep 2011 09:40 AM

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Qatar now world's richest nation, says IMF

International Monetary Fund data shows Gulf state overtook Luxembourg to take top spot

Qatar now world's richest nation, says IMF
Qatar’s gross domestic product per capita was $88,221 in 2010

Qatar surpassed Luxembourg as the world’s richest nation in 2010 and is set to pull away with wealth that’s almost twice that of the US, latest estimates from the International Monetary Fund show.

The IMF's Chart of the Day shows Qatar’s gross domestic product per capita at $88,221 in 2010, beating Luxembourg for the top spot, according to IMF data.

The figure may reach $111,963 by 2016, surpassing Luxembourg’s $94,621 and Singapore’s $70,992, the IMF said.

US GDP per capita is forecast at $55,622 in five years, from $46,860 in 2010.

“It’s the combination of wealth, growth and a small population,” said Paul Cooper, Dubai-based managing director at Sarasin-Alpen & Partners, which oversees more than $500 million in the Middle East.

Qatar, the host of the 2022 soccer World Cup, forecasts economic growth of about 16 percent in 2011 and projects a budget surplus of $6.1 billion this fiscal year.

The IMF estimates the Gulf nation will have the world’s fastest-growing economy for a second year. Qatar, which is smaller than Connecticut, has a population of about 848,000, according to the CIA World Factbook.

The country, the world’s largest exporter of liquefied natural gas, has reached its target of 77 million tons of annual production.

Qatar is expected to keep posting budget surpluses in the coming years and the OPEC member's nominal gross domestic product should jump to QR547bn ($150bn) this year, its central bank governor said earlier this month.

Qatar, one of the largest global investors through its sovereign wealth fund, plans to spend over $125bn in the next five years on construction and energy projects according to its plan.

Qatar's nominal GDP reached QR463bn in 2010. The government 2011 estimate is putting its growth at 18 percent at current prices, according to Reuters calculations.

Analysts polled by Reuters in June forecast Qatar's real GDP to expand by 16.7 percent in 2011.

rohit 8 years ago

I am staying in Qatar from last 2 years, the infrastructure in the country is one of the poorest compared to it's counterparts Dubai or Abu Dhabi. The life style of Qatari's is not as high as Emaraties. These GDP & Per Capita numbers may be only on the papers, but at ground it is still a very undeveloped country.

saudi 8 years ago

Qatar has its own plans to upgrade infrastructures gradually with minimal pressures as possible on its economy. Wish them success!

nolrahsky 8 years ago

Rule of the Jungle prevails....most employees if not all, are restricted to grow. Local labor authorities should allow expats to grow from on position to another within a company or to another company, it has a domino effect on impacting the country's growth faster. Moreover, social and cultural understanding should be given more emphasis as it is a melting point of different nationalities.

Ex-Doha-expat 8 years ago

Lived in Doha for a couple of years. Couldn't agree more.
Happy to be in Dubai now.

Lionheart 8 years ago

Qatar will have to seriously consider it's whole game plan as it's still not moving quick enough or effiecently enough . I have been working here for 18 months and it's light years away from the U.A.E . It has potential but they really need to rethink and reconsider how they go about changing the country.
Most ex-pats here consider Qatar a very difficult place to live and work , most would hop back to the U.A.E in a second.I admire them for preserving their identity and cultural heritage but they need to loosen the reins as they've made an impact on the world stage and now people will want to see what this tiny Gulf State has to offer.

Smith 8 years ago

Rohit!!! Who cares for your comments about Qatar! No one beg you to come to Qatar to provide your "Professional Services"!!! It's you who stood for hours in line to beg for visa to leave India.
May be Rohit did not noticed that the report is from IMF!

Bader from the GCC 8 years ago

Take it easy Smith!

i might disagree with Rohit but i respect his view. Please remember we are living the "Arab Spring" where we invite others view and not only listen to them and respect them!

Thanks for your "understanidng" :)

Khalid Mohd. 8 years ago

Now that's a bit immature!!! We in Qatar are catching up, we are changing, it might be slow..but its happening. We welcome people to come and visit us, to live between us and to bring the positive parts of their cultures to share with us. We do not discriminate, and we are tolerant. IMF report take the total GDP and divides it by the number of population and therefore does not mean that every single qatari is making that amount.

On another note, DEAR SMITH, please do not share your disturbing and stone age thoughts with everyone on behalf of Qatar, cause your thoughts are very far from our culture and our beliefs. We welcome everyone to our country and we are very happy to hear constructive criticism.

raj 8 years ago

Everyone has their own views????Rohit or Smith...Do we care ?
End of the day it is a personal choice where to live and where not to live. 38 years ago I made a choice to leave India and I am a happy person living abroad, Scotland, India, or Doha????

Sanjay 8 years ago

100% in agreement with Mr. Smith..
Rohit ...Be grateful and lucky to be working here in Qatar...