Five Richest Countries in the Middle East with High Pay Scale

Middle East economy is diverse from others. This region is best known for producing oil and exporting oil. Middle Eastern economies range from being very poor to extremely wealthy nations. According to some surveys all nations in the Middle East are maintaining a positive rate of growth. Here we will discuss some richest countries in Middle East in terms of GDP per capita.



Qatar

Qatar stands No.1 in this race with highest GDP per capita of 102,100$. Qatar has world’s third largest natural gas and oil reserves.  Doha is its largest city and capital city. Before the discovery of oil Qatar’s economy depends upon fishing and pearl hunting.  It relies heavily on foreign labor to grow its economy. Other than of oil development Qatar government heavily invested in industry and tourism to increase the economy. Like its high GDP Pay scale in Qatar is also very high. Lack of trend of education in natives creates several opportunities of jobs here. Qatar is the second best paying nation in the GCC in terms of average salaries, after Saudi Arabia.

Kuwait

Salaries in Kuwait are similar or greater than the salaries in western countries. With 42,100$ GDP per capita Kuwait holds 2nd position in Middle East countries and according to World Bank Kuwait is 4th richest country in the world per capita. Like other Arab countries main source of economy for Kuwait is also Petroleum exports. Kuwait has well developed banking system and its stock exchange is the second largest stock exchange in Arabs. Its currency Dinar is the highest value currency unit in world. Other sources of business are agriculture, shipping and tourism. Doing jobs in Kuwait is more beneficial than any western country as it is a tax free zone.

United Arab Emirates

UAE is one of the world’s fastest growing economies, highly developed with high level of human development. It is one of the largest business hubs in Asia. It is one of the wealthiest countries in Middle East and Asia. With a GDP of 35,400$ it stands on 3rd position in Middle East. After Saudi Arabia it is 2nd largest economy in Arabs. Most of the revenue is generated from oil reserves. Dubai is the least reliant on Oil industry. Tourism is also a main source of economy. Job opportunities in Dubai and Abu Dhabi is higher than its other five states.

Bahrain

Bahrain is a small island situated near western shores of Persian Gulf. It has a GDP of 24,281$ and came to 4th position in Middle East. The Bahraini Dinar is the second highly valued currency unit in world. Bahrain has highly invested in sectors of tourism and banking. Due to limited reserves of natural gas and oil Bahrain is trying to diversify its economy towards other industries. But again lack of interest of education in Arabs forces them to recruit manpower from Pakistan, India, Bangladesh and other countries.

Saudi Arabia

With GDP of 21,000$ Saudi Arabia came to 5th position. Like other countries its main source of economy is oil export which holds 75% of budget revenue. It holds 20% of oil reserves of world. With growth of revenue civil services grew. With growth of civil service so did its reliance on foreign labor which is currently 5.5 million or one-third of its working population. Saudi Arab is the best paying nation in the GCC in terms of average salaries. This also increases the interest of people to do jobs in here.
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