Qatar now the richest country in the world

What happen when you have a population of only 1.7 million, a land size smaller than Bahamas island, but contain vast amount of oil, with the world’s 3rd largest gas reserves? Wealthy, wealthy, and wealthy of course!

That’s what described the Emirate of Qatar in Middle East. Qatar has a proven oil reserves of 25.4 billion barrels - a figure greater than the US and China’s 20 billion barrel, 3.8 times oil-rich Norway, who has the largest oil reserves in Europe (excluding Russia), or 8.8 times Malaysia, Southeast Asia largest net oil exporter.

Qatar has the world’s third largest proven natural gas reserves of 25.5 trillion cubic meters, trailing only Russia and Iran, 3.4 times more than neighboring Saudi Arabia, 8.5 and 10.85 times rival Indonesia and Malaysia respectively. Qatar is the world’s largest exporter of Liquified Natural Gas (LNG), followed by Indonesia and Malaysia.

Oil and gas have all along boosted Qatar as one of the highest per-capita income countries in the world, today it pushed it to the top. Oil and gas accounted for 85% of Qatar’s export earnings, and 70% of government revenues.

Ruled with absolute power through the Emir Hamad bin Khalifa Al Thani, Qatar has no democratic institutions or elections, and power is assumed on a hereditary basis, inherited by the Crown Prince.

In 2010, Qatar was selected to host the 2022 FIFA World Cup, the first ever in the Arab World.

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Qatar’s Emir

b -[/b] Qatar became the wealthiest nation on earth in 2010 after it steadily pushed up its way on the global rich list, aided by its massive gas wealth. Latest report from the IMF shows Qatar surpassed Luxembourg as the worlds richest nation in 2010 by GDP per capita, almost twice that of the U.S.

Qatars GDP per capita stood at $88,558 in 2010, beating Luxembourg’s $81,383 for the top spot, according to IMF data released Sept. 20.

IMF’s Global Finance division said it covered 182 countries in its wealth classification, which is based on comparing the living standards of the overall population of one country by using gross domestic product (GDP) per capita based on party or purchasing power balance internationally. It said the method uses indicators of the relative cost of living, inflation, and exchange rate of a country.

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Oil & gas - the mainstay of Qatar’s economy

The richest country is now Qatar with a GDP per capita of $88,558 in 2010. The poorest country is Africa’s Democratic Republic of Congo, with a per capita of only $342. The report showed the poorest 10 countries by order, all of them in Africa; Congo, Zimbabwe, Burundi, Liberia, Eritrea, Niger, Central African Republic, Sierra Leone, Togo and Madagascar. DR Congo and Zimbabwe both have per capita GDP below $400.

The report noted that Qatar is now the largest gas exporter in the world and its proven natural gas resources of 25 trillion cubic metres are the worlds third largest after those of Russia and Iran.

Before the discovery of oil, the economy of the Qatari region focused on fishing and pearl hunting, it was formerly an important pearl-fishing center. After the introduction of the Japanese cultured pearl onto the world market in the 1920s and 1930s, Qatar’s pearling industry crashed.

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Qatar’s capital Doha

The 1973 Energy Crisis which skyrocketed oil prices to astronomical value moved Qatar out of the ranks of the world’s poorest countries and providing it with one of the highest per capita incomes in the world.

Qatar began its path to wealth by constructing the costly LNG projects in mid 1995 with the help of foreign capital and investments seeking to tap its gigantic offshore North Field, which straddles over 6,000 square km across the Qatari-Iranian water. Qatar has the worlds third largest gas reserves after those of Russia and Iran.

Once the projects materialized, LNG exports have largely boosted Qatars income, which is also supported by crude oil sales, and allowed it to record one of the highest growth rates.

Qatar has attracted an estimated $100 billion in investment, with approximately $6070 billion coming from the U.S in the oil & gas sector. It is estimated that Qatar will invest over $120 billion in the energy sector in the next ten years. The country, the worlds largest exporter of liquefied natural gas LNG, has reached its target of 77 million tons of annual gas production.

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Qatar’s gas plant - oil & gas accounts for 85% of the country’s exports

Luxembourg, the tiny European state with 0.5 million population, who is now in the second place, has little or none natural resources, its once-copious iron ore deposits had been exhausted in the 1980s. Luxembourg has almost nothing that predisposes it to agricultural or industrial development. The roots of its economic growth lie in its use of capital and in the adaptability and ingenuity of its work force rather than in natural resources. Luxembourg is seen as a diversified industrialized nation, contrasting the oil boom in Qatar, the major monetary source of that nation.

The industrial sector of Luxembourg was dominated until the 1960s by steel, but it has diversified to include chemicals, rubber, and other products. Steel though, still play major role in its economy, Luxembourg has one of the best steel-making technologies and its productivity is among the world’s highest. ArcelorMittal, the world’s largest steel producer, is headquartered in Luxembourg.

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During the past decades, growth in the financial sector has more than compensated for the decline in steel. Luxembourg is now the world’s second largest investment fund center (after the United States), the most important private banking center in the Eurozone and Europe’s leading center for reinsurance companies.

Government policies promote the development of Luxembourg as an audiovisual and communications center. The government-backed Luxembourg satellite company “Socit europenne des satellites” (SES) was created in 1986 to install and operate a satellite telecommunications system for transmission of television programs throughout Europe. The first SES Astra satellite, the 16-channel RCA 4000 Astra 1A, was launched by Ariane Rocket in December 1988. Today SES is the world largest satellite services company in terms of revenue.

no democracy?no election? oh noooo, how could mighty US let this happen??! need NATO noww

Nah…as long as the people were happy with their life…
i don’t think they need an election at all…

if you had all these democracy stuff and your country is a hell on earth itself, i don’t think it’d work out either…

Nah…as long as the people were happy with their life…
i don’t think they need an election at all…

if you had all these democracy stuff and your country is a hell on earth itself, i don’t think it’d work out either…[/quote]

True…!

and i was just being sarcastic =-=…

like crowned prince legacy~ woots~
qatar rocks