Today, Qatar has the world's third-largest proven natural gas reserve, after Russia and Iran, and is the second-largest exporter of natural gas. Oil and natural gas account for more than 70% of total government revenue, more than 60% of gross domestic product, and roughly 85% of export earnings.
With about 8,000 members, the family has a total net worth of about $335 billion from multiple cash flows besides rich natural resources, including investments in properties like London's Shard skyscraper, Olympic Village, Harrods department store, and New York's Empire State Building, and stakes in Barclays Bank, ...
According to the CIA World Factbook and Forbes, the Arabian nation of Qatar holds the title of the "richest country of the world," boasting an annual average per capita income of $103,768.60. For a little perspective, that's more than double the average annual per capita income in the United States!
According to the International Monetary Fund, Qatar's earnings from its hydrocarbon sector accounted for 81% of the country's total government revenues in 2021, up from 77% in 2020. Hydrocarbon export revenues rose from $47 billion in 2020 to nearly $77 billion in 2021.
However, despite being the second richest country in the world with a GDP per capita of $124,500 in 2017, a lack of labor rights has created widespread poverty in Qatar, especially among migrants. The reason poverty persists among workers is the kafala sponsorship system.
6 Facts About Homelessness in Qatar. Though Qatar may be known for its gleaming skyline and booming business hub, there is notable income inequality that leads to downstream consequences, such as an explosion of homelessness within the nation.
Qatar's economic prosperity is derived from the extraction and export of petroleum—discovered in 1939 and first produced in 1949—and natural gas.
Which country has the most oil reserves in the world? Venezuela is currently the country with the largest proven oil reserves in the world, with an estimated 300 billion barrels of oil.
The main destination of Crude Petroleum exports from Qatar are: Japan ($4.37B), Singapore ($3.13B), China ($2.48B), South Korea ($2.13B), and Thailand ($826M). The fastest growing export markets for Crude Petroleum of Qatar between 2020 and 2021 were Singapore ($1.24B), Japan ($1.15B), and China ($1.07B).
The average Qatari household earns QR72,700 ($19,918) a month, nearly three times the average expat household income of QR24,400 ($6,685), new figures from the Ministry of Development and Planning Statistics (MDPS) show.
Qatar has a GDP per capita of $85,300 as of 2020, while in Australia, the GDP per capita is $48,700 as of 2020.
Thus, the richest countries in the world are those with the highest GDP per capita. Currently, the richest country in the world in terms of GDP per capita is Luxembourg, with a GDP per capita of $135,700. Other wealthy countries include Bermuda, Ireland, and Switzerland, all with GDP per capita above $80,000.
Marriages and children. Sheikh Hamad has three wives and twenty-four children, eleven sons and thirteen daughters: Hamad's first wife is his first cousin, Sheikha Mariam bint Muhammad Al Thani, the daughter of his paternal uncle, Sheikh Muhammad bin Hamad bin Abdullah Al Thani.
Morocco and Qatar have two billionaires each, with Moroccan prime minister Aziz Akhannouch & family and banking tycoon Othman Benjelloun & family representing Morocco, and Faisal Bin Qassim Al Thani and Hamad bin Jassim Al Thani, both members of the Qatari Royal Family, representing Qatar.
Petroleum and natural gas are the cornerstones of Qatar's economy and account for more than 70% of total government revenue, more than 60% of gross domestic product, and roughly 85% of export earnings.
United States Imports from Qatar of Crude Oil was US$19.78 Thousand during 2022, according to the United Nations COMTRADE database on international trade. United States Imports from Qatar of Crude Oil - data, historical chart and statistics - was last updated on July of 2023.
In 2021, Qatar exported $29.6B in Natural gas, liquefied. The main destinations of Qatar exports on Natural gas, liquefied were South Korea ($5.45B), China ($4.28B), India ($4.24B), Japan ($3.73B), and Pakistan ($2.19B).
This is due to Qatar's limited resources related to agriculture, forestry, and fishing since it has primarily desert terrain. And while oil consumption for energy usage has quadrupled since 2000, the proportions for which each sector consumes oil has been consistent.
Approximately 80% of the world's oil reserves are in the Organization of the Petroleum Exporting Countries (OPEC).
Thanks to the shale oil boom, the US is now sitting on more oil reserves than Russia, which estimates as having 256 billion barrels of untapped oil. The next-richest countries in terms of oil after that are: Saud Arabia (212 billion), Canada (167 billion), Iran (143 billion) and Brazil (120 billion).
World Oil Reserves
The world has proven reserves equivalent to 46.6 times its annual consumption levels. This means it has about 47 years of oil left (at current consumption levels and excluding unproven reserves).
Qatar is reported as having 0% of its population in poverty, this places Qatar 82nd of the 78 countries which have people living in poverty. Qatar's data is highlighted in the table below, use the filter and sort order options to allow easy comparison with other countries. Data source: United Nations, Washington D.C.
Qatar exports mostly liquefied natural gas (60 percent of total exports) and crude oil (30 percent). Main exports partners are: Japan (28 percent of total exports), South Korea (19 percent) and India (11 percent).