3.6 million per citizen.. Saudis become the highest earners in the world

The Saudi economy will become the highest-income in the world. In light of the rapid growth in many emerging markets, the impact of economic growth on people and the improvement of their economic conditions remains a complex topic, affected by many variables. Therefore, to achieve a feeling of economic well-being, integrated efforts are required that go beyond the concept of economic growth and measurements. gross domestic product.

Saudi Arabia's highest-income economy

According to Goldman Sachs forecasts, Saudis are expected to have the highest incomes globally outside of developed markets.

  It is estimated that the GDP per capita will reach about $120,000 - equivalent to 3.6 million pounds - by 2075, with 122 economies included in the report.

Gross domestic product

The Organization for Economic Co-operation and Development (OECD) expected on Tuesday that Saudi Arabia’s real gross domestic product (GDP) will achieve growth of 1.9% this year, in line with estimates issued by the International Monetary Fund earlier this month.

The organization said in its report on economic prospects that it expects the growth of the Saudi economy to accelerate to 3.1%.

She added that she expects the annual inflation rate in the Kingdom to remain stable at 2.5% this year and to decline to 2.1% in 2024, quoting the Arab World News Agency.

Kingdom’s economy grew

According to the latest data issued by the Saudi General Authority for Statistics, the Kingdom’s economy grew by 1.2% in the second quarter of 2023 compared to the same period last year, while growth reached 8.7% in 2022.

The Kingdom's annual inflation rate fell to 2.3% last July, compared to 2.7% in June.

The International Monetary Fund said earlier this month that the prospects for the Saudi economy appear positive in light of expectations that the Kingdom’s non-oil GDP growth momentum will continue to be strong.

In its report on Article Four consultations with Saudi Arabia, the Fund expected that the Kingdom’s real GDP would grow by 1.9% in 2023 and 2.8% in 2024.

The Fund said that Saudi Arabia will be able to support growth thanks to the rise in oil prices in light of continued expectations of strong demand for crude during the remainder of 2023 and the production reduction agreed upon within the OPEC+ alliance.

 In another side, Saudi Arabia has witnessed major developments in its economic path since the signing of the black gold exploration agreement in March 1933 between the Kingdom’s government and Standard Oil of California (SOCAL), and then the discovery of the first oil well (Bir al-Khair) in Dammam in March 1938, at the beginning of a long path. It led to the establishment of Vision 2030 in April 2016, which aims to rely on various sources other than oil to advance the local economy.

Non-oil sector 

Less than several decades after the discovery of the first well in Dammam, the Saudi economy was able to achieve successive successes, the first of which was largely dependent on oil. As Saudi Arabia sought to diversify the resources of its economy, the non-oil sector continued to play an important role in supporting the growth of the economy.

Less than several decades after the discovery of the first well in Dammam, the Saudi economy was able to achieve successive successes, the first of which was largely dependent on oil. As Saudi Arabia sought to diversify the resources of its economy, the non-oil sector continued to play an important role in supporting the growth of the economy.

G20 economies

One of the latest indicators of the success of the Saudi economy is the growth it recorded last year, which reached 8.7 percent, according to the latest International Monetary Fund reports, making it the fastest among the G20 economies.