The UAE is among the richest countries.. with a per capita income of $89,000

The UAE ranked seventh on the list of the richest countries in the world, based on per capita gross domestic product, issued by the American Forbes magazine, according to recent International Monetary Fund estimates, and reported by Al Khaleej newspaper, today, Sunday, December 24, 2023.

The UAE's per capita GDP reached $88,960, making the country surpass San Marino's per capita at $84,140, Norway's at $82,240, and the tenth United States of America at $80,410.

The richest country in the world in terms of per capita

On the other hand, Luxembourg came in first place, as the richest country in the world in terms of per capita GDP with $143,320, followed by Ireland with $137,640, while Singapore ranked third with $133,110, Qatar fourth with $114,210, and Macau. It came fifth with $98,160, while Switzerland came in sixth place with a per capita GDP of $89,540.

GDP is a measure of the value of all goods and services produced in a country, and once this number is divided by the population, it becomes clear how rich or poor they are overall.

However, measuring inflation rates and the costs of domestic products and services gives a more accurate idea of the wealth possessed by a country. Considering both factors, we get what is called “purchasing power parity.”

List of per capita GDP:

• Luxembourg $143,320
• Ireland $137,640
• Singapore $133,110
• Qatar: $114,210
• Macau $98,160
• Switzerland $89,540
• UAE $88,960
• San Marino $84,140
• Norway $82,240
• United States $80,410

Economic achievements

During the current year 2023, the country has achieved many qualitative achievements, most notably economic, which is considered a characteristic of the Emirates, thanks to the strong infrastructure it enjoys, and hundreds of companies have flocked to use it as a headquarters for launching their development projects, the most important of which are foreign hedge funds that manage financial assets estimated at billions.

Attracting international companies

A year that was full of achievements in attracting the strongest international companies operating in many diverse fields, such as the economic, tourism, real estate, retail, financial technology, and artificial intelligence sectors, in addition to the IPOs and listings witnessed in the financial markets, which contributed to attracting many investors. To invest their money in local markets.

International relationship with various countries

The reputation of the UAE internally and externally, its stability and its distinguished international relationship with various countries of the world, is reflected in making it the best country among hundreds of countries as a destination for successful businesses in various fields. Whoever is looking for expansion and growth of his business in the world comes to the Emirates, and whoever is looking to invest his money in a correct way comes to the country. There are many economic incentives that contribute to the financial success of any individual or company in the world.

Foreign Direct Investment

Today, the country ranks 15th globally, and first regionally, in the Kearney Foreign Direct Investment Confidence Index, thanks to its investor-friendly legislation that seeks to protect them, provide new investment opportunities, and ensure business stability.

Non-oil foreign trade

The UAE's non-oil foreign trade recorded a new, unprecedented record in the first half of 2023, exceeding 1.24 trillion dirhams, a growth of 14.4%, compared to the first half of 2022, thus continuing its upward trend on a quarterly and semi-annual basis since 2020.

The country's non-oil foreign trade continues to reap the fruits of the correct vision of the leadership of the UAE, through greater commercial and investment openness to the world, expanding the network of the country's trading partners around the world, and consolidating the country's position as a gateway for the flow of goods and merchandise between the four corners of the world, and this is translated through more Of international partnership agreements, with a group of countries of strategic importance on the global trade map.

joined the BRICS

Finally, the UAE officially joined the BRICS group, after the five founding countries ratified its request to join the group: Brazil, Russia, India, China, and South Africa.