Keeping All Eyes on Saudi Arabia
If you’re looking to relocate somewhere in the Middle East, Saudi Arabia might be just the right locale.
Certainly, while most of the Middle East is experience upheaval at the moment, there’s one locale that seems to be constantly moving in the right direction, at least financially. Saudi Arabia is heading towards the title of “Richest Middle East Economy” in terms of their GDP per capita. Citibank, in a recent forecast, reports that by the year 2050, Saudi Arabia will have an average wealth per family of $98, 311. This is almost four times the current rate of GDP per capital, according to figures from the CIA World Factbook.
It’s Not All About the Oil
While the figures for Saudi Arabia are impressive, they don’t place it at the top of the global list. Singapore is set to stay on top of this economic list with an estimate of $137,710 per family in 2050. Next are Hong Kong, Taiwan, South Korea, and then the U.S. Saudi Arabia is set to come in sixth, right after the United States.
More Immediate Growth
With these figures in the future, Saudi Arabia is also set to see economic growth for 2011 by 3.9%. This, from a country that holds approximately 20% of the world’s proven petroleum reserves and gets 45% of its GDP from this sector.
Interestingly enough, the report showed that Saudi Arabia’s non-oil sector will become more of an important role for the economy. As the report said, “The government’s initiative to diversify the economy away from the hydrocarbon sector will bolster private consumption and gross fixed capital formation [GFCF].”