Is Saudi Arabia rich or poor?
The Saudi family is the richest royal family in the world, with a net worth of around $1.4 trillion due to plentiful oil reserves, yet the country itself can be considered poor, with an estimated 20 percent of its people living in poverty.
Although the government rarely releases statistics, it is estimated that around 20 percent or more of the 34 million Saudi citizens live in poverty.
With an Human Development Index (HDI) of 0.854 Saudi Arabia counts as one of the high developed economies by UN-definition.
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UAE remains second richest Arab nation.
| ARAB PER CAPITA INCOME | ||
|---|---|---|
| (In Dollars) | 2002 | 2003 |
| UAE | 20,509 | 19,755 |
| Kuwait | 14,595 | 15,600 |
| Bahrain | 11,375 | 11,650 |
The country is highly urbanized with close to 85 percent of citizens living in cities and many impoverished citizens, estimated to be around four million Saudis, reside in slums on the outskirts of those cities. Saudis who do not even live in the slums still struggle to afford the home in the cities.
Smoking is strictly banned in closed spaces, crowded places and malls. Ban advertising tobacco products in supermarkets and groceries, in addition to displaying them in unobtrusive places. The regulation bans shops from selling cigarettes from opened packs and also from selling them to customers under the age of 18.
Poverty in Pakistan has been recorded by the World Bank at 39.3% using the lower middle-income poverty rate of US$3.2 per day, and 78.4% using the upper middle-income poverty rate of US$5.5 per day, for the fiscal year 2020–21.
Saudi Arabia has a lower cost of living than many other Middle Eastern destinations. Most expats enjoy a luxurious lifestyle, especially if their employment package includes housing, transport and education allowances. Compound accommodation is expensive and international school fees are high.
The program is adopted and implemented by The Ministry of Labor and Social Development. Through the program, citizens in Saudi Arabia get monthly payments from the state. Saudi Arabia is doing many reforms to reduce the country's dependency on oil revenues, but many of these reforms have made some people poorer.
Is Saudi Arabia a 1st world country?
Definition of First World
Many of the countries made rich by extracting oil reserves since the end of the Cold War, like Venezuela, Saudi Arabia, United Arab Emirates, Qatar, and others are now also considered economically developed First World countries.
The Citizen's Account Program in Saudi Arabia is a cash transfer program that started in December 2017. The program is adopted and implemented by The Ministry of Labor and Social Development. Through the program, citizens in Saudi Arabia get monthly payments from the state.
Now there's a new number one. N ew York City has taken back its crown. With 107 billionaire residents, worth over $640 billion, The Big Apple is home to more three-comma club members than any other city on the planet.
Saudi Arabia's role in the 1973 oil crisis, and the subsequent rise in the price of oil, dramatically increased the country's political significance and wealth.
Dubai: Saudi Arabia has the largest number of millionaires in the Middle East with more 224,000 millionaires living in the Kingdom. According to the World Wealth Report 2022 issued by the Capgemini Research Institute for Financial Services, Saudi Arabia is ranked 17th globally in the number of millionaires.
