Qatar, UAE among richest countries in the world

A new Forbes ranking of the wealthiest nations is out, and it ranks the mighty minnow Qatar at the top of the world, with per capita income of more than $88,000.

“If wealth is power, then Qataris have some serious muscle to flex. The Arabian Gulf emirate of 1.7 million people ranks as the world’s richest country per capita thanks to a rebound in oil prices and its massive natural gas reserves,” wrote Forbes’ Beth Greenfield in a report on the world’s wealthiest nations.

“Qatar has the third-largest reserves of natural gas in the world, and it has invested heavily in infrastructure to liquefy and export it, as well as to diversify its economy,” she wrote.

Qatar beat Luxembourg for the top spot, with Luxembourgeois earning more than $81,000 in per capita income, followed by Singapore at No. 3, with per capita income of $56,700.

The UAE, on the other hand, features at No. 6 with a per capita income of $47,500, trailing Norway (per capita income of nearly $52,000) and Brunei ($48,000).