Saudi Arabia is the 2nd-largest oil producer in the world. It is often referred to as the country with the most wealth. Saudi Arabia has an economic strength boasting a GDP close to $831 billion for 2018. The country is still facing economic difficulties and isn’t as rich as other countries 🌎 ️ 🇸🇦 .
Saudi Arabia is considered to become a high-income economy when it comes to wealth! According to the World Bank its Gross Domestic Product (GDP) per capita is around $29,000 higher than the world’s average of $11,000 – meaning that individuals in Saudi Arabia earn on average higher than their global counterparts.
The country’s GDP per capita is relatively low, despite its high level . Saudi Arabia’s high cost of living is one reason 1️⃣ 🇸🇦. Saudi Arabia has a higher cost for basic needs for example, fuel and food than other countries ️ 🇸🇦. Due to a lack of affordable housing and the high demand for properties Saudi Arabia is extremely expensive when it comes to housing ️ 🇸🇦.
The poverty rate in Saudi Arabia is also quite high 🇸🇦. According to the World Bank the poverty rate is around 8 🏦. 8%, which is much higher than the world average of 8 🌍. 6% . This means that a large portion of the population lives in poverty and many of them are unable to access basic necessities for example, food and healthcare ️.
The Gini coefficient which is a measure of income inequality is 0. 39 in Saudi Arabia higher than the global average of 0 🇸🇦. 32 indicating that wealth in Saudi Arabia is distributed unevenly with a significant portion of the population not having access to the same level of wealth as those who are more privileged ️ 🇸🇦.
When it comes to social services Saudi Arabia has made some progress in recent years 🇸🇦. The country has introduced some social welfare programs, for instance, a basic income for the elderly, disabled, and unemployed. Additionally, the country has also increased spending on healthcare and education, with the aim of providing better services for its citizens 🔛.
Overall, Saudi Arabia is actually a state that is considered to get relatively wealthy, but it is also facing some economic challenges ️ 🇸🇦. The poverty rate is quite high and the wealth is distributed unevenly . Additionally the cost of living is quite high making it difficult for many people to access basic necessities. Despite these challenges, the country has made some progress in terms of social services, and is continuing to strive for greater economic stability . … .
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