2023-08-18 13:04:16
Kuwait has progressed in economic growth rate. Kuwait has been ranked best in the annual Global Wealth Report released by Credit Suisse.
According to the report, Kuwait’s average per capita wealth exceeded $100,000, local media Al-Rai reported.
The report pointed out that despite the challenges faced by the global markets, the wealth of Middle East countries including Kuwait is witnessing continuous annual growth.
The value of wealth is expected to rise from $300 billion in 2021 to $400 billion by 2026.
Currently, the oil sector accounts for half of Kuwait’s gross domestic product and 90 percent of government revenue.
Strategic utilization of oil reserves is the basis for Kuwait’s economic growth. Since 2016, the wealth of Kuwaitis has been growing at a rate of three percent per year.
This growth is expected to continue till 2026. Kuwait has also seen an increase in the number of individuals with high net worth of more than $100 million. Kuwait is planning to increase oil production to increase revenue.
Kuwait’s revenue is calculated following 10 percent of oil revenue is allocated to a reserve fund for future generations.
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