In this article, we will take a look at the 15 Richest Muslim Countries in the World.
Most Muslim countries are located in the Middle East and North Africa (MENA) region and some are in Central Asia and Asia Pacific. Most of the richest Muslim countries in the world are from the Middle East, whose economy is mainly based on black gold and natural resources. In recent times, things have not looked good in the region following Israel’s bombing of Gaza and now the war spreading across the Middle East. The Yemeni Houthis have been in action attacking Israeli ships and blocking trade vessels. Now, the US and the UK have directly jumped into the war retaliating against the Yemeni Houthis. The war is increasing in the region as major developments have happened in the last couple of days.
On January 16, Iran carried out a missile strike, on what the country claimed to be a militant group, in Pakistan’s province of Balochistan. Things have heated between the two Muslim countries. Iran is now participating directly in the Israel-Palestine war along with its proxies active in the Middle East. We have just entered the third week of 2024 and the Middle East crises have inflated. If the Middle East crisis continues to prolong, the economic outlook for the region for 2024 will be impacted. Moreover, the global economic outlook will have serious repercussions as well.
According to Economist Intelligence’s economic outlook for 2024, the Middle East is expected to report a growth of just under 3% following a measly estimated growth of 1.8% in 2023. One of the biggest economies in the region, Saudi Arabia, is set to phase out unilateral oil production cuts that were imposed in mid‐2023. In addition, investment will continue to flow in Saudi Arabia’s non‐energy sectors following its economic diversification drive. The United Arab Emirates, Qatar, Oman, and other major GCC states will benefit from their trade and investment diversification strategies. The GCC countries are some of the most developed Muslim countries. The Middle East is certainly the most important location for new Eurasian transport corridors that offer alternative trade routes. It has become an important area for geostrategic alliances for regional heavyweights and major international powers. In September 2023, along with the US, the EU, and India, the Middle Eastern countries including the UAE, Saudi Arabia, Jordan, and Israel signed a Memorandum of Understanding to develop the India‐Middle East‐Europe Economic Corridor (IMEC). For now, things don’t seem to be looking good both politically and economically for the Middle Eastern countries to carry out large-scale economic activities in the region.
2023 was a slow year as the global economy experienced a mild growth rate due to high interest rates, inflation, and geopolitical tensions. Before the start of Hamas’ attack on Israel, things were much more stable in the Middle East. In 2023, the growth in the Gulf Cooperation Council (GCC) countries remained remarkably resilient. The GCC countries are investing heavily in various economic diversification agendas, apart from their oil economy. According to PwC, the overall GDP growth in GCC is estimated to be 1.5% in 2023, following a remarkable annual GDP growth of 7.9% in 2022. The center of Muslim power is the Middle East and the majority of the richest Muslim countries in the world are also based in the region. That is one of the main reasons, the Western powers have high stakes in the region.
According to the International Monetary Fund’s regional outlook, the MENA region is expected to improve in 2024 and 2025 as economists expect growth factors to get better, such as the temporary oil production cuts and inflation easing in most oil-exporting countries. A majority of Muslim countries are based out of Africa. The African economy is expected to show signs of significant recovery compared to most regions, with average GDP potentially reaching up to 3.5% in 2024, as per the UN World Economic Situation and Prospects (WESP). Concerns regarding potential risks include sustainability issues, climate change present uncertainties, and fiscal pressures. Yet, the projected average growth of 3.5% for the region is slightly better than the 3.3% growth in 2023.
Two of the major Muslim economies in Africa are Egypt and Nigeria. Egypt is anticipated to record a slow growth of 3.4% in 2024 from 4.2% in 2023. Egypt faces major issues including foreign exchange scarcities that may impact the country’s import capacity and domestic demand. Whereas, Nigeria’s growth prospect heads toward a moderate increase, with growth expected at 3.1% this year. In 2024, Nigeria’s economy will mainly be driven by government reforms in the oil sector. Another region where Muslim countries are in large numbers is Central Asia. The Caucasus and Central Asia are projected to grow 4.8% in 2023 and the forecasted growth for 2024 is 4.6%, as per the economic forecast of the Asian Development Bank.
Economic projection is a difficult task for economists considering the rising tensions in the Middle East and now the Western powers directly involved in the Israel-Palestine war. Iran is the biggest player in the Middle East against the US and its allies, holding the power through its proxies in the region. Iran is also one of the most powerful Islamic countries in the world and that is a major threat for the US and Israel in the region. Yemen, one of the poorest Arab countries, is helping Palestine and Gaza by blocking trade routes in the Red Sea. Let’s see how things unfold in the coming weeks.
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Our Methodology
To compile our list of the richest Muslim countries in the world, we first gathered a list of Muslim countries. We then ranked the richest Muslim countries based on their GDP per capita (PPP) and the data is taken from the International Monetary Fund’s (IMF) database. Purchasing Power Parity (PPP) figures are used, and as a simple definition, PPP is calculated by subtracting price differences and nominal changes in the local currency and the US Dollar. We ranked the richest Muslim countries in ascending order of their GDP per capita.
The data for GDP (PPP) and real GDP growth is also taken from the IMF’s database, as of January 2024.
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15 Richest Muslim Countries in the World
15. Tunisia
GDP Per Capita (2024): $13,690
Tunisia has created a new constitution by adopting a presidential system with the new parliament’s first session held in March 2023. The GDP of Tunisia is $168.93 billion and has a forecasted real GDP growth rate of 1.90% for 2024. With a GDP per capita of $13,690, Tunisia is one of the richest Muslim countries in the world.
14. Algeria
GDP Per Capita (2024): $14,230
Algeria is one of the largest Muslim countries based out of Africa. The country has a GDP of $663.39 billion and a forecasted real GDP growth rate of 3.10% for 2024. Algeria’s GDP per capita of $14,230 makes it one of the richest Muslim countries in the world.
13. Indonesia
GDP Per Capita (2024): $16,840
Indonesia is one of the largest Muslim economies in the world with a GDP of $4.72 trillion. The country’s projected real GDP growth rate is 5% for 2024, as of January. The GDP per capita of $16,840 ranks Indonesia among the richest Muslim countries in the world.
12. Egypt
GDP Per Capita (2024): $17,790
Egypt is one of the richest Muslim countries in the world with a GDP per capita of $17,790. Egypt has a GDP of $1.92 trillion and a projected real GDP growth rate of 3.60%.
11. Iran
GDP Per Capita (2024): $20,690
Despite the US sanctions, Iran has developed into a large economy and has strong military control over the Middle East. Iran has a GDP of $1.81 trillion and a 2.50% projected real GDP growth rate for 2024. Iran ranks 11th among the richest Muslim countries in the world.
10. Libya
GDP Per Capita (2024): $26,530
Libya is one of the most struggling economies in the Muslim world. In September 2023, the country suffered severe damage when two dams in Derna City, located on the Wadi Darnah River, tragically collapsed. Yet, Libya’s real GDP growth is expected around 7.50% in 2024 with a GDP of $183.39 billion.
9. Kazakhstan
GDP Per Capita (2024): $34,480
Kazakhstan is one of the fastest-growing economies in Central Asia with a projected growth rate of 4.20%. The country has a GDP of $696.9 billion and a GDP per capita of $34,480. Kazakhstan ranks among the richest Muslim countries in the world.
8. Malaysia
GDP Per Capita (2024): $39,070
Malaysia is one of the largest economies among Muslim countries. The country has a GDP of $1.31 trillion and its real GDP is projected to grow at 4.30% in 2024. With a GDP per capita of $39,070, Malaysia ranks eighth among the richest Muslim countries in the world.
7. Oman
GDP Per Capita (2024): $40,020
Oman is a relatively small economy with a GDP of $210.31 billion. The country has a GDP per capita of $40,020 and a forecasted real GDP growth rate of 2.70%. Oman is one of the richest Muslim countries in the world.
6. Turkiye
GDP Per Capita (2024): $43,620
Turkiye is increasing and diversifying its economic capabilities. The country has a GDP of $3.81 trillion and a projected real GDP growth rate of 3%. Turkiye has entered a new era following the completion of Treaty of Lausanne. Turkiye ranks among the richest Muslim countries in the world.
5. Kuwait
GDP Per Capita (2024): $53,760
Kuwait has a GDP per capita of $54,760 and a GDP of $271.8 billion. Kuwait is an island country full of natural resources including oil and gas. Kuwait’s forecasted real GDP growth rate is 3.60% for 2024 and the island country ranks fifth among the richest Muslim countries in the world.