The richest country is Qatar How Qatar Became Richest. Qatar is a small country in the Middle East. Qatar is the richest country in the world in terms of per capita income. Almost the entire region of this country is desert.
This British colony of the past was a country of the extremely poor in inaccessible and extreme climates. Qatar gained independence from the British in 1971 At that time, Qatar was the poorest country under British control But that deplorable state of Qatar did not last long, and this episode of Fogfire will discuss how Qatar became the richest country in the world from an uninhabitable desert.
The area of Qatar is only 11 thousand square kilometers, Bangladesh is about 13 times bigger than Qatar in terms of size. Of the population of less than 3 million, only 300,000 are Qatari nationals, and the rest of the expatriate Qatari nationals have a per capita income of about 1 crore 15 lakh rupees, which is 71 times the per capita income of Bangladesh. In the past, Qatar’s economy was dependent on fishing and pearl hunting The Qatari pearl industry was destroyed in 1920 due to the pearls cultivated by the Japanese pearls
Yet the wheel of fortune of this poor country has changed in an unimaginable way, Qatar, like other countries in the Middle East, has become a strong economy due to its underground mineral resources. But Qatar, like its neighbors, has not only mineral oil, but also natural gas mines Qatar, one of the world’s smallest countries, has huge reserves of natural gas. It takes a long time for Qatar to benefit from these mineral resources. Qatar’s first oil field was discovered in 1940, and the country’s mineral resources continued to be exploited by foreigners until the 1960s, when the lives of the Qatari people did not change much.
In 1970, the Cell Company discovered Qatar’s largest natural gas mine, called The North Field. It was the world’s largest gas mine. At the time the mine was discovered in Qatar, natural gas was not a lucrative business at all. Because at that time gas was only supplied through pipes, and Qatar was located in such a remote place that it was almost impossible to get gas from there to the places where it was needed. That’s why, despite having so much wealth, Qatar didn’t make much progress until the mid-1990s
Qatar’s Althani royal family has ruled Qatar for more than 150 years, with former Emir Hamad bin Khalifa Al Thani making the biggest contribution to Qatar becoming the world’s richest country. He rebelled against his father in 1995 and seized power in Qatar The caliph’s main goal was to exploit Qatar’s natural gas reserves. After he took power as emir, he invested heavily in inventing new methods of transporting natural gas, called liquefaction.
The gas has to be stored at -161 degrees Celsius after liquefaction, which is not an easy task to maintain in warmer climates like Qatar. Large liquefied natural gas or LNG is exported to the country Due to the construction of huge industrial complexes in Qatar’s gas fields, gas extraction and liquefaction is cheaper here than in any other country in the world.
The cost of a liquefied natural gas tank in Qatar is almost four times higher than the cost of production in the United States. The caliph took another groundbreaking step to prevent Qatar’s economy from collapsing when it ran out of oil and natural gas reserves. In 2005, he set up an organisation called the Qatar Investment Authority, which invests worldwide to diversify Qatar’s economy.
The Investment Authority of Qatar has invested 400 400 billion in more than 40 countries, from Singapore to Silicon Valley. Real Estate Project | The top 15 skyscrapers in the City of London are 34 per cent Qatari-owned while the combined ownership of UK companies is only 21 per cent.
Last but not least, British Airways and the Qatar Investment Authority, which owns 20 percent of London’s Heathrow Airport, owned 25 percent of St. Petersburg Airport in Russia, making Qatar the fourth highest office investor in the United States in 2016. Qatari authorities have invested 5 billion in Manhattan, the heart of New York alone The Investment Authority is a shareholder of several world-renowned multinational companies, including Volkswagen Barclays Bank, Shell, Uber, Iberdrolla, Tiffany & Co., and even the Russian state oil company.