Kuwait’s Billionaires Are World’s Richest In Terms Of Percentage Of Gdp

Kuwait has dropped to 62nd place out of 151 nations on the Elite Quality Index for 2022, collecting 49 points out of 100. According to a local Arabic newspaper, the index is released for the third year by the Swiss University of St. Gallen, which specializes in economics, in collaboration with the University of Management in Singapore, the Value Creation Foundation in St. Gallen, and numerous worldwide academic partners.

The Elite Quality Index 2022 (EQx2022) assesses how elites throughout the world contribute to society's progress. Elites are those who have a significant impact on economic and political life and have a part in the state's success or failure.

The index used four categories to judge the quality of elites in each of the 151 nations it studied: economic power, economic value, political power, and political value.

Very high-quality elites (ranks 1–10), high-quality elites (ranks 11–25), elite quality (ranks 26–75), medium quality elites (ranks 76–124), and elite backwards (ranks 76–124) are the different types of elites (a rank above 125). Kuwait's elites are of above-average calibre in this regard.

The Elite Quality Index intends to persuade non-elites to embrace inclusive elite business models by mobilizing policymakers to enact structural reforms that provide long-term value. Kuwait scored first in the Arab world and 11th internationally in terms of the number of small and medium firms per 1,000 inhabitants in the research, with a score of 67.3 points.

The SMEs per 1,000 persons index is based on a subset of the SMEs Finance Forum's SME database, which tracks the number of officially registered small and medium businesses (SMEs) per 1,000 people in the economy. The corporate domination pillar of the index assesses the degree of concentrated power held by the country's largest corporations.

This pillar calculates the market capitalization of the top ten firms as a percentage of GDP, as well as the revenue of the top 30 corporations as a percentage of GDP. Kuwait was first in the world in terms of billionaire wealth as a proportion of GDP, with 62.2 points, and 18th in terms of revenues of the 30 largest corporations as a percentage of GDP.

Kuwait's research and development index as a proportion of GDP dropped from 77th to 118th in the world, a drop of 14.5 points. The UAE was placed 20th in the Arab world, with Bahrain 21st, Qatar 22nd, Oman 35th, Saudi Arabia 55th, and Kuwait 62nd. Kuwait was placed 70th in the world on the political corruption index, with a score of 52.1 out of 100. This indicator is based on the Types of Democracies database's political corruption subgroup.

Kuwait came in at 129th place in the world on the Diversity and Inclusion Index, with a score of 27.5 points. The index is made up of eleven variables that include gender and other types of discrimination, all of which harm the economy's potential to produce value.

Kuwait was placed second in the Arab world, behind Qatar, and 12th internationally in the food security index, with a score of 81 points. Kuwait ranks 114th in the world for lost school days and 26th for the "Corona" vaccine. Kuwait ranked 114th globally in the sub-index related to school days lost due to Covid-19, with 21.2 points, and 30th globally in the electronic services index, fourth globally in Internet access, 51st globally in network readiness, and tenth globally in state spending on public services as a percentage of GDP. Kuwait ranks third in the Arab world and 26th internationally in the rate of immunisation against "Corona," with a score of 77 points.

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