How Rich is Saudi Arabia?
Saudi Arabia is working on making a confirmed balance sheet of all its liabilities and assets. Gulf countries like Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman don’t usually do this kind of math. But the Public Investment Fund (PIF) of Saudi Arabia is making this choice.
The balance sheet also includes the items kept off the oil-rich economy books of Saudi Arabia, investment, debts, and the powerful sovereign wealth fund.
So in this article, I am giving you information about “how rich Saudi Arabia” and “how socio-economic reforms are happening in the kingdom” to expand its economy and bring new employment options and prospects for its citizens.
How rich is Saudi Arabia, the royal family
As of the 2020 report, the combined net worth of the Saudi Royal family is 100 Billion USD, making them the richest family in the world, among all kingdoms of the world as well as the wealthiest family in the world.
Also according to the report of UN Nations 2015, the major oil-producing nations like UAE, Saudi Arabia, and Oman have recourse-rich economies. Other rich countries also remain at the end of the list like Chad, Angola, Nigeria, Yemen, etc.
Mohammed Bin Salman’s vision
Now let’s talk about the crown prince of Saudi Arabia Muhammad Bin Salman. With a net worth of 1.4 Trillion USD, including Saudi Aramco. The Prince decided to make the kingdom a strong and globally compatible country for future generations to come.
According to a report from 2019; the total revenue of Saudi Aramco is 398 billion USD. It is also ranked as the most profitable company of all time leaving behind Exxon Mobil and Apple.
Saudi Aramco is the most well-known oil company and the main player among global oil companies. The oil production volume is 12 million barrels per day. As per the 2018 report; The value of free cash of Saudi Aramco is 85.5 Billion USD, which is 3 times more than Shell and Exxon.
Prince announced in 2016 to make Saudi Aramco public as a part of his vision of 2030. The main idea of this vision was to make Saudi Arabia strong among all countries. Furthermore, the plan was also to stop oil rents and dependency on them.
In this way, Saudi Arabia was able to make more employment options and visions for its future generation. In this way, Saudi Arabia was able to expand its economy worldwide and make itself the most computable country of all time.
All of this was supposed to be financed by Saudi Aramco it’s on the enterprise’s initial public offering. After some pause, the initial public offering of Saudi Aramco happened in December 2019. About 2–3 percent of shares were sold to the “Tadawul” Saudi Stock exchange for over 30 Billion USD, making it the largest IOP of all time.
Conclusion
Saudi Arabia’s economy is getting strong day by day and with Muhammed bin Salman’s vision to make it the most powerful and globally compatible country of all time. If Saudi Arabia wants to clear all its assets and liabilities who knows enormously how much millions of trillion assets would appear?
