Saudi Arabia or Kuwait, who holds greater wealth, oil reserves and stronger currency? Check which Gulf country is richer

Last week, Prime Minister Narendra Modi visited Kuwait, making it the first visit by an Indian Prime Minister to the Gulf nation in nearly 43 years. This visit raises several questions, including why PM Modi specifically chose Kuwait and how it compares to the UAE, a leading Arab nation. Which of the two countries is more rich? Who possesses larger oil reserves, and which has the strongest currency?

India enjoys strong ties with all Gulf countries, including Kuwait, Qatar, UAE, and Saudi Arabia, with millions of Indians employed across these nations. PM Modi has previously traveled to Saudi Arabia twice, in 2016 and 2019. This brings up the question of which Gulf nation, Kuwait or Saudi Arabia, holds greater power and strategic significance for India.

Kuwait or Saudi, trade relations with India

When it comes to trade relations with India, Saudi Arabia holds greater strategic significance. In the financial year 2022-23, the total bilateral trade between India and Saudi Arabia was USD 52 billion (around Rs. 4.45 lakh crore). In comparison, trade with Kuwait stood at just USD 13 billion (around Rs. 1.10 lakh crore).

Kuwait or Saudi, who supplies more oil to India?

In terms of crude oil supply, Saudi Arabia is also the dominant player. It is India’s second-largest oil supplier, while Kuwait ranks sixth. Approximately 2.6 million Indians work in Saudi Arabia, while around 1 million Indians are employed in Kuwait. Additionally, Saudi Arabia holds strategic importance as it is the destination for millions of Indian Muslims who go there for the Hajj pilgrimage each year.

Kuwait or Saudi, who has a stronger economy?

Economically, Saudi Arabia is far stronger. Its GDP, at around USD 1.11 trillion, is the largest in the Middle East, with a population of 36 million. Kuwait, on the other hand, has a population of just 4.5 million, and its GDP is only USD 173 billion.

Kuwait or Saudi, who is Wealthier?

The data indicates that Saudi Arabia is wealthier than Kuwait in terms of GDP, but when it comes to public wealth, Kuwait has a slight edge, with a public investment fund of USD 800 billion, compared to Saudi Arabia’s USD 776 billion. Kuwait’s per capita income is also higher, at USD 37,000, compared to Saudi Arabia’s USD 30,800. However, Saudi Arabia holds the world’s second-largest oil reserves, with 267 billion barrels, while Kuwait’s reserves are the sixth-largest, with 102 billion barrels.

Kuwait or Saudi, who has stronger currency?

When it comes to currency strength, Kuwait’s currency is much stronger than Saudi Arabia’s. One Kuwaiti dinar is equivalent to 277.14 Indian rupees, making it approximately ten times stronger than the Saudi riyal, which stands at 22.74 rupees to the Indian rupee.