Kuwait has been a country that has seen tremendous economic growth over the years. However, while Kuwait is one of the richest countries in the world, it still falls short when it comes to its cost of living. In this article, we will explore different aspects of the Kuwaiti economy.
History of Kuwait
The history of Kuwait stretches back over 3000 years. The area now occupied by Kuwait was once home to a series of great kingdoms and empires. These empires included the Sumerians, Babylonians, Assyrians, Persians, and Greeks. The Romans also played a significant role in the history of Kuwait.
In 628 AD, the Islamic prophet Mohammad arrived in the area that is now Kuwait. He established the first Muslim community in what would later become Kuwait. Over time, Kuwait became an important center for Islamic scholarship and culture.
Kuwait emerged as an independent state in 1961 after it was liberated from British rule. Since then, it has developed into a prosperous country with a strong economy. Despite its relatively small size, Kuwait has played an important role in regional and international affairs over the past few decades.
Benefits of Living in Kuwait
- Low Cost of Living:
The cost of living in Kuwait is relatively low when compared to other Western countries. This makes it possible for expatriates to live quite comfortably without having to sacrifice their quality of life.
- Excellent Healthcare:
Healthcare in Kuwait is among the best in the world. Not only is it affordable, but it also offers high-quality services. If you are worried about healthcare coverage while living abroad, you will be pleasantly surprised by the quality and affordability of healthcare in Kuwait.
- Safe and Secure Environment:
Kuwait is one of the safest countries in the world, making it an ideal place to raise a family. The country has developed a strong security infrastructure that ensures that all citizens feel safe and secure at all times.
- Cultural Diversity:
One of the great benefits of living in Kuwait is its rich cultural diversity. This diversity makes it a great place to live if you enjoy experiencing different cultures and lifestyles. For example, Kuwait has a large population of Arabians (who make up about 60% of the population), as well as sizable communities from India and Pakistan.
Kuwait’s Gross Domestic Product
Gross Domestic Product (GDP) in Kuwait was estimated at $127.5 billion in 2016, up from $124.4 billion the previous year. The GDP is based on purchasing power parity (PPP) and represents the value of all final goods and services produced within a country in a given year. In 2016, Kuwait had the 10th highest GDP per capita among all countries, with an annual salary of $42,000.
Kuwait ranks high in many global measures of quality of life, including life expectancy at birth, education attainment, and income equality. The cost of living is relatively low in Kuwait compared to other developed nations, making it an attractive destination for expatriates and tourists.
Different Costs of Living in Kuwait
Cost of Accommodation
Accommodation in Kuwait can be costly, depending on what type of accommodation is desired. Hotels and resorts can range in price from around KD 60 per night for a basic room to upwards of KD 225 per night for a suite. In addition, many ex-pats prefer to rent apartments or houses instead of staying in hotels, which can also add significantly to the overall cost of living. For example, a one-bedroom apartment in central Kuwait can cost between KD 700 and 1,000 per month, while a two-bedroom apartment would typically cost between KD 1,200 and 1,500 per month.
Cost of Transportation
Living in Kuwait can range from affordable to incredibly expensive depending on your lifestyle and needs. Transportation is one of the most expensive expenses in Kuwait, especially for those who frequently travel outside of the city. A basic monthly transportation cost for a person with no dependents can be as high as $300, though this number can vary depending on your location and transportation options. Taxi rides within the city can be expensive as well, ranging from KD5-10 per ride.
Cost of Feeding
The cost of feeding a family in Kuwait averages about KD 50 (USD 20) per day, according to the World Food Programme. This includes food for breakfast, lunch, and dinner. The average family size is six people. Kuwaitis tend to eat a lot of rice, which is the cheapest food option. Meat and fish are also common, but they are expensive. A kilogram (2.2 pounds) of beef costs around KD 40 (USD 16), while a kilogram of fish costs around KD 15 (USD 6). Household items such as soap and shampoo are also relatively expensive in Kuwait.
Cost of Insurance
Entertainment in Kuwait can be expensive depending on what type of activities are desired. For example, going out to eat can be quite costly and attractions like the Atlantis resort can be quite pricey as well. However, there are also plenty of affordable options available if one is willing to look for them. For example, a night at a local movie theater can cost around KWD120-150. This price point includes both the ticket price and any snacks or drinks that may be purchased while watching the film.
Cost of Healthcare
Healthcare in Kuwait is relatively affordable when compared to other countries in the Middle East. However, healthcare is not free and patients are generally required to pay for services rendered. In addition, the cost of living in Kuwait is high, making it difficult for citizens to afford necessities like food and housing. Healthcare in Kuwait can be expensive depending on the type of service required and whether or not a patient has insurance coverage.
Living in Kuwait can be expensive, but it’s also a culturally rich country with plenty to offer. From luxurious shopping complexes and stunning natural settings to world-renowned cultural events and delicious food, there are plenty of reasons to live here.