Yet while Kuwait is one of the richest countries in the world, it still isn’t enough when it comes to its cost of living. In this article, we will examine different aspects of Kuwait’s economy.
Kuwait’s history
In 628 AD, the Islamic prophet Muhammad arrived in the area that is now Kuwait. He founded the first Muslim community in what would later become Kuwait. Over time, Kuwait became an important center for Islamic knowledge and culture.
Despite its relatively small size, Kuwait has played an important role in regional and international affairs over the past decades.
Benefits of Living in Kuwait
- Low cost of living:
The cost of living in Kuwait is relatively low compared to other Western countries. This enables exiles to live fairly comfortably without having to sacrifice their quality of life.
- Excellent health care:
Not only is it affordable, but it also offers high-quality services. If you are concerned about healthcare coverage while living abroad, you will be pleasantly surprised by the quality and affordability of healthcare in Kuwait.
- Safe and secure environment:
The country has developed a strong security infrastructure that ensures all citizens feel safe and secure at all times.
- Cultural Diversity:
This diversity makes it a great place to live if you like to experience different cultures and lifestyles. For example, Kuwait has a large Arab population (who make up about 60% of the population), as well as significant communities from India and Pakistan.
Kuwait’s Gross Domestic Product
Kuwait’s gross domestic product (GDP) was estimated at $127.5 billion in 2016, up from $124.4 billion a year earlier. In 2016, Kuwait had the 10th highest PER CAPITA GDP among all countries, with an annual salary of $42,000.
Kuwait ranks highly on many global quality-of-life measurements, including life expectancy at birth, educational attainment, and income equality. The cost of living is relatively low in Kuwait compared to other developed countries, making it an attractive destination for migrants and tourists.
Different costs of living in Kuwait
- Housing Costs
Accommodation in Kuwait can be costly, depending on the type of accommodation desired. Hotels and resorts can range in price from around 60 KD per night for a basic room to 225 KD per night for a suite. Moreover, many former patients prefer to rent apartments or houses rather than stay in hotels, which can also significantly increase 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 typically costs between 1,200 and 1,500 KD per month.
- Transportation Cost
Living in Kuwait can vary from affordable to overpriced depending on your lifestyle and needs. Transportation is one of the most expensive expenses in Kuwait, especially for those who travel frequently outside the city. A monthly base transportation cost for a person without the person in charge can be up to $300, though that number can vary depending on your location and shipping options. Taxi rides within the city can also be expensive, ranging from 5-10 KD per trip.
- Cost of nutrition
The cost of feeding a family in Kuwait averages around 50 KD ($20) per day, according to the World Food Programme. This includes food for breakfast, lunch, and dinner. The average family size is 6 people. Kuwaitis tend to eat a lot of rice, which is the cheapest food option. One kilogram (2.2 pounds) of beef costs about 40 KD (16 USD), while a kilo of fish costs about 15 KD (6 USD). Household items like soap and shampoo are also relatively expensive in Kuwait.
- Insurance Cost
For example, going out to eat can be quite expensive and attractions like the Atlantis Resort can also be quite costly. However, there are also many affordable options if someone is willing to ask for them. For example, a night in a local cinema can cost around 120-150 KWD. This price point includes the price of the ticket and any food or drink that can be purchased while watching the film.
- Healthcare costs
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 provided. Furthermore, 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.