The Saudi economy has jumped to advanced stages of growth in recent years following the increase in the price of a barrel of oil, and increases in the volume of domestic production, which raised the efficiency of development performance by increasing the number of strategic investment projects, and these indicators were reflected in the improvement and progress of the Kingdom's ranking in the list of countries" economies and the impact on the level of per capita income.

Total national savings

Total national savings

Economic reports reported that the total volume of national savings in 2014 in the Kingdom amounted to about 307 billion dollars, achieving the fifteenth place at the global level, while China ranked first in total national savings with about 5.1 trillion dollars, followed by the United States with about 3. 1 trillion dollars, then Japan and Japan.1 trillion dollars, then Japan and Germany about one trillion dollars, then India about 615 billion dollars, then France about 596 billion dollars, then Korea about 498 billion dollars, then Russia about 426 billion dollars, then Italy about 394 billion dollars, then Canada about 391 billion dollars, then Brazil about 380 billion dollars, then the United Kingdom about 358 billion dollars, then Australia about 346 billion dollars, then the Kingdom about 307 billion dollars, then Spain about 275 billion dollars. The Saudi economy ranked fifth as the world's largest economy in the ratio of national savings to GDP in 2014, as the Kingdom's national savings ratio amounted to about 40.8% of GDP.

Current Account Surplus

As for the level of the current account surplus in 2014, the Kingdom ranked third in the world after the German and Chinese economies, as the Kingdom's current account surplus amounted to 398 billion riyals (106 billion dollars). IMF forecasts indicate that the Saudi economy will achieve a surplus during the period from 2015 to 2020 estimated at 876 billion riyals (234 billion dollars), and that the Kingdom will maintain its position as the third largest global economy in the current account surplus until the end of 2020.

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Average per capita income

<The Kingdom achieved the fourth place globally in the average per capita income calculated on the basis of purchasing power parity in 2015 after Singapore, Norway and the United States, where Singapore ranked first in the average per capita income calculated on the basis of purchasing power parity with about 85 thousand dollars annually, followed by Norway with about 67 thousand dollars, then the United States with about 56 thousand dollars, the Kingdom ranked fourth with about 53 thousand dollars, then the Netherlands with about 48 thousand dollars, then Taiwan with about 47.9 thousand dollars, Australia with 47.6 thousand dollars, Sweden with 47.2 thousand dollars, Germany with 46.9 thousand dollars, Canada with 45.7 dollars, France with 41 thousand dollars, the United Kingdom with 40.7 thousand dollars, Japan with 38 thousand dollars, Korea with 36.6 thousand dollars, Italy with 35.8 thousand dollars, and Spain with 34.9 thousand dollars.

Total reserve assets

The Saudi economy achieved the third largest global economy in total reserve assets at the end of July 2014, with total reserves including gold amounting to 2.77 trillion riyals ($738.8 billion), up 6.9% from the end of July of the previous year. China ranked first with total reserves of 3.2 trillion dollars (according to the latest available data for 2012), followed by Japan with about 1.3 trillion dollars, Switzerland ranked fourth after Saudi Arabia with total reserve assets amounting to 557.5 billion dollars, then the Russian Federation with about 478.3 billion dollars, and Brazil with about 373.5 billion dollars.

Brazil with about 373.5 billion dollars.

Reasons for the growth of the Saudi economy

Saudi Arabia was ranked 142nd in the world in 1983 and fell to 166th in 1993 as a result of a worsening current account surplus deficit that amounted to 17.2 billion dollars. The Saudi economy's performance with the outside world improved in recent years as a result of high oil prices in global markets, and the Kingdom became the eighth global economy with a current account surplus in 2003. Since 2011, the Saudi economy has maintained its position as the world's third largest economy with a current account surplus.