Kuwait has a petroleum-based economy, petroleum is the main export product. The Kuwaiti dinar is the highest-valued unit of currency in the world. According to the World Bank, Kuwait is the fourth richest country in the world per capita. Kuwait is the second richest GCC country per capita (after Qatar). Petroleum accounts for half of GDP and 90% of government income. Non-petroleum industries include financial services.
In the past five years, there has been a significant rise in entrepreneurship and small business start-ups in Kuwait. The informal sector is also on the rise, mainly due to the popularity of Instagram businesses.
Kuwait is a major source of foreign economic assistance to other states through the Kuwait Fund for Arab Economic Development, an autonomous state institution created in 1961 on the pattern of international development agencies. In 1974, the fund’s lending mandate was expanded to include all developing countries in the world.