Eight Countries That Remain Wealthy Without Oil, Where Does Their Money Come From?

Jakarta, CNBC Indonesia – In the midst of the current escalation of geopolitical conflicts, particularly the tensions involving Iran, the volatility of crude oil prices and disruptions to energy supply chains have again become major focal points. The situation in the Middle East tests the resilience of economies that depend on fossil fuels. Nevertheless, macroeconomic data show that a number of regions can maintain stability and record high gross domestic product (GDP) without proven onshore oil reserves.

Based on global economic data, there are eight economic entities with the highest GDP operating with zero percent of commercial oil fields in their territories. Here is the ranking of the eight countries and territories:

Diversification of Economic Driving Sectors

The absence of hydrocarbon resources does not limit these countries’ ability to sustain large-scale economies. Switzerland, Singapore and Hong Kong underpin their economic structures by focusing on the financial services sector, wealth management, and international logistics hubs. Regulatory stability and the rule of law are the main foundations for attracting foreign capital.

In Europe, Ireland and Belgium optimise the information technology sector and the biopharmaceutical industry. Ireland recorded GDP growth of 9.1%, largely driven by investments from multinational technology companies.

Meanwhile, Finland, Portugal and Puerto Rico strengthen the domestic economy through value-added manufacturing, telecommunications, and the tourism sector.

As compensation for the lack of domestic oil fields, these countries rely on imports of energy commodities. However, the crisis and tensions in the Middle East at present act as a catalyst for them to accelerate the transition to renewable energy sources to ensure energy security and long-term economic stability.