Oil was discovered in Saudi Arabia on March 3, 1938, and many other discoveries followed in the Eastern Province.[18][19] Since then, Saudi Arabia has become the second largest oil producer in the world (after the United States) and the largest oil exporter in the world, controlling the second largest oil reserves and the fourth largest gas reserves in the world.[20] The Kingdom is classified as a high-income economy and is the only Arab country to join the G20 economies.[21][22]

The Kingdom spends 8% of GDP on the army (the highest percentage in the world after Oman),[23] making it the third largest military spender in the world after the United States and China,[24] and the largest importer of weapons in the world from 2015 to 2019, as it It received half of all US arms exports to the Middle East.[25][26] According to the Bonn International Center for Conflict Studies, Saudi Arabia ranks 28th most heavily armed country in the world and possesses the second best quality military equipment in the region, after Israel.[27] by the late 2010s


Saudi Arabia is considered a regional and central power.[28][29] Saudi Arabia's economy is the largest in the Middle East. The Saudi economy ranks 18th globally according to nominal GDP and 17th according to purchasing power parity. As a country with a very high Human Development Index,[30] the country provides a university education without tuition fees, no personal income tax,[31] and a free universal health care system. Saudi Arabia has the third largest immigrant population. It also has one of the youngest populations in the world, with nearly 50% of its 34.2 million people being under the age of 25.[32] In addition to being a member of the Gulf Cooperation Council, Saudi Arabia is an active and founding member of the United Nations, the Organization of Islamic Cooperation, the League of Arab States, the Arab Air Transport Organization and OPEC.


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