the peninsula itself) are estimated to be between 80 trillion cubic feet (2.3×10 m) to 800 trillion cubic feet (23×10 m) (1 trillion cubic feet of gas is equivalent to about 180 million barrels (29×10 m) of oil). Qataris’ wealth and standard of living compare well with those of Western European states; Qatar has the highest GDP per capita in the Arab World, according to the International Monetary Fund (2010) and the CIA World Factbook. With no income tax, Qatar (along with Bahrain) is one of the countries with the lowest tax rates in the world. Qatar has been ranked as the world's richest country per capita in a new list compiled by US-based Forbes magazine. Blessed with the third-largest natural gas reserves in the world, the Persian Gulf emirate of 1.7 million people is benefitting from a rebound in oil prices. Adjusted for purchasing power (PPP), Qatar has an estimated gross domestic product per capita of $88,222.
While oil and gas will probably remain the backbone of Qatar’s economy for some time to come, the country seeks to stimulate the private sector and develop a “knowledge economy”. In 2004, it established the Qatar Science & Technology Park to attract and serve technology-based companies and entrepreneurs, from overseas and within Qatar. Qatar also established Education City, which consists of international colleges. For the 15th Asian Games in Doha, it established Doha Sports City, consisting of Khalifa stadium, the Aspire Sports Academy, aquatic centres, exhibition centres and many other sports related buildings and centres. Following the success of the Asian Games, Doha kicked off an official bid to host the 2016 Summer Olympics in October 2007. Its bid was finally eliminated from consideration in June 2008. Qatar also plans to build an "entertainment city" in the future.
The Qatari government hopes that large-scale investment in all social and economic sectors will lead to the development of a strong financial market