Gas-rich Qatar became the world's richest country this year with GDP per capita of more than $88,000, according to Forbes.
Relying on its natural gas reserves - which are the world's third largest - for revenue, Qatar has invested heavily in infrastructure to liquefy and export the commodity. The country levies no taxes on personal incomes, dividends, royalties, profits, capital gains and property. Qatar nationals, however, have to pay 5 percent of their income for social security benefits, while employers contribute 10 percent for the fund.
Earlier this year, reports surfaced that the government was considering a value-added tax in an attempt to broaden its revenue base and reduce its non-hydrocarbon deficit, which was equivalent to 17 percent of the country's GDP last year. Other indirect taxes include a 5 percent charge on imported goods.
Pictured: Doha corniche, Qatar.