Like neighboring Middle Eastern countries, Oman derives the majority of its revenue from crude oil.
The country's oil revenues increased 35 percent in April to $8.49 billion compared to the same month last year and accounted for over 71 percent of the sultanate's total revenues. Although, there is no individual income or capital gains taxes in Oman, citizens must contribute 6.5 percent of their monthly salary for social security benefits. A stamp duty of 3 percent is also charged on the purchase of property.
Despite its oil wealth, Oman has recently been rocked by a series of protests by residents demanding jobs and employment benefits. Several strikes at petroleum plants over pay and pensions have seen activists jailed in the biggest labor strife in Oman since protests last year against corruption and unemployment triggered by the Arab Spring. There's growing resentment in the country over the jobs offered to 800,000 expatriates, while the unemployment rate for citizens was 24.4 percent in 2010 and is rising, according to the International Monetary Fund.
Pictured: Muscat, Oman.