How wealthy is the Kingdom of Brunei?

Before the match against Vietnam U22, Bukialsports reported that the Brunei Royal Family would reward Brunei U22 with 20 million Brunei dollars (equivalent to nearly 350 billion VND) if they managed a draw against Vietnam in their first football match at the SEA Games 30. This intriguing news stunned many Vietnamese fans, raising the question: "How wealthy is the Kingdom of Brunei really?"

The Kingdom of Brunei ranks 4th in the Top 25 richest countries in the world with a GDP per capita of US$80,335 per year. In fact, the answer to the Kingdom's prosperity and affluence today lies in its vast oil and natural gas reserves on the island of Borneo.

Brunei is located on the northern part of Borneo Island – the world's largest island and also the only island in the world owned by three countries: Brunei, Malaysia, and Indonesia. It has an area of ​​only about 6,000 square kilometers.²Fortunately, almost all of Brunei's oil reserves are concentrated in the territory under its sovereignty.

Since the official discovery of oil and gas in 1929, the oil and gas industry has played a vital role in Brunei's economic balance, contributing over 90% of the country's GDP. Located near the site of the first discovered oil field, the government erected a symbolic monument marking one billion barrels of oil when Brunei reached this significant milestone in 1991.

Brunei is an absolute monarchy that has ruled the country for over 600 years, and its 29th Sultan, Hassanal Bolkiah, is also one of the wealthiest monarchs in the world.

The Istana Nurul Iman Royal Palace is one of the most lavishly decorated palaces in the world, costing a total of $1.4 billion, with all its interior furnishings plated in gold and diamonds. Serving as both a residence and workplace for the royal family, this palace is considered the largest in the world and is listed in the Guinness World Records.

Not only his residence, but King Bolkiah himself was awarded the Guinness World Record in 2011 for the largest Rolls-Royce collection with over 500 cars, and he also shares the Royal Family's collection of over 5,000 vehicles. The King also purchased his own Boeing 747 for $400 million and spent $120 million on interior renovations, including a solid gold sink. Notably, he once personally drove his Boeing 747 to Washington D.C. to discuss oil and gas cooperation and climate change with President Obama.

His Islamic kingdom is one of the most sustainable market economies. Because of his immense wealth, he has ensured his subjects enjoy a tax-free and free life. In Brunei, citizens only need to prepare a registration form and pay a symbolic fee of 1 USD to be granted a house by the state, with full ownership rights for life.

Furthermore, all citizens receive free education and are exempt from any medical examination and treatment fees. If a high school graduate wishes to study at a university abroad, the government will provide scholarships, provided that the student works for the government for the same number of years after returning from their studies.

In terms of healthcare, if a patient has a serious illness that local hospitals are unable to treat, they will be transferred to Singapore for treatment. Hospital fees in Singapore will be covered by the Brunei government. Furthermore, they are exempt from any income tax, and unemployment benefits in Brunei are also very high.

The palaces and mosques, adorned with gold and crystals, are luxurious, yet for the people of Brunei, they are perfectly normal. From mosques and palaces to museums and even 4-5 star hotels, everything is covered in this expensive metal. A notable example is the Jame Asr Hassanal Bolkiah Mosque, which used 5 tons of gold to gild its dome and 29 minarets.

"Outside the orbit of all humanity" is how the late French Marshal De Gaulle once described the Brunei royal family and country. However, in reality, many experts in Brunei believe that natural energy resources will only be sufficient for another 25-30 years. Therefore, King Hassanal Bolkiah is calling on investors to come to Brunei to do business and invest in the development of agriculture, industry, and services.

My Tong