Before the discovery of oil, Saudi Arabia was not a wealthy nation. In fact, it had a fewer population and a modest annual budget. Saudis were mostly working on family-run date farms, trade in coastal towns and handicrafts. People lived in mud houses with their extended families.
However, when oil was discovered in 1938, Saudi Arabia saw a drastic increase in wealth and living standards. Saudi Arabia is now ranked the 21st happiest nation in the world and is a member of the G20 countries, the group of the 20 strongest economies in the world.
Side note: oil alone cannot make a country rich. Major oil-exporting countries have become either failed states or with struggling economies such as Iraq, Iran, and Venezuela. Oil needs excellent governance, excellent education and social unity, all of which Saudi Arabia has successfully managed to achieve.
