Qatar is a sovereign Arab nation, located in western Asia occupying the small Qatar peninsular. Qatar's only land border is with Saudi Arabia to the south, with the rest of its territory surrounded by the Persian Gulf. Qatar has been rules as an absolute monarchy since the mid-19th century, and was formerly a British protectorate noted mainly for pearling. Since its independence from the British in 1971 Qatar has become one of the regions richest states, due to vast oil and gas reserves. Qatar is ranked first in the world for highest gross domestic product per capita, has the second highest human development index in the Middle East and fifth largest export market in the Middle East.