The State of Kuwait is a sovereign emirate on the coast of the Persian Gulf.  The name is a diminutive of an Arabic word meaning "fortress built near water." It has a population of 3.1 million and an area of 17,818 km².  Kuwait has the world's fifth largest proven oil reserves and is the fourth richest country in the world.  Kuwait's oil fields were discovered and exploited in the 1930s and after it gained independence from the United Kingdom in 1961, the nation’s oil industry saw unprecedented growth. Petroleum and petroleum products now account for nearly 95% of export revenues, and 80% of government income.