Do you ever wonder why Dubai is termed ‘the wealthiest country in the world and the reason the country keeps receiving immigrants day in day out"?. This article, courtesy Quora, will educate you more. Sit, relax and grab a cup of coffee while you read. Continue after the cut..
Dubai as a city is not as welthy as let's say New York or London. It seems very wealthy and that's because the city's PR agency does a great job in marketing it as the wealthiest place.
By the way, Abu Dhabi is the richest city in the world. Dubai has no oil left, only 2% of its GDP is based on oil. Everything else is trade, tourism, finance, entertainment and nowadays real estate and health care.
Native population of Dubai is so low in number that if the government distributes the wealth of the city, it would be enough to make everyone very rich. Despite being a wealthy city, Dubai is also in debt because during a real estate boom, city landed loads of cash from banks and private funds.
Dubai is a perfect example of a well curated capitalism. Yes, there are many wealthy families, but their wealth is far less compared to those families in Abu Dhabi, let's say.
Since local population of Dubai lives a good life, mostly because they are either supported by their rich relatives or government, the general scene of Dubai is wealthy.
Ruler of Dubai is an amazing person and he is very progressive. He is not afraid to do things others would not even dare, hence his actions draw interest from foreign investors. When money pours, business grows.
Also, due to Dubai's lenient financial regulations many foreign wealthy people prefer to invest here or simply park their money, similar to Switzerland.
Dubai has a potential to be a very rich city on a global scale, and I hope this happens in near future because it deserves it.
Quora
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