Dubai is one of the wealthiest cities in the entire world and is renowned worldwide for its trading atmosphere. Most of the people think that because it is a gulf state Dubai must be rich because of the oil and petroleum resources. This is not true, if=n fact only 1 percent of Dubai total income comes from oil.
Dubai was not always the rich and luxurious city as we know it today. In fact a few years back it was a poor country until oil reserves were found from here which lead to the construction of its airport and the basis of the city what we know of as Dubai today. So the question rises ‘Why is Dubai so wealthy?’ To answer this question we have to see what goes on in Dubai.
Dubai did not become a very successful rich and developed country until it became a sea port. This is where the businesses star to arise in Dubai and the buildings and the skyscrapers as we see today started to form. People started to pour into Dubai and invest in it. Similarly many job opportunities were created which attracted a huge number of people towards Dubai has over 1, 44000 employees working and they account for more than 80$ billion annually which does not include the oil money that is involved in Dubai’s economy.
Dubai is the 3rd richest country of the entire world and is behind Luxemburg. The GDP rate of Dubai is very high which makes it a constant growing economy and it keeps on getting richer. Also Dubai is the home to some of the largest companies of the world for example: Emirates. Emirates airlines is one the biggest and best airline that operates worldwide and many people travel on generating a great revenue to Dubai.
Similarly due to many employees that are foreign. The foreign employees need to pay certain taxes which contribute to the overall treasury of the country. Another major thing is the atmosphere and environment of the country. Whereas the rest of the gulf countries are rather strict and have very strong policies. Dubai is quite lenient and impose no such restriction therefore the environment is more closely related to European countries rather than the rest of the gulf countries due to which many countries and people tend to invest in Dubai.
Burj Al Khalifa
Dubai also hosts a lot of tourists. The tallest building in the world called Burj Al Khalifa is located in there. Millions of tourists visit it every year and enjoy the views from the top of the building. Dubai also has many other famous shooing malls and amusement parks that are worth a visit. Also, the tax rates in Dubai are less for the people living there as compared to other countries of the world although the policy to pay tax is very strict. You must be an active an active tax filer to live in Dubai.
So all this answers the question as to ‘why Dubai is so wealthy’.