HomeWhy is Dubai So Rich? Understanding the Major Factors

Why is Dubai So Rich? Understanding the Major Factors

What is that one city that comes to your mind when we talk about luxury and amenities?

DUBAI!!!

Dubai, the beautiful city of the United Arab Emirates, happens to be one of the wealthiest cities in the world. It is also popular among the nobles worldwide. Dubai is home to every expensive item and big brand existing on this planet. The gorgeous city boasts some of the most happening tourist spots, well-maintained infrastructure, impressive hospitality, and whatnot.

So, what makes Dubai so rich?

If you think it is only the oil that adds to the astronomical wealth of the country, think again. Oil was discovered in the city some 50 years ago. Besides, it is only one percent of the total earnings of Dubai.

Dating back to history, the main source of income in Dubai was the pearl industry. This industry witnessed a boom from 1770 to the 1930s and brought the country so much wealth. It was believed that the residents of the Persian Gulf fishermen’s villages dived into the sea in search of the pearls.

In 1985, the city established its first-ever free economic zone, Jafza or Jebel Ali Free Zone. It happens to be the largest free economic area worldwide, covering 52 square kilometers. The place turned into a major attraction for global businesses. Today, these businesses take advantage of the thirty free zones of the Emirate offering custom duty benefits, tax rebates, and a lack of restrictions for foreign owners. Thousands of these companies make 20 percent foreign investment in the city. 1.44 lakh of its employees earn more than $80 billion, adding to 21 percent of Dubai’s GDP.

The maritime activities of Dubai are another sector from where it earns a lot of income. Earlier touted as a modest fishing town, today, the city has become a gigantic trading port. It has the ideal location for the maritime industry that attracts merchants from all around the world.

All these sectors and fields bring Dubai a lot of wealth. Consequently, both the locals and the outsiders enjoy a great quality of life. However, we must mention that while Dubai is rich, it is not the wealthiest state in the United Arab Emirates. The richest state in the UAE is the capital of the country, Abu Dhabi, owing to its oil reserves.

Highest Salary Job in Dubai

The job having the highest salary in Dubai is Chief Executive Officer (CEO). Most CEOs in the city started with the business. It is their passion for business and risk-taking habits that led to success and wealth. The job pays a lot of money, but also has a high risk.

The Millionaires in Dubai

According to the latest survey, more than 26,000 millionaires reside in Dubai. It further reveals that one in every 100 people here is rich and lives a luxurious life.

Billionaires in Dubai

Dubai has the highest number of billionaires of all the cities located in the Middle East. Over 30 billionaires call Dubai their home.

Dubai is beautiful, extravagant, and full of riches and luxuries. It is also a hub of career opportunities. Life in Dubai is easy and comfortable. All these factors make it a liveable city.

For more on places, culture, wealth, and world – keep it connected.

Enjeela
A content-writer who writes a lot about Lifestyle. You will see me reading a book or listening to Nirvana in my free time.
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