Why So Rich: Why the People of Dubai are So Rich

6:19 pm  |  28.12.2021
Sunset view

The emirate of Dubai is very rich and of course, the residents benefit from what you can imagine. Those who were born there can consider themselves lucky.

Why are They So Rich in Dubai?

Everyone dreams of having to work next to nothing and that there is still good weather all year round. Then also that you get money from the state every month. Similar conditions can be found in the emirate of Dubai, for example, and the locals are doing very well. Now one wonders why the residents don’t have to work there and what advantages and disadvantages there are. In this post, we will deal with this topic.

As a rule, most holidaymakers now know the emirate on the Persian Gulf very well and it has become one of the most popular travel destinations one can imagine. You’ve probably heard of the tallest building in the world, the Burj Khalifa, or the seven-star hotel Burj al Arab. All of these impressive attractions are located in this emirate and that attracts millions of tourists to the city every year for vacation. Surely every tourist would like to be as rich as the locals there.

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Where Does the Income Come From?

Dubai’s most important revenue, of course, comes from oil production. You have to know that the United Arab Emirates is one of the most important countries in the world for oil production. Of course, even more, oil is produced in Saudi Arabia than there. But in Dubai, it’s already a lot with around 350,000 barrels a day. If you convert this to liters, that’s 55 million liters per day and that’s a gigantic amount.

A trader in the Gold Souk

The sale of crude oil brings together billions that are earned there every year. If you are on holiday in Dubai for the first time, you will quickly find out that everything here is of a very high standard. That means everything is very modern and clean. Then you surely get the idea very quickly that you want to live and work there too. 

The Residents Don’t Have to Work There

In most countries of Europe (as an example), residents have to work all the time, for example in a factory in order to earn a living. As a rule, this is up to at least 65 years and then you can retire. But in the Emirates, it is much more relaxed and the residents receive money from the state every month. This means that the population there shares in the income from the oil. Furthermore, they get numerous additional services that you don’t get in any other country in the world. That would be, for example, that you get money when you get married. The state also takes care of the house and much more. Due to the income, the Emiratis are practically not required to pursue a job.

Jumeirah Al Naseem Pool

That’s why the largest population is also guest workers who live and work there for a few years to earn money. You have to know that the “locals” are practically in the minority there. The guest workers were brought into the country to implement gigantic construction projects such as Dubai Downtown. There, of course, a lot of people are needed and the residents of Dubai could not build all of this themselves. But that doesn’t mean that they don’t have to work. These are then employed, for example, in government agencies and much more. But these are still very rich, even if you then work a little.

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Oil Reserves Will Last for Around 40 Years

But the Emirate of Dubai has recognized that the oil reserves will only last for around 40 years. That means that the most important source of income will disappear and that is why the state is currently investing billions in tourism. Artificial islands have been built like The Palm Jumeirah and many beautiful luxury hotels. The year-round warm climate attracts tourists to Dubai. The large hub at Dubai International Airport also plays an important role. The home airport of Emirates Airline is also located there. Tourism has developed very well over the past 20 years and is now one of the emirate’s most important sources of income. But of course, you want to attract even more tourists to the country and of course, they bring a lot of money than you can imagine.

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The Highest Density of Millionaires in the Whole World

Tea time with a coffee and gold powder

It is estimated that there are currently around 68,000 US dollar millionaires living in Dubai. The reason is of course that you will find very good conditions there if you have the necessary change. That means you hardly pay any taxes and you have good weather all year round. This of course attracts the rich and famous from all over the world. That is why many beautiful luxury villas have been built in all price ranges in recent years. You can easily buy a luxury villa there for more than 10 million US dollars and the prices will go up. Another important factor is that as a resident of Dubai you have a high level of security. There have been no terrorist attacks there in the past, or anything like that where you wouldn’t be safe.

Wealth is Often Displayed

If you have a lot of money then you would like to show it. As a tourist, you will quickly notice that expensive sports cars and limousines are everywhere in the city. One of the best places to see them is at the Dubai Mall, for example. There you can’t stop being amazed and you get to see a lot of expensive cars in a very short time. You can also find expensive luxury brands in the city’s large shopping centers.

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Our Opinion

Nowadays the emirate has become a very modern metropolis. The inhabitants are very rich and benefit from the income from the oil. But as a guest worker, you can get a little of the wealth if you have a well-paid job. Furthermore, the standard of living is very high there and you get everything you can imagine.

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