According to a new study on purchasing power, Dubai has outranked its main competitors – the major financial and economic centers of the Western world in Europe and the United States. Thus, according to the published annual rating on the cost of living in large cities of the World, it ranked 28th among 77 major cities. The cost of living here is less than in New York, Los Angeles, Paris, London, Stockholm, Luxembourg, Frankfurt, Tokyo and Hong Kong. Here are the top 10 most expensive cities in the world: Zurich, Geneva, New York, Oslo, Copenhagen, Tokyo, Paris, London, Chicago and Milan.
Dubai has managed to turn into megapolis from a little town, with the population of 10 thousand (1910) in less than 100 years. The rapid influx of investments has led to the fact that there are numerous hotels and shopping centers, skyscrapers and other infrastructure facilities, and most importantly – Dubai continues to grow and develop. Today it is an ultramodern futuristic city where all advanced technologies are applied, new large-scale infrastructure projects are launched every year, in addition, the city has become the cultural, economic and financial center of the region. What used to be a small oasis in the desert has now become a metropolis with a population of over 2,700,000 people (2018).
Rapid economic growth and the implementation of modern business projects contribute to the development of favorable conditions for business and career growth. It should also be noted that the tourism industry is growing very fast, and not only due to beach tourism.
Besides, there are some other advantages that make the quality of life in the city higher than in other developed cities in the world, for example, it is much safer here than in London, Los Angeles, or New York. The crime rate in the region and the country as a whole is lower than in the countries of the Western world.
Also, there is a well-developed transport infrastructure in the region – ports, airports, highways and modern communications also contribute to the development of the economy. For example, you can get to almost any country in the world in up to 8 hours from Dubai Airport.
And one of the main advantages for business are zero rates on profits, zero duties on import and export of goods and extensive opportunities for repatriation of capital. All this along with affordable housing and office space makes the city more attractive to investors and expats than, for example, New York and London where the costs of living are notably higher. In addition, all the buildings are new and ultramodern.
As for the average income per person, it is comparable to other developed countries of the Western world, and the absence of taxes has led to the fact that the number of millionaires per 1000 people exceeds that index in other major cities in Europe and America.
As for purchasing power, Dubai ranks 14th in the world, overtaking such cities as Seoul, Berlin, Paris, Vienna, Tokyo, London, and even other major centers in the region: Doha, and Riyadh.