Dubai has been identified as one of the world’s fastest-growing cities, with a population increase of almost 500 per cent in recent decades.
Other areas in the United Arab Emirates were expanding from the profits of vast oil field reserves found underground, but it wasn’t until a chance discovery of offshore oil in 1966 that fortunes began to change for Dubai, too. From 1968 to 1975, the population of Dubai skyrocketed by 300%.
Why has Dubai grown so rapidly?
With its business-savvy ruling family reducing taxes and welcoming foreign merchants, the city expanded further in the early 20th century and soon became a re-exporting hub for Persia and India.
Dubai and the UAE have zero income tax for individuals and low rates of taxes for businesses, which attracts people who have high net worth and people who are business owners or entrepreneurs. The business-friendly environment, in general, has been a key driver of its success as a wealth hub in general.