Spend $20,000 each on personal consumption
UAE residents are Arab world's big spenders
UAE residents spend about $20,000 a year per person on consumer goods and services -- the highest of all Arab nations, according to the 2007 economic report from the Abu Dhabi-based Arab Monetary Fund.
Second-place Qatar had an average of $12,500 per person, based on 2006 data. Kuwait ranked third with $9,266 and Bahrain emerged as the fourth largest spender despite its relatively low oil wealth, with a private consumption average of $7,587 per person, the Press Trust of India reported.
The report showed Mauritania, one of the poorest Arab nations, had the lowest individual spending, standing at just $362. It gives no figures for the Somalians or Palestinians.
Bankers said lofty UAE spending was the result of the country's high per capita income, rapid economic growth, liberalism and socio-economic stability.
"[Factors] include its high per capita income, liberal system, steady growth in the economy, and financial, economic and social stability. Another factor that has to be taken into account is high inflation," an Abu Dhabi-based banker told PTI.
In 2006, the UAE's private consumption, covering spending by individuals and families on goods and services, totaled $84 billion. The figure works out as $19,761 per individual for a population of 4.25 million, according to the report.
Source,: DUBAI (AlArabiya.net)
http://www.alarabiya.net/articles/2008/01/08/43933.html