posted on 07/05/2009: 2769 views
The UAE's per capita income will remain one of the highest in the world despite the economic slowdown and low price of oil.
According to Prof Abdulrazaq Al Faris, Chief Economist and CEO of Dubai Economic Council (DEC), the current UAE per capita stands at Dh95,000, which is 5.6 per cent higher than World Bank's estimate of $24,500 (Dh89,900). "The UAE per capita income will still be one of the highest, maybe not the highest. We have been on the top 30 for a while and will continue to be. The recession not only brings income down but also cost of living," Al Faris told Emirates Business.
According to the survey conducted from March 2007 to March 2008, the average per capita income of UAE nationals is about Dh140,000; while of expatriates it is a little more than Dh80,000. Average per capita consumption is Dh60,000; with nationals recording Dh80,000 and expatriates Dh55,000.
There is no poverty in the UAE, Al Faris said, if the World Bank's definition is to be used. Based on the WB guidelines, there are two poverty lines at the world level – the first indicates the income per capita per year must be below $270 and the other $370. – Emirates Business 24|7
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