Can anyone become "oil rich"?

Oil is a chemical liquid made after millions of years seabed compression, comprising of dead matter such as Fish and Plants. Due to carbon's high carbon content, Oil is a widely used fuel. For example in the electricity, cosmetic and Lubricant industry. Not surprisingly, there is a very large demand for this finite good, so many countries, particularly in the Middle East have taken advantage of this and have become "Oil Rich" in the process. However many other Oil resourceful countries have unsuccessfully attempted to mimicking this success.

"Dubai's Economy was built on the back of the oil industry" (Business Week). Currently Oil productions accounts for 6% of its total exports. This is a decrease from previous years since Dubai has diversified into exporting other goods and banking services, by using income from oil to make investments. On average it's produces over 40 barrels a minute and could theoretically be doing this for the next 93 years as it has one of the largest Oil reserves on the world.  Partly due to Dubai's small population, their new wealth has been shared amongst citizens although not equally. Famously now Citizens don't have to pay Tax, which puts more money in pockets.

On the otherhand, Nigeria has also discovered large oil reserves on its shores, which is the 10th biggest oil reserve in the world. Subsequently 40% of Nigeria's GDP is from its Oil industry and its accounts for 80% of the governments spending. Nigeria is a large African state with a population of over 120 million,  its the 7th most populated country. Although its a major exporter much of the Oil revenue has been misspent or stolen by Nigeria's notorious politicians, so many of the country's poor inhabitants have been able to benefit from the GDP surge.


Just because you have Oil, it doesn't mean you instantly become rich. It relies mainly on transparent and efficient management from politicians.