UPDATED Can anyone become Oil rich?

Oil is a chemical liquid made after millions of years of seabed compression, comprising of dead “things” such as Fish and Plants. Due to Oil's high carbon content, it’s a widely used as a fuel, or in the lubricant industry. Not surprisingly, there is a very large demand for this limited good, so many countries, particularly those 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 mimic this success.

"Dubai's Economy was built on the back of the oil industry" (Business Week). Currently Oil production 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 good investments. On average it 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 newly acquired new wealth has been shared amongst citizens, although not equally. Famously, Citizens in Dubai don't have to pay any income Tax, which puts more money in their pockets.

On the other hand  Angola has also discovered large oil reserves on its shores, which is the 18th biggest oil reserve in the world. Currently Angola is the 17^th biggest Oil exporter in the world; however their position is under threat by other African countries such as Ghana which has recently started exporting the commodity too. Angola is a large south African country, more than five times the size of the UK. Currently, around 80% of the country’s revenue is made from the sale of Oil, which clearly shows the country’s large dependence on this sole good, even though Angola has Diamonds and Gold too.  Although it’s a major exporter of Oil, the generated revenue has been mostly misspent or stolen by Angola’s notorious, corrupt politicians. Angola’s GDP has increased by 400% since 2004 and is increasing annually by 20%. But this was probably due the political instability from the civil beforehand which meant that exporting (selling to other countries) goods became very hard and dangerous. Even though the country’s economy is growing, 70% of the citizens still live on less than £1.30 a day and Angola is widely regarded as the least developed country in the Africa. Africa’s most populous country, Nigeria, which has the 10th biggest oil reserve in the world, is in a similar position to Angola’s. 40% of Nigeria's GDP is from its Oil industry and its accounts for 80% of the Government spending. Like Angolan politicians, Nigerian politicians have been known to misspend oil revenues ever Since its oil boom in the 1960’s. So the vast oil wealth Nigeria has created hasn't benefited everyone, especially those poorest people in the country.

The general conception is that Oil entitles instant economic growth. But it doesn't. It relies mainly on transparent and efficient management from politicians. So not everyone can become “Oil rich”.