Word: wealth
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Using U.S. Census data from 2008, Portfolio.com surveyed the nation’s 420 biggest cities with populations above 75,000 and ranked their relative wealth based mostly on income and real estate prices. Cambridge came out as the 21st wealthiest center, with a per capita income of $47,938, almost twice the national average of $27,589. And how expensive exactly is a house in Cambridge? With the median price of homes hitting about $579,700, Cambridge is also the third most expensive city in the Northeast region...
General Motors' efforts to sell Hummer to a little-known Chinese company have fallen apart, the U.S. automaker announced on Wednesday. As a result, GM will begin to dismantle a brand of gas-guzzling SUVs that was synonymous with pre-financial crisis wealth and excess...
...helps that Qatar sits on a massive natural gas field. The country is the world's third largest producer of natural gas, behind Russia and Iran and, with a population of just 1.5 million, has one of the highest per capita incomes in the world. That wealth has allowed Qatar's rulers to chart a pragmatic and flexible foreign policy that has them making friendly with Iran and Syria while hosting American military forces. Now the country wants to become a regional cultural and media hub. Last year Qatar hosted a version of the Tribeca Film Festival, while private investors...
...crown prince, Sheik Hamdan. But without oil money of its own, Dubai has little choice but to listen to its foreign creditors and stakeholders. And wealthy as they are, the leaders of the gulf countries also know their societies have to eventually change too, says economist Sfakianakis. Oil generates wealth, but the oil industry doesn't generate many jobs. Even in rich Saudi Arabia, unemployment is officially 11.6% - and that's among men only. Some 65% of the population in the broader Middle East is younger than 30. For the region's governments to create jobs for all those young...
...While it's hard to imagine the Haitian élite ceding its inordinate wealth and power to the grass roots in that process, Bellerive insists the government, like international donors, wants decentralization. Despite the recent creation of a federal reconstruction commission, he says, "much of the rebuilding authority has to go to mayors and local leaders if this is going to work." Asked if he expects to make Haiti a more democratic and functional country in the end, Bellerive says, "Government reform should be part of this process, not just a consequence...