Ferraris Not Good Enough Anymore: Oil Profits Inspire "Conspicuous Consumption"

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ABU DHABI, United Arab Emirates -- With oil near record highs, the Persian Gulf is awash in cash, stimulating a return to some very conspicuous consumption.

Ferrari S.p.A. says sales in the Middle East leapt 32% last year. BMW Group's Rolls-Royce Motor Cars says the UAE, a country with a population of just 4.6 million, is now one of its top five global markets. All those expensive cars clogging the roads have given rise to another must-have status symbol: a prestigious license-plate number.

Read the whole story at Wall Street Journal