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Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

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Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'

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Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 
Rolls-Royce

A Guy in Dubai Spent $9 Million on a License Plate for His Rolls-Royce

By
Tekendra Parmar
Tekendra Parmar
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By
Tekendra Parmar
Tekendra Parmar
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November 1, 2016, 1:51 AM ET
A classic Rolls Royce.
Ron Sanford—Getty Images / Science Source

Dubai-based Indian property developer Balwinder Sahni considers himself “a simple man”—his two Rolls-Royce (RYCEY) cars with single digit license plates not withstanding.

According to the Independent, Sahni paid $9 million during a government auction for a highly coveted number “5” license plate. He is one of several high-rollers in the United Arab Emirates doling out large sums of cash for single digit license plates.

This guy was so happy after winning at an auction for license plates. It cost 33million dirhams….. And he was happy with the win. pic.twitter.com/rD1IyATV5c

— 104.8 Channel 4 (@channel4dubai) October 9, 2016

This isn’t even Sahni’s first. According to CNN, he spent $6.7 million to obtain a number “9” plate in a government auction last year.

For United Arab Emirates high-rollers, a single digit license plate is a must have https://t.co/8DXWoCchhh

— CNN Business (@CNNBusiness) October 31, 2016

Although, Sahni’s payments are quite large, they pale in comparison to the $14 million an Abu Dhabi businessman paid at a charity auction for a license plate baring the number “1” in 2008.

For Sahni, the money he spends is a form of charity—in a country with no income tax—he sees his contribution to the UAE government auctions as a public service.

“I believe in giving back,” he told CNN. “This city has given me a lot.”

For more on luxury cars, watch Fortune’s video:

A secondary market has also emerged to satisfy the desire of rich Emiratis looking to get their hands on unique license plates.

One such website, numbers.ae, sold a two digit plate for $735,000—its biggest deal yet. (At the time of writing, the website has a number “8” plate listed for an undisclosed sum.)

The website’s co-founder Abdulkerim Arsanov hopes to capitalize on this renewed interest in luxury license plates with hopes to expand into markets in the U.S. and Russia.

“Number plates have become more luxurious than the cars themselves,” Arsanov told CNN.

About the Author
By Tekendra Parmar
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