Kuwait Awash In Oil Cash

Kuwait's wealth comes from its oil. The country is tiny, but it owns 10 percent of the world's oil reserves. And those who control the reserves are part of a unique and economic elite.

From a distance, the Muslim nation and its capital look severe and desert drab. But, looking closer, you can see the oil-infused opulence, reports CBS News correspondent Thalia Assuras.

Special occasions compel the donning of furs and jewelry. And some citizens admit they love to shop.

From their palm-tree-lined neighborhoods, which immigrant workers keep immaculate and where top-ticket autos line the street, to shiny showrooms, the wealthy ruling and merchant classes spare no expense.

Mohammed Al-Bisher's family has owned a Mercedes dealership for more than 50 years. He's waiting for a shipment of limited edition models that cost $1 million each.

"Most of the houses has one or two or three cars," says Al-Bisher.

At one of three jewelry shops owned by Abdul Karim Al-Arbash, women scoop up diamonds and other precious jewels in what are called "suites." Pieces are not sold separately, but as full sets.

Kuwait is a consumer society because there's nothing else to do., something that could explain all the shopping malls in the city. The wealthy, religious conservative and hip teen-agers spend money on haute couture and every conceivable product available in the United States.

In this oil-rich country, where medical and social services are free, there are no taxes and little unemployment. Few cry out for change within Kuwait.

The city's shops and malls are crowded, but most merchants say the run-up to the war has affected sales. Just in the last two weeks, business has slowed — but only slightly.