10 year old pays over $2million for a licence plate

With oil near record highs, the Persian Gulf has become home to people with so much cash they are running out of ways to spend it.

Hundreds of men in starched robes descend on an opulent hotel here to vie for the most distinguished digits. Earlier this year, Abu Dhabi businessman Saeed Khouri made headlines and the Guinness Book of World Records when he paid $14 million for the tag simply sporting a "1." (The auction can be viewed on YouTube.) His cousin, stockbroker Talal Khouri, paid $9 million for "5" -- the second-largest sum ever paid for a license plate.

By mid auction a ten year old had spent the most amount on a plate fueling older bidders to follow. The boy spent over 2 million dollars for plate number 51.

Abu Dhabi is hardly the first boomtown to be swept up in luxury license plates. Hong Kong has had a thriving auction for years, while high-rolling Russian executives have gone to great lengths to secure custom tags.