Strong purchasing power and growth prospects have helped Doha become one of the world’s strongest economies, according to a new report in the Economist Intelligence Unit.

Doha, which ranked fifth, just behind New York, beat out other GCC cities for the individual category, which assessed some 120 of the world’s major cities.

But at 47th, it fell behind Dubai (40th) and Abu Dhabi (41st) in overall competitiveness. Kuwait City was ranked 80th, Muscat 86th and Riyadh 106th.

Forbes, which recently declared Qatar the world’s wealthiest nation, noted that the country “has lured multinational financial firms to the country, as well as satellite campuses of US universities.”

Qatar, which has the world’s third-largest natural gas reserves, booked an estimated GDP per capita of $88,000 in 2010, according to IMF figures.

Interestingly, neither Doha nor Dubai have achieved “developing market” status, despite three consecutive attempts. Perhaps this report will help.

Thoughts?