Western Australia should be the most attractive state in the country for investors according to the boss of a $500 million investment fund backed by the federal government and big four banks, who said the east coast had for too long assumed the west was a one-trick mining pony.

Australian Business Growth Fund chief executive Anthony Healy likened WA to the Abu Dhabi or Dubai of Australia, where riches from vast natural resources have been used to diversify their economies and attract talent.