Top 10 Countries with the Richest Natural Resources in the World
Natural resources are defined as fuel and mineral reserves on Earth that exist naturally in countries. The world is rapidly running out of natural resources in this age of economic and technological revolution.
The sudden increase in population increased demand for natural resources, resulting in higher prices for coal, natural gas, and crude oil. Natural resources have become the backbone of every country’s economy, and many countries have become rich and powerful as a result. As a result, the majority of the world’s most developed countries are located in countries with abundant natural resources.
KnowInsiders.com has compiled and introduced the top ten richest countries in the world with the richest natural resources:
Russia is at the top of this list. Russia used to be the world’s superpower. The world’s largest natural resources are found there.
This country has a large amount of gold, timber, and coal reservoirs because of its size. They are the world’s third largest mine in terms of gold reserves and have the second largest reserves of coal.
Natural resources in Russia are thought to be worth about $75.5 trillion.
The United States, the world’s current superpower, comes next. The value of the country’s natural resources is roughly $45 trillion.
The US is home to 31.2% of the world’s coal reservoirs. About 89% of the nation’s resources are coal and wood.
With large reserves of copper, gold, and natural gas, the United States ranks among the top 5 nations in the world. Additionally, they are fortunate to have access to vast tracts of land covered in forests, which provide an abundant supply of wood.
The Kingdom of Saudi Arabia, considered the heart and crown of the Middle East, is ranked third on the list. Natural resources and reserves in Saudi Arabia are valued at $34.4 trillion.
Arab lands produce approximately 20% of the world’s oil. The main sources of electricity generation in the country are hydrocarbons such as gas and oil. They are currently the fifth largest natural gas reservoir.
The value of Canada’s nature reserves is estimated to be around $33.2 trillion. The country ranks fourth in total natural resource reserves.
According to the most recent statistics, Canada has 178.1 billion barrels of oil, accounting for approximately 17.8% of total global oil reserves, second only to Saudi Arabia. The country also has massive phosphate reserves, the world’s second largest Uranium reserves, and the world’s third largest reserves of wood and forest-related products.
China has natural resources worth about $23 trillion. The greatest wealth comes from precious stones and metals, accounting for 90% of natural resources. However, wood is also part of the largest resource found in China.
China as an emerging superpower. The amount of coal found in the territory is equivalent to 13% of the amount of coal found in the world. Recently, natural gas was also discovered, paving the way for China’s outstanding development in the current period.
Iran accounts for 16% of the world’s gas reserves, worth 11,200 billion USD. The country also owns the world’s third largest oil reserves, with 136.2 billion barrels, accounting for more than 10% of global reserves.
However, due to its controversial nuclear program, Iran has difficulty exporting this resource.
The large reserves of wood, iron, copper, and coal that Australia has made it one of the wealthiest countries in the world. The world can always count on Australia for plentiful gold supplies.
Natural gas reserves are located offshore and are partially shared with Indonesia by this nation. These reserves are vast and enormous.
Brazil is one of the countries with significant Uranium and Gold reserves. They are the second country with the most iron production.
Wood is a highly valuable natural resource of the country. It provides nearly 12.3% of the world’s wood worth $17.45 trillion.
The total value of their natural resources is about $21.8 trillion. Recently, they discovered a large crude oil reserve that could be up to 44 billion barrels of crude oil.
Venezuela is one of ten countries with the largest reserves of iron ore, natural gas, and oil. Venezuela’s natural gas reserves rank eighth in the world, despite accounting for only 2.7% of global supply.
Venezuela ranks sixth in the world in terms of oil reserves, with more than 99 billion barrels. This supply accounts for approximately 7.4% of total global supply.
Similar to some Gulf nations, Iraq’s primary source of income comes from its oil fields, which contain about 115 billion barrels of oil, or about 9% of the world’s total reserves.
The majority of deposits are untapped and untapped because of differences and political ebbs and flows. The nation also has enormous phosphate rock reserves worth $1.1 trillion worldwide.
Presented above is a compilation of the ten nations that possess abundant natural resources, meticulously investigated and presented to readers by KnowInsiders.com.
Every nation possesses unique attributes that contribute to its development, and the utilization of natural resources stands as a significant factor in fostering a country’s prosperity. Hence, it can be observed that a significant number of nations possessing abundant resources exhibit a correspondingly elevated per capita income, thereby establishing themselves as affluent and influential entities.
Nevertheless, certain nations lack the knowledge and expertise required to effectively harness this resource, resulting in a limited development of their national economies and persistent hardships for their citizens. Prominent examples of such countries include Iraq, Iran and Venezuela.
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