Russia is #1 globally in land mass and resource value (~$75T+) BUT has an economy arguably smaller than Texas. And much smaller than California.
Why?
Putin spent his time building a $1 billion palace in Sochi — then had it torn down because he feared he’d be bombed when visiting. This is how a dictator-for-life can waste money.
Brazil is #5 globally in land mass, with the world’s largest arable land, massive freshwater, iron ore, and newly tapped offshore oil. Yet is typically in an economic mess. Soon to get worse as it’s likely another Bolsonaro will likely be elected.
I’d argue that Argentina is even more disappointing. But doesn’t have the same resources as Brazil.
Others often listed as underachieving economies are Venezuela, Nigeria, Democratic Republic of the Congo (DRC), Libya, and even South Africa.
By comparison, nations with few resources that have been economic tigers include Singapore, Norway, South Korea, Taiwan, Switzerland, Japan.
With virtually zero domestic manufacturing, agriculture, or natural resources, and land masses smaller than most global cities, Bermuda and the Cayman Islands have created two of the wealthiest jurisdictions on earth by GDP per capita.
India is currently the world’s fastest-growing major economy showing immense domestic strength despite high global volatility. Prime Minister Narendra Modi might be a horrible human being, but transitioned from a $2 trillion nation in 2014 to a $4.15 trillion economy under his 12 years in power.
