The importance of natural resources in economic development is immense. Land, forests, fisheries, minerals, and solar heat are all natural resources. The importance of natural resources is immense in building a modern economy and manufacturing industries.
For any country in the world, this resource is important. For example, if you think about the oil-rich countries of the Middle East, this becomes clear. Selling oil was the main source of wealth for these nations. Let’s see the names of the top 10 countries in the world in terms of the monetary value of natural resources. The list was created by Visual Capitalist.
Top 10 Countries
Russia
Russia has the highest value of natural resources. The total monetary value of the country’s natural resources is $75 trillion. Russia’s main natural resources are coal, natural gas, oil, and rare metals. According to the Russian Ministry of Mineral Resources, the country’s mineral reserves were worth $1.44 trillion in 2018. Russia also has huge reserves of gold. According to Visual Capitalist, 20% of the world’s natural gas reserves are in Russia.
United States
The United States ranks second in the monetary value of natural resources. The total value of the country’s natural resources is $45 trillion. The main natural resources of the country are timber, coal, natural gas, gold, and copper.
Saudi Arab
Saudi Arabia is third on this list. The total value of the country’s natural resources is $34 trillion. The main natural resource of the country is oil. Saudi Arabia’s economy has grown mainly by selling oil. This country exports the largest amount of oil in the world.
Canada
Canada and the United States are close nations geographically. Canada has more or less the same natural resources that the United States has. Canada’s natural resources include oil, uranium, timber, natural gas, and phosphates. The total value of the country’s natural resources is $33 trillion.
Iran
Like other countries in the Middle East, Iran is rich in various natural resources, including oil. The main natural resources of the country are oil and gas. The total value of Iran’s natural resources is $27 trillion.
China
China ranks sixth in the monetary value of natural resources. The total value of the country’s natural resources is $23 trillion. China’s natural resources include coal, rare metals, timber, and oil. However, compared to other major economies and superpowers in the world, China lags behind in natural resources.
Brazil
Brazil is another developing country in seventh place in terms of natural resources. The total value of this country’s natural resources is $22 trillion. Brazil’s natural resources include gold, uranium, timber, and oil.
Australia
One of Australia’s main economic sources is its natural resources. Australia supplies most of the raw materials needed for China’s industrial production and economy. The country’s natural resources include coal, timber, copper, iron, ore, gold, and uranium. The total monetary value of their natural resources is $20 trillion.
Iraq
Iraq’s natural resources include oil and phosphate. The total monetary value of the country’s natural resources is $16 trillion.
Venezuela
The natural resources of the South American country of Venezuela include iron, natural gas, and oil. The total monetary value of the country’s natural resources is $14 trillion.
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