00:00What was the richest country in the world in the 1970s?
00:04It was a tiny Pacific island you've probably never heard of.
00:07Nauru had a GDP per capita of US$50,000, about five times greater than the US at the time.
00:16But how could this island, with 21 square kilometers of landmass supporting a population of just 4,000, be richer than the US?
00:26They had huge deposits of easily accessible phosphate rock, which is used in the production of fertilizers.
00:33The phosphate revenue was divided up amongst a very small population, making Nauru the richest country in the world.
00:39By the 1990s, they ran out of phosphate, and by the mid-2000s, they had lost almost all of their cash due to budget deficits and poor investments.
00:49Today, per capita, annual income has declined to just US$10,000.
00:55Let's see if the Japanese from April 26th is under by this.
00:57I mean, the world's so much of my diabetes might go down to trΓ¨s large amounts of κ΄μ¬ we have inison.
01:01We tai naively they didn't have yet.
01:03uj
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