World’s richest island with Lamborghinis, Ferraris, Land Rovers is now completely bankrupt, the island is…, source of wealth was…

World’s Richest Island: We have witnessed how the discovery of the murky liquid, oil, changed the fortunes of the countries of a extensive set that used to be technically a desert with nearly nothing to boast about, now residing a existence beefy of great luxurious. The Gulf countries stumbled on nature’s like and so they turned great wealthy within no time.

A identical discovery used to be made in Nauru, positioned in southwestern Pacific Ocean and world neatly-known for its mute scenery, with a coral reef, white-sand seashores and swaying hands

Nauru, the brilliant island in Micronesia used to be once one amongst the richest countries within the realm by components of GDP per capita. It used to be as a result of discovery of phosphate which is a important and in quiz field topic oldschool in fertilisers. It used to be stumbled on to comprise wealthy phosphate reserves within the early 1900s by a British firm.

Phosphate mining began in 1907 which went on for lots of the Twentieth century by the British, Australian and New Zealand governments.

Nauru obtained independence in 1968 and obtained alter of the phosphate mines, with wealth flowing in, giving its economy a extensive increase. A New York Instances speak from 1982 said by that level the island country had a “per capita profits surpassing that of any oil-wealthy Arab nation”, identifying it because the smallest and wealthiest self sustaining democracy within the realm”.

Costly luxurious vehicles like Lamborghini and Ferraris had been moreover imported, reviews the BBC.

“Though few Nauruans had been wealthy by components of their bank steadiness on the time, the tell’s wealth intended it had turn into “shut to being the final welfare tell”, with its other folks equipped with all a must-comprise companies and products freed from fee including “training, scientific and dental care, bus transportation, even the Authorities newspaper,” reviews the New York Instances.

Folk who wanted treatment unavailable at its two native hospitals had been flown 2,500 miles to Australia on the governmentdime, and the country moreover coated elevated training bills through Australian universities, reported the New York Instances.

But it absolutely all came to a kill because it appears others benefitted more straight from the island’s phosphate wealth.

Ruhi Çenet, a YouTuber, visited the country and detailed his experiences in a 2024 video, and said the island had seen a “frenzy of consumption” on the tip of its wealth. He came across substitute abandoned luxurious vehicles on roadsides, including Cadillacs, Jeeps, and Land Rovers, which now back easiest as rusted reminders of its light glory.

The phosphate deposits started falling by the 1990s.