Over time, the wealth of nations can go up and down, displaying how cash and energy can change. Some locations that have been as soon as very wealthy at the moment are going through powerful instances. 

These modifications can occur due to totally different authorities choices, essential occasions in historical past, and the way the world’s economic system modifications. 

Allow us to take a look at 9 international locations that was very wealthy however have misplaced their wealth.

Thailand

Recognized for its bustling tourism and rising economic system, Thailand nonetheless faces vital poverty, particularly in rural areas. Centuries in the past, in the course of the sixteenth and seventeenth centuries, the Ayutthaya Kingdom of Thailand was richer than many European international locations, flourishing as a hub of worldwide commerce. Nevertheless, commerce decline and political instability finally led to its fall.

Mali

Mali is now one of many poorest nations globally, with most of its inhabitants relying on subsistence farming. In stark distinction, Mali was as soon as the middle of the rich Mali Empire, enriched by intensive gold mining and influential commerce networks in the course of the reign of Mansa Musa, one of many richest people in historical past.

Turkey

Right now’s Turkey, with a average GDP per capita, contrasts sharply with its previous glory because the Ottoman Empire, an financial powerhouse with a wealthy tradition and powerful army. The empire’s decline started within the twentieth century, culminating in its transformation into fashionable Turkey after World Conflict I.

India 

Fashionable India, regardless of latest financial progress, struggles with poverty. Traditionally, below the Mughal Empire, India was extremely affluent, main the world in GDP and manufacturing till the 18th century. British colonisation and inner conflicts drastically diminished its wealth.

Cuba

Cuba, below US sanctions and communist rule, has a struggling economic system. Earlier than the Cuban Revolution in 1959, Cuba boasted one of many highest GDPs per capita within the Americas, due to the sugar and tourism industries. 

Iraq 

As soon as boasting one of many highest residing requirements within the Center East due to its oil wealth, Iraq has confronted many years of battle and sanctions, severely impacting its economic system and infrastructure.

Zimbabwe 

After gaining independence in 1980, Zimbabwe was seen as an economically sturdy nation as a consequence of its wealthy pure sources and thriving agriculture. Mismanagement and controversial land reforms below Robert Mugabe led to a pointy financial decline and hyperinflation.

Nauru 

Within the Seventies, Nauru was extraordinarily rich as a consequence of its phosphate mining, as soon as having the second-highest GDP per capita globally. After the phosphate reserves have been depleted, the nation confronted extreme monetary crises and now depends closely on worldwide help.

Venezuela