Countries with natural resources are not necessarily rich.

I often hear people say that Canada has a bright future because we have lots of natural resources.

Unfortunately, there's not a clear link between natural resources and wealth. Look at African countries rich in diamonds. Look at south Asian countries rich in gold.

Look at middle eastern countries rich in oil. Low standard of living and widespread poverty.

Here are two quotes supporting this statement.*

"There is a striking correlation between a country's level of human capital and its economic well-being. At the same time, there is a striking lack of correlation between natural resources and standard of living." p. 106.

"Economists believe that a rich endowment of natural resources may actually be a detriment to development." p. 222

*Source:

Naked economics: undressing the dismal science by Charles Wheelan.