Remember the days just prior to First Oil in Guyana when all Guyanese were overhyped about the prospects of oil wealth? International News Media, perhaps a little overenthusiastic to sell their papers, spun story after story about how Guyana could potentially become the richest country in the world.
But over three years after Guyana’s First Oil export, things are still tight on the ground for the average man. Cost of living has gone through the roof, and salaries have not been sufficiently adjusted to meet the challenge.
Yes, the government has been making effort. Infrastructural improvement across the country is prevalent and clearly noticeable. The Lethem – Linden trail has officially started paving – albeit at a snail’s pace. Further, the government has rolled out free skills training programs across the country to tackle unemployment. Hotels are shooting up helter skelter, and big name brands are rolling in for their slice of the oil pie. But in spite of all this, a recent survey shows that Guyanese are less than optimistic.
But as the saying goes, “patience is virtue” and “all things take time.” Here’s a sign that things may be warming up. A Yahoo! Finance article confirms that we are slowly but surely pursuing our goal of becoming South America’s richest country.
Guyana, also known as the Co-operative Republic of Guyana, is a nation situated in the northern part of South America. Its name originates from an indigenous term that signifies “Land of Many Waters.” According to CEPAL, the year 2020 witnessed a significant growth spurt in Guyana’s economy due to the emergence of the oil industry, which began operating in December 2019. Despite the negative effects of the COVID-19 pandemic, the thriving oil sector helped the economy grow by 43.5%. As Guyana’s economy continues to expand, there will be opportunities for new businesses to emerge, possibly achieving the same level of success as established companies like MercadoLibre, Inc. (NASDAQ:MELI), Vale S.A. (NYSE:VALE), and Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR).
Source: Yahoo! Finance
But before you get worked up by this, here’s the downer: Guyana is listed No. 15 out of a total of 15 countries. And Guyana’s total wealth in 2021 is listed as 7 billion USD which is only about 12.7% of the No. 14th country, Paraguay. Paraguay’s total wealth in 2021 is listed as 55 million USD. The article lists Brazil as the richest country in South America with a total wealth of 3.3 Trillion USD.
Methodology
To determine the wealthiest countries in the world, the team analyzed data from Credit Suisse’s Global Wealth Databook 2022. This database calculates wealth (as of 2021) based on the value of financial and non-financial assets while subtracting debt. We selected the 15 richest countries in Central and South America based on total wealth, ranking the list in ascending order of wealth.
