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Nauru, the world’s richest island, has seen its fortune disappear after decades of ostentation, corruption and waste. Millionaires bought useless supercars, the government paid for everything and the Russian mafia laundered billions. Today, the country faces bankruptcy, extreme obesity and total dependence on Australia.
Imagine a country where every citizen was once a millionaire, living in unlimited luxury, buying Lamborghinis to drive around on a tiny island with only one road. It sounds like a scene from a movie, but that was the reality of Nauru, a small country in the middle of the Pacific Ocean.
Known as the “richest island in the world” due to phosphate mining, Nauru had one of the highest per capita incomes on the planet in the 1980s. But the fortune disappeared as quickly as it came. Absurd spending, corruption and even involvement with the Russian mafia turned this former millionaire nation into a one of the most dependent countries in the world.
From gold mine to unlikely luxury destination
Nauru had all the makings of a financial powerhouse. For decades, the phosphate mined on the island was some of the most valuable in the world, and was used for agricultural fertilizers. The wealth generated led the inhabitants to live a life of extravagance.
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In its heyday, Nauru had a per capita income higher than that of oil-rich Arab countries. With money to spare and little sense of financial planning, residents often traveled to Singapore, Fiji and Hawaii to spend their fortunes on shopping.
And the spending didn't stop there. Even with a speed limit of only 25 mph and only one paved road, citizens imported Ferraris, Lamborghinis and Cadillacs. The most bizarre case was that of a police officer who bought a yellow Lamborghini, but realized too late that it was too big to fit in the driver's seat.
The economic collapse of the world's richest island and the impact of corruption
But how did such a prosperous nation manage to bankrupt the richest island in the world? The answer lies in the lack of planning and uncontrolled spending.
The Nauruan government paid for absolutely everything for its citizens. Education, healthcare and even airfare for medical treatment in Australia were paid for with public money. With this culture of dependency, no one bothered to create new sources of income for when the phosphate ran out.
And that's exactly what happened. When natural resources ran out, the economy plummeted. The country could no longer afford to support its public services, and residents, accustomed to a life of luxury, were no longer able to afford to pay for their services. prepared for the new reality.
Nauru and dirty money: the connection with the Russian mafia
Desperate to revive its economy, the Nauruan government attempted to turn the island into a tax haven. Within a short period, the nation sold banking licenses and passports to international criminals.
The move attracted the attention of the Russian mafia, who saw the world's richest island as a golden opportunity to launder money. In just one year, it is estimated that around US$70 billion passed through Nauru's banks.
But the scheme didn't last long. In 2002, the United States designated the island as a money laundering hub, cutting off any possibility of financial agreements with international banks. Without natural resources and now without credibility, Nauru was officially bankrupt.
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