Resource rich countries cannot manage their wealth – report

Only 11 out of 58 countries rich in natural resources can effectively manage their wealth, according to the first of its kind report from the Revenue Watch Institute, a think tank which specializes in effective management of natural resources.
A quarter of all independent countries on planet are resource rich. The 58 states produce 85% of world’s petroleum, 90% of the diamonds and 80% of copper with total profits from their extractive sector totaling more than $2.6 trillion.
According to the Resource Governance Index (RGI), in 41 countries out of the group the extractive sector contributes a third of their GDP. And the future of these countries heavily depends on how effective they govern their resources.