Measuring the wealth of nations

The sustainability of development is closely linked to changes in total per capita wealth. This paper presents estimates of the wealth of nations for nearly 100 countries, broken down into produced assets, natural resources and human resources. While the latter is the dominant form of wealth in virtually all countries, in low income natural resource exporters the share of natural resources in total wealth is equal to the share of produced assets. For low income countries in general, cropland forms the vast majority of natural wealth. The analysis suggests the process of development can be viewed as one of portfolio management: sustainable development entails saving the rents from exhaustible resources, managing renewable resources sustainably, and investing savings in both produced assets and human resources.