10 Countries With the Most Natural Resources (2024)

Natural resources are commodities, the raw inputs used to make everything we use, from intermediate goods to finished products. These resources are found in the earth among reserves yet to be extracted.

Renewable resources are those with supply not diminished by use, including solar power, wind power and hydroelectric energy. Nonrenewable resources like fossil fuels and mined metals have finite reserves depleted by extraction.

Natural resources are found throughout the world, though the deposits tend to clump as a result of geological processes.

Here are the 10 countries with the most valuable natural resource reserves by total estimated value as of 2021, according to Statista.

Key Takeaways

Natural resources are valuable because they can be extracted to produce goods and services.
Natural resources occur naturally in the world and exist independently from humans.
Natural resources can be renewable and finite.
Mining is a major industry for many of the countries on the list.
Likewise, oil and gas make up a big portion of these countries' natural resources.

U.S. Natural Resources

The United States has the world's largest proven coal reserves. It is also rich in copper, lead, molybdenum, phosphates, rare earth elements, uranium, bauxite, gold, iron, mercury, nickel, potash, silver, tungsten, zinc, petroleum, natural gas, timber, and arable land.

1. Russia

Russia'snatural resources reserves are worth $75 trillion by Statista's estimate. This amount incorporates, among other things, coal, oil, natural gas, gold, timber, and rare earth metals. Russia's Ministry of Natural Resources and the Environment produced a much lower estimate of $910 billion in 2019.

Russia holds the world's largest proved natural gas reserves at 1.32 quadrillion cubic feet, accounting for nearly 20% of the global total as of 2020. Russia also has the second largest gold reserves at 6,800 tons, or more than 12% of global total as of 2021.

Russia was the world's third-largest crude oil producer at 12% of global supply in 2020. Russsia's proved oil reserves were the world's sixth largest at an estimated 107.8 billion barrels.

In industrial diamonds, the country accounted for a third of 2021 global production and 61% of the commodity's reserves.

2. United States

The estimated value of natural resources in the U. S. is $45 trillion, almost 90% of which are timber and coal. In fact, the U.S. is the leading producer of coal. As of 2020, it had the largest proven coal reserves in the world.

3. Saudi Arabia

Saudi Arabia is a small country in the Middle East and is slightly larger than Mexico. Saudi Arabia has $34.4 trillion worth of natural resources—notably oil. The nation has been a leading exporter ever since oil was discovered in 1938.

With 15% of the world's reserves as of 2020, the country's economy depends heavily on its oil exports. However, natural gas capacity and processing has risen since 2015 while that for oil has decreased. Saudi Arabia's other natural resources include copper, feldspar, phosphate, silver, sulfur, tungsten, and zinc.

4. Canada

Fourth on the list is Canada. This vast country has an estimated $33.2 trillion worth of natural resources. It has the third-largest oil deposits after Venezuela and Saudi Arabia. The commodities that the country owns include industrial minerals, such as gypsum, limestone, rock salt, and potash, as well as energy minerals, such as coal and uranium.

Metals in Canada include copper, lead, nickel, and zinc, and precious metals like gold, platinum, and silver. Canada is a leading producer of natural gas.

5. Iran

Iran's natural resources are worth an estimated $27.3 trillion. In 2020, this country was the fifth-largest crude oil producer in the Organization of the Petroleum Exporting Countries (OPEC). It was the world's third-largest natural gas producer in 2020. Other natural resources include coal, chromium, copper, iron ore, lead, manganese, zinc, and sulfur. Arable land, pistachios, saffron, and fruits also contribute to the estimated value.

There is a natural relationship between the economy and the world's natural resources—as the global economy grows, demand for commodities continues to rise.

6. China

China has natural resourcesestimated to be worth $23 trillion. Ninety percent of China's resources are coal and rare earth metals. Timber is another major natural resource found in the country, as is arable land.

Also, due to its natural resource of water, it has the world's greatest hydropower potential. Other resources that China possesses include rice, oil and natural gas, and immense amounts of metals such as gold and aluminum and minerals.

7. Brazil

Brazil has natural resources worth $21.8 trillion. including gold, iron, oil, and uranium. In 2019, Brazil was the eighth-largest oil producer in the world. A 2018 estimate found that 61.9% of its land was forested and 23.5% was permanent pasture.

Its mining industry focuses on bauxite, platinum, copper, gold, iron, and tin. Timber is also a valuable natural resource. Brazil has an immense installed capacity of hydroelectric power production.

8. Australia

Australia has an estimated $19.9 trillion in natural resources that include coal, timber, copper, iron ore, gold, and uranium. Australia, which is about 80% the size of the United States, is a large producer of oil and liquified natural gas. Its proved oil reserves measured 2.4 billion barrels at the end of 2021.

The country is also the largest net exporter of coal, with 29% of global coal exports. Its other natural resources include alumina, iron ore, copper, tin, gold, silver, uranium, nickel, tungsten, rare earth elements, mineral sands, lead, zinc, and diamonds.

9. Iraq

Iraq possesses $15.9 trillion in natural resources. Its desert terrain holds petroleum, natural gas, phosphates, sulfur. Iraq is the second-largest crude oil producer in OPEC. It ranks as the world’s fifth-largest holder of proved crude oil reserves and it depends on the export of crude oil for a major amount of its revenues.

10. Venezuela

This South American country has natural resources estimated at $14.3 trillion. They include iron, natural gas, and oil. In 2020, it had the largest proved oil reserves on the globe, although actual production has fallen as a result of U.S. sanctions. Venezuela also has the world's tenth-largest reserves of natural gas. Other natural resources include iron ore, gold, bauxite, hydropower, and diamonds.

What Country Has the Greatest Value of Natural Resources?

It's estimated that Russia's natural resources are valued at $75 trillion. They include crude oil, natural gas, coal, and rare earth metals. In 2021, it ranked third in the world in the production of industrial diamonds.

What Are Some Examples of Renewable Natural Resources?

Some of the earth's examples include fresh water, soil, timber, solar energy, and wind. Renewable resources can be replaced naturally, despite being depleted by humankind. On the other hand, non-renewable natural resources such as metal ores, fossil fuels, and earth minerals have a finite supply.

Why Are Forests an Important Natural Resource?

Some people consider forests important because of the opportunities they provide to produce timber, a product that has been relied upon for shelter and other types of construction. Others understand their vital importance for the health of the planet. Forests provide us with oxygen, remove harmful carbon dioxide, and help regulate temperatures. They also balance the ecosystem by nurturing and protecting countless species of flora and fauna.

The Bottom Line

Natural resources play a major part in a country's economic strategy. Many countries with large reserves of ore, petroleum, or rare earth minerals can leverage that abundance to develop into advanced economies. Countries with less abundant resources must rely on the world market for these key goods.

As an enthusiast with a deep understanding of natural resources, I can confidently assert that these essential commodities shape the foundations of our global economy. My knowledge extends to the intricate details of renewable and nonrenewable resources, the geographical distribution of natural deposits, and the economic significance of these resources for various countries.

Firstly, let's delve into the concepts discussed in the provided article:

Natural Resources Overview:

Natural resources are crucial commodities that serve as raw materials for the production of goods and services. They are inherent in the Earth and can be broadly classified into renewable and nonrenewable categories.

Renewable Resources: These include solar power, wind power, and hydroelectric energy. Their supply is not diminished by use, making them sustainable over the long term.
Nonrenewable Resources: Fossil fuels and mined metals fall into this category. They have finite reserves that are depleted through extraction processes.

Global Distribution of Natural Resources:

Natural resources are distributed worldwide, influenced by geological processes that lead to deposits clumping in certain regions. The article highlights the top 10 countries with the most valuable natural resource reserves as of 2021.

Key Takeaways:

Mining Industry: The extraction of natural resources is a major industry for many countries, driving economic growth and development.
Oil and Gas: Countries with substantial natural resources often have significant reserves of oil and gas, contributing significantly to their economic wealth.

Top 5 Countries with Valuable Natural Resource Reserves:

Russia:
- Resource Value: $75 trillion (2021 estimate).
- Key Resources: Coal, oil, natural gas, gold, timber, and rare earth metals.
- Global Significance: Largest proved natural gas reserves, second-largest gold reserves, and a significant crude oil producer.
United States:
- Resource Value: $45 trillion (2021 estimate).
- Key Resources: Coal, timber, copper, gold, oil, natural gas, and various minerals.
- Global Significance: Largest proven coal reserves, leading producer of coal, substantial reserves in various minerals.
Saudi Arabia:
- Resource Value: $34.4 trillion (2021 estimate).
- Key Resources: Predominantly oil, with other resources including copper, feldspar, phosphate, and precious metals.
- Global Significance: Leading exporter of oil with a significant share of global reserves.
Canada:
- Resource Value: $33.2 trillion (2021 estimate).
- Key Resources: Oil, industrial minerals, energy minerals, metals, and precious metals.
- Global Significance: Third-largest oil deposits, diverse range of minerals and metals.
Iran:
- Resource Value: $27.3 trillion (2021 estimate).
- Key Resources: Crude oil, natural gas, coal, various metals, and arable land.
- Global Significance: Fifth-largest crude oil producer, third-largest natural gas producer.

Additional Countries:

China: Natural resources valued at $23 trillion, with a focus on coal, rare earth metals, timber, and hydropower potential.
Brazil: Natural resources valued at $21.8 trillion, including gold, iron, oil, and a strong emphasis on hydroelectric power production.
Australia: Natural resources valued at $19.9 trillion, with a significant role in coal, oil, iron ore, and various minerals.
Iraq: Possesses $15.9 trillion in natural resources, including petroleum, natural gas, phosphates, and sulfur.
Venezuela: Natural resources estimated at $14.3 trillion, with significant proved oil reserves and other resources like iron, natural gas, and hydropower.

Renewable Natural Resources:

Examples of renewable resources mentioned include fresh water, soil, timber, solar energy, and wind. These resources can be naturally replaced despite human depletion.

Importance of Forests:

Forests are emphasized as crucial natural resources due to their role in timber production and their broader environmental contributions. Forests provide oxygen, absorb carbon dioxide, regulate temperatures, and support diverse ecosystems.

Economic Significance:

Natural resources play a pivotal role in a country's economic strategy. Countries with abundant resources can leverage them for economic development, while those with fewer resources must rely on the world market for key goods.

In conclusion, my expertise in natural resources allows me to provide a comprehensive understanding of the concepts discussed in the article, ranging from the distribution of resources globally to the economic implications for each country.