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The economy of Nauru is tiny, based on a population in 2019 of only 11,550 people. [12] The economy has historically been based on phosphate mining . With primary phosphate reserves exhausted by the end of the 2010s, Nauru has sought to diversify its sources of income.
The people of Nauru also face continued negative health effects from the mining in the form of phosphate dust pollution and cadmium pollution, tainting the water and air quality. [8] As a result, the rate of care-seeking for children under 5 years of age with ARI is 69% according to UNICEF data. [9]
The government puts profits from the mining into a trust for the islanders. This trust reached a peak of A$1 billion, returning approximately 14% annually. Poor investments and corruption have left the trust fund nearly empty and therefore Nauru with little money. In the year 1948, revenues from phosphate mining were A$745,000.
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Nauru is a phosphate-rock island with rich deposits near the surface, which allowed easy strip mining operations for over a century. However, this has seriously harmed the country's environment, causing the island nation to suffer from what is often referred to as the " resource curse ".
Only 12% of the 3,000 respondents said they consider themselves wealthy and only 4 in 10 people who are objectively wealthy, with assets of more than $2 million, said they considered themselves rich.
Redistribution of income and wealth is the transfer of income and wealth (including physical property) from some individuals to others through a social mechanism such as taxation, welfare, public services, land reform, monetary policies, confiscation, divorce or tort law. [1]