Due to its natural wealth, Nauru was once among the richest countries in the world.
On January 31, 1968, the smallest republic in the world, Nauru, gained independence. This country is located in the Pacific, near the equator. It is the southeastern border area of Micronesia, close to the point where Polynesia, Melanesia and Micronesia meet.
The Republic of Nauru consists of a single island, which has an area of only 21.3 square kilometers (about the same as our Mali Losinj). Of all the independent states in the world, only two are smaller than Nauru. These are the Vatican and Monaco. But since these two countries are not republics, Nauru may rightfully carry the title of the least independent republic in the world.
Nauru is also the smallest island nation in the world. Likewise, Nauru has less than 10,000 inhabitants, making it the second-smallest country in the world (only the Vatican is smaller, with about 800 inhabitants, while Monaco has as many as 35,000 citizens).
Interestingly, because of its natural wealth, Nauru was once among the richest countries in the world, accounting for average per capita income. Namely, Nauru Island possessed large phosphate deposits, originating from bird droppings. Phosphate exploitation has generated large profits, as Nauru has been one of the world’s largest exporters of this raw material.
However, by the early decades of the 21st century, reserves were being used up and government revenues had fallen sharply, as many as 10 times, despite attempts to shift the economy to earning some kind of tax haven. It is an odd fact that the Nauru Parliament has only 18 to 19 members.