History is filled with rags-to-riches-to-rags stories, and nations are no exception. Be it booming economies or sudden declines, these 15 countries were once prosperous. However, a series of unfortunate events caused them to spiral into financial hardship. Here’s looking into how these countries lost it all.
Spain
Spain once controlled vast riches, especially after plundering the New World’s treasures. But constant battles, poor leadership, and reckless spending drained its wealth fast. By the 17th century, Spain went from being the world’s superpower to a country struggling with debt and poverty.
Argentina
At one point, Argentina rivaled Europe’s wealthiest nations. The country’s agricultural power and industry put it on the world stage. Still, corruption, mismanagement, and political instability sent it spiraling. Today, it’s a country filled with promise but haunted by lost economic potential.
Ottoman Empire
The Ottomans ruled for centuries, amassing incredible wealth. But overexpansion and corruption eroded their once-great empire. However, after a series of defeats, economic hardship took over. By the early 20th century, the empire was no more—its riches scattered with time.
Zimbabwe
Once known as Africa’s breadbasket, Zimbabwe’s agricultural success was the backbone of its wealth. Controversial land reforms and runaway inflation crippled the economy, causing its economy to collapse. Once-thriving industries crumbled, and its currency became nearly worthless.
Venezuela
Venezuela used to sit atop vast oil wealth, making it one of Latin America’s wealthiest countries. However, years of mismanagement and widespread corruption turned its riches into poverty. A country that once had so much potential is now struggling to survive.
Russia
The Soviet Union once stood as a global superpower fueled by massive resources and industrial strength. But, economic inefficiencies, a costly arms race, and corruption caused it to crumble. While Russia remains powerful, its economy has never fully recovered from the fall.
Greece
Greece has one of the most storied histories of wealth and influence. Yet, in modern times, reckless borrowing and financial missteps caused an economic crisis. The 2008 global recession hit hard, and Greece’s debt became a massive problem, forcing years of austerity measures.
Portugal
This country led the charge during the Age of Exploration, amassing incredible wealth from trade and colonization. That said, constant conflicts and poor resource management gradually drained its riches. While the country remains culturally rich, its days of global economic dominance are long gone.
Italy
The Roman Empire’s wealth was unmatched, and it built roads, monuments, and cities that still exist today. Still, overexpansion, corruption, and barbarian invasions chipped away at its vast riches. Eventually, Rome fell, and its fortune crumbled with it, leaving a legacy of what it once was.
Egypt
Egypt was once the pinnacle of ancient wealth, with pharaohs building massive monuments to their riches. Centuries of invasions and leadership changes eventually eroded that fortune. While its historical grandeur remains, Egypt’s modern economy has long since fallen from its golden era.
Cuba
After the revolution and the U.S. embargo, Cuba’s economy took a steep dive. However, Cuba was once the world’s largest sugar producer, and with it came significant wealth. While the country maintains its independence, the days of economic prosperity seem a distant memory.
Mexico
In the 16th century, Mexico was the crown jewel of the Spanish Empire, overflowing with silver and gold. Unfortunately, battles, internal strife, and a series of economic missteps caused it to lose much of its wealth. Though Mexico remains a major economy, it’s never recaptured its colonial glory.
Nigeria
Nigeria’s oil reserves once promised enormous wealth, but political instability, corruption, and poor management have kept much of that wealth out of reach. While the country is rich in resources, its people have struggled to benefit fully from its oil boom.
Myanmar
This region holds vast natural resources, including gems and oil, that should have made it incredibly wealthy. However, decades of army rule and financial isolation caused it to squander these resources. Even today, it’s a country filled with potential but bogged down by its troubled past.
Iran
Iran, once the heart of the wealthy Persian Empire, was a land of immense riches. However, following the 1979 revolution and years of economic sanctions, much of that wealth has diminished. Despite its significant oil reserves, Iran continues to face financial struggles due to both global pressures and internal challenges.
