Nonrenewable natural capital, metals and minerals: iron ore (current US$)
Nominal nonrenewable natural capital includes assets such as oil, natural gas, coal, and metals and minerals (bauxite, copper, gold, iron ore, lead, nickel, phosphate, silver, tin, cobalt, molybdenum, platinum, and lithium). The values are reported in current US dollars, based on market exchange rates and without adjustments for inflation or volume indices.
Total wealth is calculated by summing up the nominal estimates of each component of wealth: produced capital, natural capital, human capital, and net foreign assets. The construction of these wealth accounts is guided by the concepts and methods of the System of National Accounts (SNA), a framework developed by the UN Statistical Commission used by virtually all countries. While produced capital and net foreign assets are derived from observed transactions, the values of natural capital and human capital are estimated using the discounted stream of expected net earnings (resource rents for natural capital and wages for human capital) over their lifetime. The values are expressed in current US dollars without adjustments for inflation or changes in asset volumes over time.