The future of national wealth will increasingly depend on countries’ ability to manage, analyze, and effectively utilize data, the study claims.
A recent study published by TRENDS Research & Advisory, titled From Oil to Data: What is the Real Wealth of Nations in the 21st Century? by Senior Researcher Mouza Hasan Almarzooqi, confirms that the world is undergoing a profound transformation in the concept of national wealth. Natural resources alone are no longer the primary measure of economic power; instead, data, knowledge, and digital innovation have become the key pillars of prosperity and global competitiveness.
The study explains that the concept of wealth has evolved throughout history. In earlier centuries, wealth was associated with gold, silver, and natural resources. During the Industrial Revolution, manufacturing and industrial production became the main drivers of economic growth. In the 20th century, oil emerged as the dominant source of economic strength and geopolitical influence. However, the global economy has now entered a new era led by data, technology, and the digital economy.
According to the study, the rise of major technology companies such as Amazon, Google, Alibaba, and Facebook illustrates this transformation. Their value largely derives from their ability to collect, analyze, and monetize data to power artificial intelligence, digital services, advertising, and supply chains, rather than from traditional physical assets.
The researcher noted that the phrase “data is the new oil” is no longer merely a metaphor. Data has become an increasingly important economic resource. Unlike oil, however, data is non-depletable and can be reused repeatedly without being consumed, giving it exceptional economic value compared with traditional resources.
The study also argues that conventional indicators of national wealth, such as Gross Domestic Product (GDP) and Gross National Income (GNI), are no longer sufficient to assess a country’s true prosperity. These measures fail to capture the value of intangible assets, including knowledge, innovation, intellectual property, and digital infrastructure. Therefore, more comprehensive frameworks are needed to account for human, social, natural, and digital capital.
Furthermore, the study highlights that data has become a fundamental factor of production alongside land, capital, and labor. Countries that invest in digital infrastructure, artificial intelligence, cloud computing, and cybersecurity are achieving higher levels of economic growth and competitiveness. Digital economies are also contributing an increasing share of GDP while creating new opportunities for innovation and employment.
The study also warns of challenges associated with data-driven economies, including privacy concerns, cybersecurity risks, digital monopolies, and the widening digital divide between developed and developing countries. It also draws attention to the environmental impact of data centers, which consume substantial amounts of energy and water.
The study concludes that the future of national wealth will increasingly depend on countries’ ability to manage, analyze, and effectively utilize data. Investment in education, innovation, digital infrastructure, and data governance will be crucial in determining nations’ positions in the global economy.
Ultimately, the study emphasizes that the transition from a resource-based economy to a data-driven economy represents one of the most significant economic transformations of the modern era. Countries that succeed in building advanced digital ecosystems will be better positioned to achieve sustainable development and strengthen their economic influence in the decades ahead.
