Part 6/9:
The Oil Boom and Economic Disparities
Despite this boom, wealth distribution has remained alarmingly inequitable. Approximately 70% of the population continues to live on less than a dollar a day, revealing the stark contrasts between the country's immense wealth and widespread poverty. The corrupt practices within the ruling elite perpetuate this inequality as funds intended for national development are often diverted to lavish lifestyles, exemplified by the opulent habits of Obiang's son, Teodoro Nguema Obiang Mang, the vice president, who has made headlines for his extravagant spending amidst the nation's fiscal mismanagement.