Teodoro Obiang Nguema Mbasogo is the President of Equatorial Guinea. Born on 6 June 1942 in Acoacán, Spanish Guinea (now Equatorial Guinea). He came to power in August 1979 by ousting his uncle Francisco Macias Nguema in a military coup. He has overseen the emergence of the nation as an important oil producer, beginning in 1990s. This President and his family literally own the economy, his personal fortune exceed $600 million, according to Forbes Magazine. In October 2011, the United States government seized $70 million assets of his son, Teodoro Nguema Obiang Mangue. Though Equatorial Guinea is Africa’s second richest nation with $23,370 (GDP per capita) and a small population of just 736,296, majority of the population actually live under the poverty line.
Equatorial Guinea’s GDP is greater than that of Italy, South Korea and Saudi Arabia. Unfortunately this nation is a case of squandered riches. The Equatorial Guinea produces three hundred and forty-six thousand barrels of oil every day. The economy of Equatorial Guinea owes much to oil production within the country with many of their oil rigs found just off the coast.