maybe
especially when compared with nearby venezuela (which has a lot more natural resources too)
Venezuela was the second wealthiest country in the Western Hemisphere back in the 1970/1980s. Before Chavez and the socialist/commies took over.
I remember a neighbor had two Venezuelan exchange students back in the 1970s. They taught us how to play “football” (soccer). One taught me to keep me mouth closed when I head butted the ball so that I would not bite my tongue. They were both intelligent young men.