Since independence, Botswana has had one of the fastest growth rates in per capita income in the world. Botswana has transformed itself from one of the poorest countries in the world to an upper middle-income country. GDP per capita grew from $1,344 in 1950 to $15,015 in 2016. Although Botswana was resource-abundant, a good institutional framework allowed the country to reinvest resource-income in order to generate stable future income. By one estimate, it has the fourth highest gross national income at purchasing power parity in Africa, giving it a standard of living around that of Mexico.