​​Imagine an empire so vast, where the sun never sets, with an army powerful enough to conquer and annex Hong Kong, Canada, India, South Africa, New Zealand, Australia, Zimbabwe, Pakistan, The United States of America, the Falklands, Singapore, and more. Twenty four percent of the world’s landmass has been subject to its rule, with 214 million subjects at its peak of power. However, even after granting independence to most of their colonies, this relatively small country consisting of Wales, Northern Ireland, England, and Scotland is still the sixth-largest national economy with a nominal GDP of $3 trillion. This empire is none other than the United Kingdom. However, how much did the colonial pursuits of the Great British Empire actually contribute to this?

Most economists believe that when a country makes improvements to its natural resources, human resources, and capital resources, that it leads directly to stronger economic growth and prosperity. This essay aims to quantify and demonstrate how British colonialism's efforts and results have made the United Kingdom significantly wealthier than it would have been otherwise. This essay challenges the conventional wisdom that British colonialism caused Britain to get into debt and instead argues that British colonies have helped advance the UK's main industries.

The United Kingdom developed its human resources during colonization. The various areas that were under British control led to the emergence of a multicultural society inside the UK. About 24% of today’s workforce in the UK is made up of people of color, which increases cultural diversity and economic productivity. The talents, expertise, and perspectives that these people brought with them contributed greatly to several social and economic fields in Britain. Between 1995 and 2011, immigrants brought in an average of £4.7 billion in net positive fiscal contributions to the UK. This indicates that their tax contributions were greater than the price of the public services they used. Immigrants from former colonies have brought in a skilled workforce, in fields like healthcare, and a substantial number of non-UK born doctors in the NHS (Britain’s National Health Service) are from India and Nigeria, both former British colonies. In terms of business expansion and entrepreneurship, Indian, Nigerian, and Jamaican entrepreneurs were among the most prevalent in the UK. Immigrants from former British colonies bring diverse cultural perspectives and global networks, which have been beneficial for trade, investment, and business opportunities. UK's international business collaborations and ventures are boosted by its deep understanding of home countries' markets, cultural nuances, and connections, enhancing its competitiveness in the global economy.

In addition, British colonialism significantly impacted the financial capabilities of the United Kingdom, leading to the expansion of its financial sector and the establishment of influential institutions. HSBC, founded in 1865 in Hong Kong, played a crucial role in facilitating trade and finance between Europe and Asia, leveraging the UK's colonial connections. Today, HSBC is one of the largest banking and financial services organizations globally, with total assets of $2.97 trillion as of 2021. The establishment of HSBC's international network and its ability to tap into growing Asian markets have contributed significantly to the UK's financial prosperity. The Swire Group, founded in the early 19th century in Hong Kong, is another notable example of British colonial legacy in the business sector. With a diverse portfolio including Cathay Pacific Airways, Swire Properties, Pacific Offshore Holdings, Swire Energy Services, and Coca-Cola, Swire's success and expansion have contributed to the UK's financial capabilities. With a market capitalization of approximately $26.3 billion in 2021, Swire is one of the most valuable corporations in the world. Swire's extensive business interests and investments have created employment opportunities, generated revenue, and fostered economic growth, ultimately benefiting the UK's financial sector.

The exploitation of natural resources during British colonialism significantly impacted the UK's economic expansion. The discovery and extraction of precious minerals, such as cobalt, diamonds, uranium, and platinum, in colonized territories supported British businesses and contributed to the overall growth of the UK's economy. The abundance of diamonds in British-controlled South Africa led to the country becoming the world's leading diamond producer in the late 19th century. The extraction of resources also fueled the Industrial Revolution, allowing for the expansion of manufacturing and infrastructure development. The need for effective resource extraction drove technological advancements in mining methods and equipment, which increased productivity and contributed to economic prosperity.

However, the exploitation and extraction of these resources often came at a significant cost, with local inhabitants suffering from displacement, labor exploitation, and socioeconomic inequalities. Additionally, the environmental impact of resource extraction often resulted in deforestation, soil erosion, and water source pollution. To evaluate the contribution of British colonialism to the UK's wealth, it is essential to recognize the detrimental social and environmental effects of resource exploitation and work towards sustainable practices that prioritize ethical resource management and environmental stewardship.

It is critical to recognize that other causes, other than colonialism, contributed to the United Kingdom's current economic prosperity. The manufacturing, technological, and transportation industries underwent radical upheaval throughout the Industrial Revolution, which took place in the 18th and 19th centuries, making the UK a prominent industrial and economic power. During this period of rapid industrialization, the nation's economic landscape underwent significant change. For instance, historical data indicates that the UK's GDP per capita increased by around 2.2% per year between 1760 and 1830, highlighting the substantial economic growth during this period when British colonialism was expanding. Industries such as textile manufacturing, iron and steel production, coal mining, and shipbuilding flourished, with cities like Manchester becoming major centers of production and trade. Furthermore, London, as the global financial hub, hosts major financial institutions and the London Stock Exchange, further attracting international investments and fostering economic growth.

The country's long-standing parliamentary democracy and a well-established system of governance have provided stability conducive to business growth. In 2020, the UK scored 1.9 out of 2 in the World Bank's "Worldwide Governance Indicators," reflecting a high level of political stability. The UK's legal system, recognized for its fairness and effectiveness, has fostered trust and confidence among businesses. For instance, the country ranked 12th out of 128 countries in the World Justice Project's "Rule of Law Index" in 2020. Its robust legal framework, including strong protection of intellectual property rights, has incentivized innovation and provided a reliable legal environment for economic activities.

Moreover, some of the most influential British citizens are from former colonies. They have made contributions in many realms, such as sports where the sprinter of African descent, Eliot Giles, won a European Championship. Bronze Medallist, 4x National Champion, 1x Diamond League winner, and 1x In Top 8 at World Indoor Championships, Sir Mohamed Muktar Jama Farah, a renowned world class sprinter with ten gold medals at the global championships, is of Somali descent. Not to mention mixed race Formula One racer Sir Lewis Hamilton, of Grenadian descent, recently named in Times Magazine's 100 most influential people in the world, has won a joint-record seven World Drivers' Championship titles (tied with Michael Schumacher), and holds the records for the most wins (103), pole positions (103), and podium finishes (194).  British literature has been greatly influenced by immigrant authors, such as Salman Rushdie, who won the Booker Prize in 1981 for his novel "Midnight's Children." His work explores themes of identity, migration, and cultural hybridity, reflecting the immigrant experience and fostering cross-cultural understanding. In science, immigrant scientists like Sir Venki Ramakrishnan have played a vital role in advancing knowledge and innovation. Sir Peter Blake, a renowned British pop artist, has left an indelible mark on popular culture with his iconic artwork. In business and entrepreneurship, immigrants have played a pivotal role in driving economic growth and innovation. Sir Anwar Pervez, a British-Pakistani entrepreneur, is the founder of Bestway Group, one of the UK's largest cash and carry businesses. His success story highlights the contributions of immigrant entrepreneurs to job creation, economic development, and philanthropy, demonstrating the valuable role immigrants form the former colonies play in shaping the business landscape and contributing to the UK's prosperity. These examples represent only a fraction of the numerous influential British individuals who are immigrants or have immigrant backgrounds. Their experiences, perspectives, and talents enrich the nation's cultural fabric and contribute to its economic and intellectual vitality. Fostering an inclusive and welcoming society that values diversity and provides opportunities for all is essential for building a stronger and more interconnected society where talent can thrive regardless of one's origins.

Brexit, the process by which the United Kingdom exited the European Union, has been a divisive and consequential event. While proponents argued that leaving the EU would provide greater sovereignty and control, there is growing evidence that Brexit is leading to the closing up of Britain in various aspects.

One of the most significant effects of Brexit is its impact on the UK economy. The decision to leave the EU has resulted in trade barriers, increased bureaucratic procedures, and uncertainty surrounding future economic relationships. According to the Office for National Statistics, UK exports to the EU decreased by 40.7% in January 2021 compared to the same month the previous year. Additionally, the Centre for European Reform estimates that foreign direct investment in the UK fell by 43% in 2020. These statistics demonstrate the negative economic consequences of Brexit, leading to a closing up of Britain's access to the European market. Unlike Brexit, colonialism marked the high point of Britain’s contact with the outside world. Not coincidentally, it also marked the high point of Britain’s economic, military and cultural influence. While British colonialism did have negative consequences, its legacy is one factor that has helped Great Britain retain its position as an influential country.