Only 500 miles off. It is the island nation of Palau, in Oceania. Even more ignorance: I did not know Oceania was a thing. It sounds like something out of Lost. Anyway, Palau, according to the CIA handbook, is two and half times the size of Washington, DC. Its natural resources are forestry, gold, and deep-sea minerals (unspecified). It has a population of just about 21,000. Its capital is called Melekeok, a word I had literally never heard until today.
Now, I am going to go away and work on my geography.
Photographs from City Images, and Panoramio.