1. Geography - As Tyson Rosage has explained in his answer. There are several other arguments like Atlantic Ocean not being as wide as Pacific hence it was easier for Columbus to cross it and reach America. He may not have been able to do that in Pacific. Or that is the reason Chinese fleets did not discover America. Jared Diamond explains the spread of farming on West-East axis rather than North-South since weather changes and same seeds cannot grow. That is why we see most of ancient civilizations (Egyptian, Persian, Mesopotamian, Inca, Indus Valley) in a narrow zone near equator. Africa had plenty of large animals (Zebras, Lions, etc) but none of the domesticable species (Pigs, Goats, Cows) originate in Africa thereby putting them at a disadvantage. I recommend reading book called 'Wealth and Poverty of Nations' by Harvard Professor, David Landes and another one 'Guns, Germs, and Steel' by Jared Diamond.
2. Culture - Some people argue that certain cultural values promote creativity and learning and hence are more progressive. It is more debated. Overlaps with Racial basis which becomes controversial. Read books by Thomas Sowell, Nicholas Wade.
3. Institutions of a country - In their book 'Why Nations Fail', writers Daren Acemoglu and James Robinson debunk the theory of Geography or Culture. They argue that it's the quality of institutions in a country that decide whether it will end up rich or poor. They explain well as to why Industrial Revolution occurred in England and why not anywhere else. They tie it to a major social change in 1688 in form of Glorious Revolution. On the other hand, extractive institutions are what keep a country poor. They explain North Korea Vs South Korea, Mexico Vs US, South America Vs North America, Singapore becoming a rich country without any natural resources. In my view, this argument holds good if we consider only the last 500 odd years.