TOP TEN RICHEST COUNTRIES IN AFRICA

 TOP TEN RICHEST COUNTRIES IN AFRICA

Africa is the second largest continent in the world, and is the host continent to some pretty rich countries. Today, we’ll take a quick glance at the top 10 richest countries in Africa. The following list looks at countries with the highest GDP per capita rates on the continent. A clear-cut distinction has to be made between real GDP and GDP per capita because the former looks at economic growth while the latter [GDP per capita] measures economic development as it facilitates a country’s standard of living.

Africa and its abundant natural resources, these have immensely risen the economies of various countries. Some people believe Africa constitutes the poorest continents, above all to contradict this notion, we have come up with these list.

Below is the list of the richest countries in Africa based on GDP per capita:

1. EQUATORIAL GUINEA

This country is actually the richest in Africa according to the method of measurement mentioned above.  Equatorial Guinea maintains the GDP (PPP) per capita of $40,718.8. It’s the third largest producer of oil in Africa and has a very low population of around 845,060. The vast deposits of oil have made the country the richest in Africa despite some incidences of corruption in the country.

2. SEYCHELLES 

This is an island country in the Indian Ocean. With around 115 small islands. With a population of only 92,000, it has the tiniest population of any country in Africa. It ranks as the second richest country of Africa. Seychelles flourishes by capitalizing on its low population count, the tourism sector and fishing industry. These have bolstered Seychelles’ economy over the years to make it the richest on the continent. Seychelles has a GDP per capita of $27,177.2. The country’s low unemployment rate of just 1% indicates a favorable standard of living.

3. MAURITIUS 

Mauritius’ GDP per capita of $20,085.2 is an indication that it is Africa’s third richest country. The United Nations once issued a report implying that Mauritius is Africa’s most developed country. The economy of the country is directly proportional to the tourism, information technology and transportation. Mauritius maintains a high standard of living under the influence of a properly-diversified economy concerned with the production of apparel, textile manufacturing, tourism, and sugar production.

4. GABON

A low population of 1,475,000 and a high amount of oil revenue explains Gabon’s position on the list of richest countries. The economy of Gabon centers around oil. However, over recent decades, oil production in Gabon has been declining, with some experts predicting that it is soon to run out. It also makes use of extensive exports of manganese, uranium, and timber which contribute three-fourths of the nation’s GDP.

5. BOTSWANA 

This country is located in southern Africa. The country has a stable democracy. It has a population of around 2.1 million, and a land area of around 224,610 square miles. Its GDP per capita stands at $15,893.93. A positive interplay of a low population density and vast diamond deposits makes Botswana one of the wealthiest countries on the continent. It is one of the fastest-growing economies on the continent. Not only does it thrive on diamonds, but it is anchored by tourism and cattle too.

 

 6. ALGERIA  

The economy of Algeria is majorly dependent on the energy industry which produces massive amounts of fossil fuels. At the same time, the energy industry contributes more than 95% of Algeria’s export revenue. In addition, it makes up 30% and 60% of the country’s GDP and budget earnings respectively. Algeria is in the Northern region of Africa and it is unarguably one of the best economies in the region. With the GDP per capita of $14,717.3, Algeria is Africa’s sixth richest country as well as the richest North African country.

7. SOUTH AFRICA 

South Africa is by arguably one of the most diversified countries in Africa. It has a GDP per capita of $13,195.5 and if this way of measurement is put aside, it is the second largest economy on the continent. South Africa has the highest number of African dollar billionaires. South Africa’s boosting economy is powered by exports of gold, diamonds, platinum, machinery, and other metals and minerals. The World Bank named South Africa an upper middle economy.
8.  TUNISIA 
It’s easy to point at Tunisia as one of the most vibrant economies in North Africa. It has a GDP per capita of $11,467.1 and this is contributed by  its rich oil and gas production levels. Tunisia is doing well in having a diversified economy, and when it comes to exports it is powered by phosphates, agro-food products, chemical and textiles. Tourism is also worth including, with the major attractions being the cosmopolitan capital city of Tunis, Jerba’s Muslim quarters, the ancient ruins of Carthage.

9. EGYPT  

You cannot talk of the largest economies in Africa without including Egypt. Through its GDP per capita of $10,913.4, Egypt dominates the third position among the richest North African countries. Egypt has been favoured by industrial development and robust advance in technological innovations. Precisely, many of its dollar billionaires have invested immensely in facilitating the growth of IT and technology at large. Its democracy may be kind of shaky but its economy may well be strong.

10. NAMIBIA 

Global statistics about mineral production reveal that Namibia constitutes the world’s biggest producers of uranium. Meanwhile, the Namibian government earns the lion share of its revenue from mineral extraction and exportation. On this list, Namibia is Africa’s tenth richest country. While the Namibian economy is heavily based on the exportation of minerals including diamond and uranium, the major factor that contributes to its high GDP (PPP) per capita of $10,411 is the country’s meager population of 2.5 million inhabitants.

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