Top 10 Richest African Countries

Top 10 Richest African Countries

Africa is the second largest and most-famous continent in the world. It occupies 6% area of total surface area of the earth. When it comes to economic wealth, Africa has most of the poorest countries in the world means Africa is the poorest continent as compared to other continents. All African countries are not poor, there are very few or several rich countries in Africa. The ranking of richest African countries is based on the GDP (Gross Domestic Product) and PPP (Purchasing Power Parity). Here, we have mentioned the top 10 richest African countries.

  1. Angola

Angola is a country situated in Southern Africa. It is the seventh-largest country in Africa which is bounded by the Namibia to the south, the Democratic Republic of the Congo to the north, Zambia to the east and the Atlantic Ocean to the west. The country oil and gas deposit have played a vital role in boosting the country economy. Its economy also has been elevated by the other export such as diamonds, oil, gold, copper, a rich wildlife, forest and fossil fuels. But oil and diamonds are the important economic resource of Angola. It ranks as the 6th richest country in Africa by per capita GDP of $7,300.

  1. Namibia

Namibia is a country found in southern Africa. The Atlantic Ocean is the western border of the country. Mining, agriculture, manufacturing, and tourism are the major components of Namibia’s economy. The country is scantily populated, with a population of around 2 million. Namibia has a highly developed banking sector with ultra-modern infrastructures, such as online banking and cellphone banking. Namibia is the fourth largest exporter of non-fuel minerals in Africa and the fourth largest uranium producer in the world. The cost of living in Namibia remains comparitively high. A Number of goods are utilized within the country that is imported which contributes high prices. It ranks tenth position in our list with a per capita GDP of $11,800.

  1. Egypt

Egypt is the transcontinental country with territories expanding from Africa’s northeast corner to Asia’s southwest corner over Sinai Peninsula. Egypt is a country with several of the richest people on the continent. It is considered as one of the experienced civilization developments such as writing, government, agriculture, trade and human resources. Egypt economy is one of the largest and most expanded as well among the Middle East countries. Egypt divides its border with the Gaza Strip and Israel, the Red Sea, Gulf of Aqaba, Red Sea, Sudan, and Libya. The capital of Egypt is Cairo. It ranks ninth on our list with a per capita GDP of $12,100.

  1. South Africa

South Africa is a country on the southernmost corner of the African continent. South Africa stretches across the South Atlantic and Indian Oceans. The country has a mixed type of economy and has a comparatively high GDP rather than other African countries. Its economy has been increased by exports materials such as platinum, diamonds, gold, other metals and minerals, machinery and equipment. South Africa is the 25th largest country by Earth’s surface area in the world as well as 24th global rank in relation to being populous is South Africa. With a per capita GDP of $13,200, it is the eighth richest country in Africa.

  1. Libya

Libya is a country which is located in Mahgreb region of North Africa and surrounded by the Mediterranean Sea to the north direction. The Libyan economy primarily relies on revenues from the oil sector. Libya holds the largest proven oil reserves in Africa and is an important supplier to the global supply of light sweet crude. Libya is also rich in natural gas and gypsum exporting. The World Bank defines Libya as an ‘Upper Middle Income Economy’, along with seven other African countries. It ranks seventh on the list with an average per capita income of $14,200.

  1. Botswana

Botswana is a landlocked country which is situated in Southern Africa.  Botswana has had one of the fastest growth rates in per capita income in the world. It has a population of around 2.1 million. The Ministry of Trade and Industry of Botswana is responsible for promoting business development throughout the country. It has a highly sophisticated banking system and a low level of foreign debt. Mining, cattle and tourism are the major components of Botswana’s economy.  Metals and gemstones are most important to the economy of Botswana. Botswana economy is also elevated by the other resources such as uranium, gold, diamonds and copper. With a per capita GDP of $16,900, it is the fifth richest country in Africa.

  1. Gabon

Gabon is a Central African country which is located on the West African coast and is surrounded by the Equatorial Guinea, Cameroon, and the Republic of the Congo. Its population is estimated at 2 million people. Libreville is the capital of the country. Its economy has been boosted by exports such as manganese, uranium and timber, but oil remains the main economic resource of Gabon. Gabon ranks as the 4th richest country in Africa by per capita GDP of $19,300.

  1. Mauritius

Mauritius is a country located in the Indian Ocean in the southernmost corner of the African continent. It is well-known for its pleasant climates, beautiful beaches, lagoons, reefs and warm ocean water. Mauritius has developed from a low-income, agriculture-based economy to a middle-income diversified economy. Its prosperous economy has been due to tourism, textiles, sugar, financial services and exports. Mauritius defines as an ‘Upper Middle Income Economy’ by The World Bank. It ranks the third position on the list with an average per capita income of $20,500.

  1. Seychelles

Seychelles is a country which is found in East Africa region. It is famous for beaches, coral reefs and nature reserves, as well as rare animals such as giant Aldabra tortoises. Victoria is the capital of Seychelles. The country is populated with a population of around only 92,000 it has the smallest population of any country in Africa. Seychelles is considered as a highly developed country. The economy of Seychelles is largely based on tourism, tourism became an important industry which divided the economy into two parts that are: plantations and tourism. With a per capita GDP of $28,000, it is the second richest country in Africa.

  1. Equatorial Guinea

Equatorial Guinea is a country located in Central Africa. The country had an estimated population of 1,222,245. It is low populated country or it is one of the smallest states in Africa. Oil is the most important to the economy of Equatorial Guinea. In Africa, it is third largest oil producer and others activities like farming, forestry and fishing. The country also has some resources such as uranium, iron ore, gold and titanium. Equatorial Guinea ranks as the 1st richest country in Africa by per capita GDP of $38,700.

 

 

 

 

 

 

 

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