The Richest Countries In Africa

Equatorial Guinea, Seychelles, and Mauritius all rank high on the list of African countries by GDP per capita.

Trade, agriculture, human resources, and industry are the major components of the African economy. As of 2012, Africa housed 1.07 billion people in the 54 countries of the continent. Though the country is rich in resources, the people of the country have been exploited for decades and are poverty stricken. It is expected that the African economy will reach a GDP of $29 trillion by 2050. However, it is also estimated that the disparity in income will deter the wealth distribution among the people of the continent. Currently, a number of African countries are among the poorest while others have some of the fastest growing economies in the world.

Here we discuss the ten richest countries in Africa and the nature of their economies.

10. Namibia - $11,800

Namibia can be found in Southern Africa. With a per capita GDP of $11,800, it is the tenth richest country in Africa. Mining, agriculture, manufacturing, and tourism all play large parts in the country's economy. The country is sparsely populated, with a population of around 2 million.

However, cost of living in Namibia remains relatively high. Many goods that are consumed within the country are imported, which contributes to their high costs. Furthermore, there is a monopoly over many commodities, which also further escalates this cost. The unemployment rate in Namibia is also high, at around 27.4%. The country today is characterized as an emerging economy.

9. Egypt - $12,100

Egypt is a transcontinental country with territories stretching from Africa’s northeast corner to Asia’s southwest corner across the Sinai Peninsula. Egypt shares its borders with the Gaza Strip and Israel, the Red Sea, Gulf of Aqaba, Red Sea, Sudan, and Libya. Cairo is the capital of the country. It ranks ninth on our list with a per capita GDP of $12,100.

The economy of Egypt depends on agriculture, tourism, natural gas, and petroleum imports, as well as revenues from the Suez Canal. A large number of Egyptians also work abroad. The remittances of these workers contribute to the wealth of the nation. Despite the abundant natural resources and nearness to the sea, overpopulation, desertification and decreasing water levels of the Nile are the major factors threatening the Egyptian economy. The infiltration of terrorist groups and internal rebellions also serve to damage the country’s economic stability.

8. South Africa - $13,500

South Africa, the southernmost country on the continent, is bordered by Namibia, Zimbabwe, Botswana, Swaziland, Lesotho, and Mozambique. The country has a mixed type of economy and has a relatively high GDP compared to other African countries. Despite this fact, South Africa has high rates of unemployment, poverty, and a wide gap between the rich and the poor. Nonetheless, it ranks eighth on the list with an average per capita income of $13,500.

South Africa is enlisted among the top 10 countries in the world for income inequality. The economic disparity among South Africa’s population is primarily a result of the apartheid regime in the country which ended in 1994. Gradual improvements in the country’s economy have occurred since then. Tourism is one of the biggest revenue generating industries in South Africa. Germany, US, Japan, and China are the biggest trade partners of South Africa outside of Africa.

7. Libya - $14,200

Libya is located in North Africa. It is the fourth largest country in Africa by land area. The population is around 6 million, and the per capita GDP is $14,200.

A country rich in oil reserves, Libya ranks as the 7th richest country in Africa by per capita GDP. Its oil reserves account for almost all of the country's exports, and make up the fast majority of the country's GDP as well. Libya is also rich in natural gas and gypsum. Libya is defined as being an "Upper Middle Income Economy" by the World Bank.

Like most entries on this list, the GDP of Libya is greatly due to its oil reserves and relatively small population. Per capita GDP does not take income inequality into consideration. Unemployment in Libya is high, and wavers around 21%.

6. Algeria - $15,000

Algeria, the largest country in Africa, is located in the Northern part of the continent. It is the 6th richest country in Africa with a GDP per capita of $15,000. The country has a population of over 40 million. Like many countries on this list, it is considered by the World Bank to be an upper middle country.

Traditionally, the state has played a large role in the economy of Algeria. However, in recent years, the economy has diversified. To date, unemployment rates remain high, especially among youth. The country's economy relies greatly on hydrocarbons (petroleum and natural gas).

5. Botswana - $16,900

Botswana is located in southern Africa. The country is known for its reputation as a stable democracy. It has a population of around 2.1 million, and a land area of around 224,610 square miles.
The economy of Botswana grew very quickly. It is considered to be a middle-income country. The country is also home to a highly sophisticated banking system and a low level of foreign debt. Metals and gemstones are important to the economy of Botswana, and include resources such as uranium, gold, diamonds, copper, and, to a lesser extent, gold.

4. Gabon - $19,300

A Central African country, Gabon is located on the west African coast and is bordered by Equatorial Guinea, Cameroon, and the Republic of the Congo. Libreville is the capital and biggest city of the country. It ranks fourth on this list with an average GDP of $19,300.

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. The Gabonese government has been accused of overspending. Again, it is important to note that income inequality is not taken into consideration when per capita GDP is reported. A low population of 1,475,000 and a high amount of oil revenue explains Gabon's position on the list of richest countries. However, many of its residents continue to live in poverty.

3. Mauritius - $20,500

Mauritius is an island country located in the Indian Ocean off of the southeast coast of the African continent. Throughout its history, the country has been at times a Dutch colony, a French colony, and a British colony. It has been independent since 1968 and has a population of around 1.3 million. It is the third richest country in Africa with a GDP per capita of $20,500.

The economy of Mauritius is greatly centered around tourism. Although agriculture used to play an important role in the country's economy, its important has shrunken. The World Bank refers to Mauritius as an "upper middle income economy". It has been applauded for its free economy. Tourists are drawn to Mauritius for its pleasant climate, beautiful beaches, and warm ocean water.

2. Seychelles - $28,000

Seychelles is also an island country found in the Indian Ocean. It is actually made up of 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, with a reported per capita GDP of $28,000.

Seychelles is characterized as a highly developed country. However, income inequality is also rampant. The country's economy is largely based on tourism, by an overwhelming margin. Fishing and the processing of natural resources such as coconut also play a part. Before tourists began to visit the country, plantations used to drive the economy of Seychelles. In recent decades, the government has tried to come up with initiatives of how they can reduce their dependence on tourism. Although it has been suspected that Seychelles may harbor offshore oil reserves, to this date none have been found.

1. Equatorial Guinea - $38,700

Equatorial Guinea is a country located in Central Africa. It is relatively small, covering only around 10,830 square miles. The population measures at around 1,222,245. It is partly this low population that helps the GDP to remain relatively high. It comes in first place with a GDP per capita of $38,700.

Although this number may appear to be high, on the UN's Human Development Index, Equatorial Guinea ranks 136th. This is mostly due to the extreme income inequality that is found within the country. It is difficult to determine what exactly the median income for those living in Equatorial Guinea would be, as access to the country is still rather limited. Although the country's GDP is very high, it has been noted that many residents of Equatorial Guinea lack basic rights such as access to clean water.

See source below for Full List and Photos. Nigeria's Position will shock you.

Source: http://ontop24..com.ng/2017/09/the-richest-countries-in-africa.html
The Richest Countries In Africa

We are very rich we don't show ourselves to the public

With buhari as nigeria presidiot? Nigeria will only contest for the poorest countries in Africa

With a population of 180 million, Nigeria's per capita will certainly be trash. Some ignoramuses will soon blame buhari for this... I already sight one above...

obailala:
With a population of 180 million, Nigeria's per capita will certainly be trash. Some ignoramuses will soon blame buhari for this... I already sight one above...

Buhari isn't the sole cause of this but a big part of this. Population doesn't impede growth or reduces Per capita GDP in anyway, it is lack of productivity that's responsible. As long as free oil money flow people (leaders inclusive) won't work.

This is the reason we must restructure. Nobody wants to produce wealth cos the system is too hard and easy oil money is in total circulation.
It is a reverse stick n carrot situation against productivity.

They say over 50% of our population is poor. The over 40% that are not poor are more than the population of most countries on that list.


We have our problems- we know. No matter the situation, I don't think we can go cap in hand to beg any of these countries here to beg. Most of them got help from us and it's sad we haven't grown and have let the black race down, but we shall get there.

Where is Nigeria the giant of Africa?

Nigeria: $2,000.

Story..who rich country EPP?

Libya rich ? With the current situation ? OP you well at all ?

littlewonders:
We are very rich we don't show ourselves to the public

mechie onu (Shut up). Have you sip garri this morning.

Donpresh95:


mechie onu (Shut up). Have you sip garri this morning.

Did they deny you Visa in your dream. Is it your rich? Aproko!!

Dat list no complete jaaree!!!!

Crap those countries you see there living in object of poverty

Were you expecting differently?
Go to the streets and understand what real poverty is in Nigeria.
No good health care,good drinking water,electricity etc.
Every man is his own govt in this country. You provide everything for yourself but in turn pay tax to the useless govt.

obailala:
With a population of 180 million, Nigeria's per capita will certainly be trash. Some ignoramuses will soon blame buhari for this... I already sight one above...

he should go and ask xi jinping with a population of 1,389,512,582 how it is done. Stop defending a liability.

muller101:
he should go and ask xi jinping with a population of 1,389,512,582 how it is done. Stop defending a liability.

Of course Nigeria is a poor country, even a child knows that. But when a person thinks a government which entered power 2 years ago is responsible for Nigeria's low per capita, then such a person needs to go back to primary school.

obailala:
Of course Nigeria is a poor country, even a child knows that. But when a person thinks a government which entered power 2 years ago is responsible for Nigeria's low per capita, then such a person needs to go back to primary school.

Nigeria is not a poor country pls. This country is EXTREMELY rich. It is our leaders that are poor in reasoning.

muller101:
Nigeria is not a poor country pls. This country is EXTREMELY rich. It is our leaders that are poor in reasoning.

Point of correction, the Nigeria has POTENTIALS to be EXTREMELY rich, but the leaders have been unable to convert the potentials to real wealth.

obailala:
With a population of 180 million, Nigeria's per capita will certainly be trash. Some ignoramuses will soon blame buhari for this... I already sight one above...

So that kind of source is what you feel is credible enough?

A blog?!!

BALLOSKI:
They say over 50% of our population is poor. The over 40% that are not poor are more than the population of most countries on that list.


We have our problems- we know. No matter the situation, I don't think we can go cap in hand to beg any of these countries here to beg. Most of them got help from us and it's sad we haven't grown and have let the black race down, but we shall get there.

Stop talking *ish bros. The amount on that list is what each person in each country averages. Nigerians and crowd mentality.

The picture they are painting is that of what the citizens enjoy and not of what the country has.

muller101:
Nigeria is not a poor country pls. This country is EXTREMELY rich. It is our leaders that are poor in reasoning.

Oga Nigeria is extremely poor. The picture the per capita GDP is painting is that of what the average citizen enjoy in value. The fact that Nigerian govt has more money than Gabon doesn't mean the average Nigerian citizen is richer than the average Gabonese.
Imagine two families, one has 20 members and each child enjoy total of #10,000 per annun, the other family has 4 members and each enjoys value of #40,000 per annum. The second family has a better standard of living (times 4) than the first family.
At the end of the day the larger family (Nigeria) has lower living standards than the smaller families (the OP's list).
Stop confusing population for development or advancement.

obailala:
Of course Nigeria is a poor country, even a child knows that. But when a person thinks a government which entered power 2 years ago is responsible for Nigeria's low per capita, then such a person needs to go back to primary school.

Oga I disagree with you here.
A govt of 2 years can do ten times better than what Buhari-APC has done. Take the rice-revolution for example, how much does the govt pump into agriculture in total? It could have been multiple of that and it would av impacted our system multiple times what rice did.

Desyner:
Oga I disagree with you here.
A govt of 2 years can do ten times better than what Buhari-APC has done. Take the rice-revolution for example, how much does the govt pump into agriculture in total? It could have been multiple of that and it would av impacted our

The govt buhari/apc could certainly do much more, but insinuating that Nigeria could possibly be lifted from poor to rich status in 2 years is laughable. More so in 2 years of an oil price slump for a country that relies on oil sales for over 90% of its forex income.

Hahahahahaha......it should be $360

989900:
Nigeria: $2,000.

obailala:
With a population of 180 million, Nigeria's per capita will certainly be trash. Some ignoramuses will soon blame buhari for this... I already sight one above...

How about China and Indian.

Stop thinking with ur kidney

Jonathan has already killed nja

obailala:

The govt buhari/apc could certainly do much more, but insinuating that Nigeria could possibly be lifted from poor to rich status in 2 years is laughable. More so in 2 years of an oil price slump for a country that relies on oil sales for over 90% of its forex income.

Aren't we looking for oil in Borno? I insist.

I observed that majority of the countries of the list have low human populations with some stability in their polities.
Nigeria (giANT of Africa) has about 20% of Africa's population, with successive governments that have failed in their duties to nation building, despite the fact that its human and economic resources are in abundance, it ranks amongs the poorest nations.
This is the reason it cannot hold a candlelight near the list of countries that make up the top 10.