Although the richest countries in the globe may not be in Africa, the continent has a fair share of rich countries. In ranking how wealthy a country is, we don’t focus on the Gross Domestic Product, but the per capita income. To get a country’s per capita income, the income of that country in a year is divided by its total population. For instance, Nigeria has the highest Gross Domestic Product in the continent, while most of its inhabitants live in poverty. Since most African states have advanced on tourism and agricultural productivity, there has been a tremendous increase in their Gross Domestic Product.
Africa is the second-largest continent in the world, with a population of 1.3 billion people and 55 sovereign states. The top 10 richest countries include; Eswatini, Algeria, Namibia, South Africa, Libya, Botswana, Gabon, Equatorial Guinea, Mauritius, and Seychelles. The higher the per capita income of a country, the higher the living standards.
#1 Eswatini
It lies in the southern part of Africa, with a population of 1.1 million people. It is the tenth most-rich country in Africa. Although it is among the smallest states in Africa, it has a nominal GDP of $4.6 billion and a nominal per capita of $4131. The economy of the country is dependent on diverse economic activities. Agriculture, forestry, and mining account for about 13% of the country’s GDP. While manufacturing, sugar processing, and textile contribute 37% of GDP. Government services are, however, on the lead with 50%. When it comes to agriculture, the country invests in high-priced crops of citrus, sugarcane, etc. All the activities they carry out make it among the richest countries in Africa.
#2 Algeria
The Democratic Republic of Algeria is a country in the northern part of Africa with an area of 2,381,741 kilometer square hence third largest in the world. It is the eighth-most populous country in Africa with a total population of 44 million people. The nominal GDP of Algeria is $180.4 billion, while the nominal GDP per capita is $4229.The World Bank categorizes the country as an upper-middle-income state. Since the government imposed restrictions on foreign involvement in its economy and imports, its economy has been improving. The government has also halted the privatization of government-owned businesses.
#3 Namibia
It is the 8th most-rich country in the southern part of Africa. The state has a surface area of 825,615 square kilometers, with a population of 2.7 million people. Since it has a similar history with South Africa, they have a tied economy. Namibia solely depends on mining, agriculture, manufacturing, and tourism for its economic growth. Mining contributes to about 10.4%, agriculture 5%, manufacturing, and tourism 13.5% of GDP. The country has a nominal GDP of $14.1 billion and a nominal GDP per capita of $5923.
Namibia has a highly developed banking sector and infrastructure. Five authorized banks in the country include Windhoek National Bank, Net, Standard, and Medium Enterprise Bank.
#4 South Africa
It is one of the best African states with beautiful sceneries. South Africa has a nominal GDP of $371.2 billion. Most of the rich people in Africa are from South Africa, hence its nominal GDP per capita of $6331. Compared to other countries in sub-Saharan Africa, it has a high GDP. It is a highly industrialized country with an upper-middle-income economy. However, mining is the main economic activity in the country.
#5 Libya
This country lies in the northern part of Africa. It is the fourth largest state and among the richest countries in Africa, with an area of 1.8 million square kilometers. The nominal GDP of the country is $51.3 billion, and the nominal GDP per capita is $7803.The Namibian economy is dependent on revenue from oil as it is rich in oil reserves. Most of its GDP comes from revenues from oil and exports.
#6 Botswana
Is an African state with a fast-growing economy. Botswana has transformed from one of the poorest countries to an upper-middle-income country. The country has natural resources eg, diamonds, which contribute to the high living standards. It has the fourth-highest nominal GDP per capita of $8263. The living standards of the people living in Botswana are similar to those in Latin America. Mining is the major contributor to its nominal GDP of $19.6 billion.
#7 Gabon
It lies in the western part of central Africa, with an area of 270,000 square kilometers. The country has a population of about 2.1 billion. The nominal GDP per capita of the country is $8384. The economy of the country mostly depends on oil reserves. The latter constitutes 46% of the government’s budget, 435 of GDP, and 81% of exports. The nominal GDP of the country is $70.2 billion.
Although Gabon is rich in oil reserves, oil production in the country has rapidly reduced. Income and inequality are, however, the major problems in the country.
#8 Equatorial Guinea
Many formerly referred to it as Spanish Guinea. It is the only sovereign African state in which Spanish is an official language. The country lies on the central coast of Africa with an area of 28000 square kilometers. It has a nominal GDP per capita of $9141.
Equatorial Guinea is the third-largest oil producer in sub-Saharan Africa. Its oil production has risen from 220000 barrels per day to 360000 barrels. Forestry farming, fishing, and subsistence farming are predominant economic activities in the country.
#9 Mauritius
It is a beautiful island country with a nominal GDP per capita of $11693. The main economic activity in the country is tourism and agriculture. Many regard Mauritius as a haven because of its aesthetic sceneries. Some of the best beaches globally are in Mauritius. The nominal GDP of Mauritius is $14.8 billion. The island is the second richest state in Africa with the second most powerful passport on the continent.
#10 Seychelles
This is the richest state in Africa, with a nominal GDP per capita of $16332. Tourism and agriculture are the main economic activities in the country. They cultivate Subsistence crops like sweet potatoes that serve as food for the locals. While exports such as cinnamon, canned and frozen fish, vanilla serve as their major exports.
It is among the least populated states in the continent, with a total of 98000 people. The country takes part in diverse economic activities; banking, telecommunications, privatization of public enterprises, etc.
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