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Top 20 Richest Country in Africa

Top 20 Richest Country in Africa

Are you interested in the richest countries in Africa? This list of the richest countries in Africa has everything you need to know about the countries including their population and gross domestic product (GDP).

Africa is the second largest continent in the world and has numerous countries with natural resources that contribute to their wealth and economy. In this article, we will are going to be focusing on twenty of these countries and the resources that contribute to their wealth. 

 

Table Showing The Top 20 Richest Country in Africa

 

Country

GDP per Capita

1

Seychelles

$21,875

Mauritius

$12,973

3

Gabon

$9,307

4

Botswana

$7,875

5

Libya

$6,975

6

Equatorial Quinea

$6,733

7

South Africa

$5,974

8

Algeria

$5,721

9

Namibia

$4,745

10

Cape Verde

$4,655

11

Tunisia

$4,435

12

Eswatini

$4,323

13

Djibouti

$4,183

14

Morocco

$4,077

15

Egypt

$3,224

16

Sao Tõmé and Príncipe

$3,167

17

Côte D’Ivoire

$2,717

18

Angola

$2,431

19

Zimbabwe

$2,087

20

Ghana

$2,229

 

Top 20 Richest Country in Africa 

  1. Seychelles 

Seychelles is the smallest country in Africa with an area of 459 square kilometers. The country has 115 islands, breaches, and beautiful vegetation in the Indian Ocean. Seychelles is the least populated country in Africa. 

Seychelles is regarded as the most prosperous nation in Sub-Saharan Africa. The economy of the country is very dependent on tourism and fishery which accounts for about 31% of the GDP and 41% of exports. Tourism is one of the important sectors in the country and has created 30% of employment for the labor force of the country. Seychelles has also renewed its commitment to developing its financial service sector.

GDP: $21,875.075 per Capita

Population: 100,447

 

  1. Mauritius

Mauritius is an island country that is located off the eastern coast of Africa. It is known for its beaches, lagoons, and reefs. 

The economy of Mauritius is mixed and developing, and it's mainly dependent on agriculture, tourism, manufactured exports, and financial services. The Gross Domestic Product (GDP) is among the highest for African countries. Sugar production generates about one-sixth of the export earnings and occupies four-fifths of the cultivable land. They also have a few viable mineral resources such as basalt and lime. 

Mauritius serves as a habitat for numerous financial institutions. More than two-fifths of the labor force is employed in the finance and services sector. Taxes on goods and services contribute to about half of the total tax revenue.

Mauritius has a high ranking in economic competitiveness, a friendly investment climate, good governance, and a free economy. The country has a high-income economy and has built its success on a free market economy.

GDP: $12,973.298 per Capita 

Population: 1,265,475

 

  1. Gabon

Gabon is a country that is located in Central Africa. The country is known for its natural resources. It is one of the wealthiest countries in Africa.

43% of the gross domestic product and 81% of the exports in the country comes from Oil revenue. This means that the economy is dependent on the extraction of oil. 

Agriculture also contributes to a small part of the economy, creating employment for about one-third of the workforce. They produce manganese in large quantities, making them one of the world’s largest producers of manganese. Sugar production and palm oil processing are also rising successes that will eventually contribute to the economy of the country. Petroleum production contributes largely to the economy of Gabon, exporting the product beyond Africa.

Gabon is a member of the French economic community that provides great stability to the economy of the country. The country also has one of the highest levels of urbanization in Africa. 

GDP: $9,307 per Capita 

Population: 2.3 million

 

  1. Botswana 

Botswana is a southern African country surrounded by Namibia, Zimbabwe, and South Africa. 

The country has a free market economy that has rapidly grown over the years. The main sectors contributing to the economy are mining and tourism. The country has one of the highest GDP per Capita in Africa. Botswana is one the biggest diamond-producing countries in the world. The economy is one of the fastest growing in the world, coming from one of the poorest countries in the world. The country’s electricity is generated from coal and the electricity sector is a growing sector with a lot of potential. The country has a very competitive and advanced banking sector in Africa. 

GDP: $7,875 per Capita 

Population: 2.6 million 

 

  1. Libya

Libya is a country that is located in the northern part of Africa. The country has one of the highest per Capita income in Africa. The economy of the country is greatly dependent on the oil sector which accounts for more than half of the GDP and 97% of exports. They have the largest known oil reserves in Africa. They also have other natural resources such as natural gas and gypsum. Apart from petroleum, the country also exports agricultural products, hides, and skins. 

Italy, Egypt, other European Union countries, and the United States are the countries most of the petroleum exports of the country go to. Most of the country’s workforce is involved in the service sector and the others are employed in the manufacturing and agricultural sector. The tourism industry has undergone significant expansion. The government is dedicated to the construction of hotels and tourist complexes to promote the growth of tourism.

GDP: $6,975 per Capita 

Population: 6.812 million 

 

  1. Equatorial Guinea 

Equatorial Guinea is a country that is located in Central Africa. The country became independent from Spain in 1968. 

Equatorial Guinea has become one of the largest Sub-Saharan African oil producers. They used to export cocoa, coffee, and timber before their independence to Spain, Germany, and the United Kingdom. The discovery of oil reserves and natural gas has contributed to the drastic increase in government revenue. ExxonMobil, Chevron, Marathon Oil, and Kosmos Energy are the oil companies that operate in the country. 

Fishing, farming, and forestry are also essential components of the country’s GDP. 

GDP: $6,733

Population: approximately 1.7 million 

 

  1. South Africa 

South Africa is a country that is situated in the southern part of Africa and the second most populous country in southern Africa. South Africa is multiethnic, consisting of different varieties of cultures, languages, and religions.

South Africa has a mixed economy, which is the most individualized and technologically advanced economy in Africa. Gauteng is the richest province in South Africa. The country has a relatively high gross domestic product(GDP) per Capita and is ranked 40th by total wealth. The agricultural sector contributes about 10% of the total workforce and 2.6% of the GDP of the country. 

South Africa has the world’s deepest gold mine and is the largest producer of chrome, manganese, platinum, vanadium, and vermiculite. It is also the world's third-largest coal exporter. The tourism industry in South Africa accounts for 2.34% of the country's GDP.

GDP: $5,974 per Capita 

Population: 59.89million

 

  1. Algeria

Algeria is a country in Northern Africa and they are predominantly Muslims. It is the largest country in Africa and has the longest land border in Africa. 

The economy of Algeria depends on petroleum, contributing to about 30% of the GDP and 87.7% of export revenue. 

Algeria has the 10th-largest reserves of natural gas in the world and they are the sixth largest gas exporter. 

GDP: 5,721 per Capita

Population: 44.9 million 

 

  1. Namibia 

Namibia is a country located in the southern part of Africa. It is surrounded by the borders of Angola, Zambia, and Botswana. 

The economy of Namibia depends on agriculture, tourism, and the mining sector. The mining industry excavates gemstones, uranium, silver, gold, and base metals, the industry is one of the most important sectors in the economy of the country. They are the fourth-largest producer of uranium in the world. The economy of the country has a close relationship with that of South Africa because of its history. The mining industry contributes 18%, public administration 12.9%, manufacturing 10.1%, and education 9.2% of the gross domestic product (GDP). Namibia is the fourth largest country in Africa that exports non-fuel minerals 

The financial and banking sector is highly developed and is controlled and regulated by the Bank of Namibia(BoN), which is the central bank. The country also has a high level of skilled workers and a relatively low unemployment rate for skilled professionals. Agriculture is a major sector of dependence in Namibia.

Tourism is also an important sector in Namibia. It contributes 14.5% of the GDP. The industry has also provided employment opportunities for workers, contributing 18.2% of the total employment. 

GDP: $4,745 per Capita

Population: 2.567 million 

 

  1. Cape Verde

Cape Verde, also known as Cabo Verde is a country in the western part of Africa. The country consists of ten volcanic islands. They gained their independence in 1975 and have had one of the best economies in Africa.

The country’s economy depends heavily on service-oriented industries such as the tourism industry and foreign investment. The country is also a member of the African Union. Despite the limited natural resources in the country, the economic growth has gained a significant amount of international recognition. Commerce, transport, and public services account for over 70% of the country’s gross domestic product (GDP). 

GDP: $4,655 per Capita 

Population: approximately 600,000

 

  1. Tunisia

Tunisia is a country located in the northern part of Africa. It is surrounded by Libya, Algeria, and the Mediterranean Sea. 

Tunisia’s economy was ranked by the World Economic Forum in 2009 as the most competitive economy in Africa. The country is export-oriented and has a very diverse economy, which consists of mining agriculture, mining, manufacturing, petroleum, and tourism. The agricultural sector contributes to 11.6% of the GDP, industry 25.7%, and services 62.8%. The industrial sector mainly consists of clothing and footwear manufacturing, car parts production, and electric machinery. 

Tunisia's first trading partner is the European Union and they have accounted for 72.5% of Tunisia's imports and 75% of Tunisia's exports. A state-owned company called Société Tunisienne de l'Electricité et du Gaz (STEG) is the major producer of electricity in Tunisia. They also produce about 97,600 barrels of oil per day and there are currently 12 oil fields. 

GDP: $4,435 per Capita 

Population: approximately 12 million 

 

  1. Eswatini

Eswatini is a country located in the southern part of Africa. The country was formerly Swaziland. 

The country is one of the smallest countries in Africa and has a developing economy. The United States and the European Union are the major overseas trading partners. The agricultural and manufacturing industries provide the majority of the employment opportunities. 

The economy is diverse, consisting of agriculture, mining, forestry, manufacturing, and services. Agriculture, mining, and forestry constitute about 13% of the GDP, manufacturing 37%, and services 50%. 75% of the population is employed in agriculture.

GDP: $4,323 per Capita 

Population: 1.206 million 

 

  1. Djibouti 

Djibouti is a country that is located in the Horn of Africa. The country is surrounded by Ethiopia, Eritrea, the Red Sea, and the Gulf of Aden. It is a multi-ethnic nation. 

The economy is largely focused on the service industry. The country has free trade policies and a strategic location Red Sea transit point, which commercial activities revolve around. The service sector constitutes about 79.7% of the GDP, industry 17.3%, and agriculture 3%. Djibouti was ranked the 17th safest investment destination in the world. The GDP of the country has risen by an average of more than 6 years per year since 1985. Tourism is one of the growing industries in the country that generates less than 80,000 visitors per year. 

GDP: $4,183 per Capita 

Population: 1.121 million 

 

  1. Morocco

Morocco is one of the countries that is located in the northern part of Africa. It is surrounded by Algeria, the Mediterranean Sea, the Atlantic Ocean, and the Western Sahara. 

The economy of Morocco is liberal, and a major player in African economic affairs. The economy is the fifth largest in Africa by GDP. The service industry contributes to over half of the GDP. Tourism is one of the most important and developed sectors in the Moroccan economy. The government is very interested in the tourism development. The agricultural sector employs 40% of the Moroccan workforce, making it the largest employer. The largest city in Morocco is Casablanca and it is also the major Atlantic Ocean port.

GDP: $4,077 per Capita 

Population: approximately 37 million 

 

  1. Egypt

Egypt is a country that is located in the northeastern part of Africa. Surrounding the country are the Mediterranean Sea, the Gaza Strip of Palestine and Israel, the Red Sea, Sudan, and Libya. The capital of Egypt and the largest city in Egypt is Cairo. Egypt is the 14th most populated country in the world and the third most populated country in Africa. The country gained independence in 1922 from the British Empire, which occupied the country. 

The country’s economy is diversified and is the largest in Africa. Agriculture, natural gas, petroleum exports, media, and tourism are what the economy of Egypt is mainly dependent upon. The tourism sector is very important to the economy of Egypt, as it employs 12% of the total workforce of the country. Giza necropolis is one of the seven wonders of the world and is located in Egypt which attracts a considerable amount of tourists. Egypt has utilized coal, natural gas, and hydro to develop its energy sector. Oil and gas are being produced in the western part of the country, the Gulf of Suez and the Nile Delta. The country is also building its first nuclear power plant in the northern part of the country, El Dabaa. 

GDP: $3,224 per Capita

Population: approximately 100 million 

 

  1. Sao Tõmé and Príncipe 

Sao Tõmé arms Príncipe is an island country in Africa located at the equator. The country is the second least populous and second smallest country in Africa. 

The economy of the country has remained one of the most stable and democratic countries. The country is heavily dependent on plantation agriculture. Cocoa represents about 95% of the country’s exports. They also export other crops such as copra, palm kernels, and coffee. Fishing also contributes to the economy of Sao Tõmé and Príncipe.

Sao Tõme and Príncipe have the potential to be a great tourist attraction due to their beautiful scenery, and the government is working on achieving this goal by building large resorts. The government also provides 11% of employment to the country’s workforce. 

GDP: $3,167 per Capita

Population: approximately 200,000

 

  1. Côte D’Ivoire

Cote D’Ivoire, also known as Ivory Coast is a country in West Africa. The largest city and economic center of the country is Abidjan. Surrounding the country are Guinea, Liberia, Mali, Burkina Faso, Ghana, and the Atlantic Ocean. Cote D’Ivoire is the third most populous country in Africa.

Ivory Coast has the largest economy among the countries in the West African Economic and Monetary Union, contributing 40% of the total Union’s GDP. The country is the fourth-largest exporter of general goods and the largest exporter of Cocoa beans in the world. The country has one of the fastest-growing economies in Africa. 

GDP: $2,717 per Capita

Population: approximately 28 million

 

  1. Angola 

Angola is a country in the southern part of Africa. It is the seventh largest country in Africa. The country is surrounded by Namibia, the Atlantic Ocean, Zambia, and the Democratic Republic of Congo.

The country has one the fastest growing economy and is blessed with resources such as mineral and petroleum reserves. Angola is one of the country members of the United Nations, the African Union, the Southern African Development Community, and the Community of Portuguese Language Countries.

Angola has important resources such as oil, diamonds, gold, copper, and wildlife, with diamonds and oil forming the most important aspect of the economy. The economy is one of the fastest growing in the world.

GDP: $2,431 per Capita 

Population: approximately 36 million

 

  1. Zimbabwe 

Zimbabwe is a country that is located in the southern part of Africa. It is surrounded by South Africa, Botswana, Zambia, and Mozambique. Harare is the capital of Zimbabwe and its largest city. 

The major resources Zimbabwe exports include minerals, gold, and agricultural products. They are the largest trading partners of South Africa. Companies like Zimplats, Anglo American plc, and Impala Platinum have been mining some of the largest platinum reserves in the world located in Zimbabwe. 

Tourism also plays an important role in the economy of Zimbabwe. The country has several tourist attractions such as Victoria Falls, which is the largest waterfall in the world. The waterfall also has a national park called the Victoria Falls National Park.

GDP: $2,087 per Capita 

Population: approximately 16 million 

 

  1. Ghana

Ghana is a country in the western part of Africa. Its borders are shared with Burkina Faso, Togo, and Ivory Coast. The country is the second most populous country in West Africa. Accra is the largest city and the capital of Ghana. 

Ghana is blessed with industrial minerals, hydrocarbons, and precious stones. The country has the fifth-largest stock exchange in the African continent and the third-largest in sub-Saharan Africa. They are the second largest cocoa producer in the world and they produce very high quality cocoa. They are also the seventh-largest producer of gold in the world. Tourism is a booming sector in the country with numerous tourist attractions.

GDP: $2,229 per Capita 

Population: approximately 33 million 

 

Conclusions

Africa is a continent that is blessed with numerous resources which adds to the wealth of the continent. These resources differ from country to country and how it is being utilized. This article on Top 20 Richest African Country focuses on twenty wealthy African countries and how they differ in their GDP per Capita. If you are also interested in the Top 20 Poorest African countries, click here.

 

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