The criteria used is the country’s GDP and the Purchasing Power Parity (PPP). I am pretty sure your perception about Africa as probably poor will change after reading this piece. Let’s roll!
Then welcome to Africa—the second largest continent in the world. Join me as we x-ray the 10 richest countries in Africa in 2016.
Do you agree that size doesn’t count at all times?
Here’s the richest country in Africa- Seychelles. The country is also the smallest African country in terms of population and its capital is Vitoria.
Don’t be surprised. It is made up of over 100 small islands and it’s the wealthiest African country. Seychelles is located in the Indian Ocean, to the east of Africa. A lot of exporting activities are being carried out in Seychelles to put its GDP per capita at $25,439.92. You need to book a flight to this relatively small but mighty country.
2. Equatorial Guinea
I am not an Economic guru, but i know the popular law of demand. Do you remember? In case you don’t, let me remind you. “The higher the price, the lower the quantity demanded and vice- versa.” This is exactly the situation here.
However, here, we are dealing with population. Equatorial Guinea is located on the west coast of Africa, and its capital is Malabo. It has a population of less than a million and its economy is structured around agriculture. But guess what; The lower the population, the higher the GDP. The discovery of oil in the country further boosted the GDP per capita which stands at $19.818.11. Amazing!
Hello. We are touching down in Gabon, the third on the chart. The country has a population of about a million and the capital is Libreville. Most of the country’s revenue is generated from timber plantation and from oil. Gabon is the third richest country in Africa based on its GDP per capita which stands at $17,053.47.
Are you still there? We are now in Botswana—the fourth richest country in Africa.
Guess what; The same law still applies. The country not highly populated. The country’s capital is Gaborone. Botswana’s revenues are generated from financial services, mining, tourism and agricultural products. Majority of the country’s population lives below the poverty line but a high GDP per capita that stands at $16,578.59 makes it one of the richest African countries.
5. South Africa
Welcome to South Africa. If you say South Africa has the biggest economy in Africa, you are dead right. Reasons? There are employment opportunities in various sectors like manufacturing, textiles, clothing, agriculture, tourism, and so on.
The economy of SA is also one of the most adequately structured and fully-functional ones in Africa. Pretoria, Bloemfontein and Cape Town are the capitals. The GDP per capita stands at $11,273.08. You can’t afford not to invest in this country.
Welcome to Libya. Just like other African-Arab countries, Libya depends majorly on crude oil for money and majority of their employed citizens, work in the oil sector.
Over 20% of Libya’s GDP is from service and construction. Libya is the richest African-Arab country. Libya has been in political disunity and turmoil since the fall of the renowned Muammar Gaddafi but it is well-known that they have the largest deposits of oil in the whole of Africa. Its capital is Tripoli and its GDP per capita stands at $10,129.61.
From Libya, we are now in Tunisia. The population of Tunisia is estimated to be around 11.2 million people and they are a country with a very high GDP.
Apart from being the seventh richest African country, they are the second richest African-Arab country after Libya. Their economy is being boosted by agriculture and tourism and there’s a really low illiteracy rate. The capital is Tunis and they have a GDP per capita that stands at $9,706.59.
Here is Namibia, the eighth richest country in Africa. The country depends mostly on South Africa for trading, and it is one of the fastest developing countries in Africa.
Agriculture is the backbone of their revenue, although, manufacturing and tourism contribute a whole lot too.
Namibia is a commonwealth country that has imputed a lot of government revenue into amenities provision and general development. Its capital is Windhoek and the country’s GDP per capita stands at $7,694.44.
From Namibia, welcome to Algeria. Formerly ranked 10th in 2015 they have leapfrogged to the ninth position in 2016.
The country gets their main revenue from agriculture and from oil and gas. Banking also contributes to the nation’s revenue from the capital city – Algiers. The country’s GDP per capita stands at $7,541.85.
And here comes the mighty Egypt, the last on the log. Egypt’s economy has been historically agricultural, with cotton as the mainstay. The country is also rich in history and culture. Egypt’s capital is Cairo and its GDP per capita stands at $6,594.
The Richest Countries in Africa
Rank Country GDP per Capita 1 Seychelles $25,439.92 2 Equatorial Guinea $19.818.11 3 Gabon $17,053.47 4 Botswana $16,578.59 5 South Africa $11,273.08 6 Libya $10,129.61 7 Tunisia $9,706.59 8 Namibia $7,694.44 9 Algeria $7,541.85 10 Egypt $6,594