Africa is one of the largest continents in the world in terms of land mass. But when it comes to monetary wealth, Africa has most of the poorest countries in the world. However, not all African countries are poor, there are equally some wealthy countries in Africa but the number is far less than that of the poor ones. The ranking of richest African countries is based on the Gross Domestic Product (Purchasing Power Parity) GDP (PPP) which gives the value of all the final goods and services produced within a country in any given specific year.
Africa is the home to 54 countries and lately is becoming one of the fastest growing economies in the world hence infusing the continent with a new commercial vibrancy. Every year there is some record of Africa economy clocking 2 percent growth. On per capita basis some of the countries in Africa have higher gross national income per capital than countries like India, Brazil or even china. Much of this growth is propelled by the sale of raw materials such as diamonds, oil, among other factors such as tourism. The IMF has projected that Africa in the next 5 years it will be the world’s fastest growing economy than any other continent this is due to a number of factors.
These factors are end of armed conflicts, improvement in macroeconomic conditions, political stability, reforms in microeconomics, openness of trade, lowered corporate taxes, strong regulatory and legal systems, technological innovation, entrepreneurship, education among other factors. When we are looking at the richest countries in Africa we shall take into account several standard methods of defining the richest countries and these are GDP and GDP data per capita which is based on purchasing power parity. Here are the top 10 richest African countries.
Overall, the continent achieved average real annual GDP growth of 5.4% between 2000 and 2010, adding $78 billion annually to GDP (in 2015 prices). But growth slowed to 3.3%, or $69 billion, a year between 2010 and 2015.
In the long term, three powerful positive trends are likely to sustain Africa’s growth. First, the continent has a young population with a growing labor force – a highly valuable asset in an ageing world. In 2034, Africa is expected to have the world’s largest working-age population of 1.1 billion
List of Top 10 Richest African Countries in 2017
GDP – $43.02 billion, GDP (PPP) Per Capita: $11,400, Population: 11,431,780
Tunisia has one of the best run economies in the continent. The rich oil and gas producing country runs on a diversified economy with some key exports being depended on such as phosphates, agri food products, chemicals, textiles among others. Apart from oil export tourism has played a major role is skyrocketing the economy of the country and do not forget Tunisia is an auto manufacturing parts hub. On the world economic forum global competitive report of 2015-2016 Tunisia has taken the 92nd place.
GDP – $29.152 billion, GDP (PPP) Per Capita: $14,600, Population: 6, 278,438
81% of the total GDP of Libya economy is fueled by predominantly revenues from oil sector and almost 96% of its total export. Among all countries in Africa Libya has the largest certified oil reserve in the continent and among the planets suppliers of light sweet crude. The other exports that account a large percentage in the list of economic boosters of Libya are gas and gypsum. The World Bank has enlisted Libya among the few African countries with an upper middle economy.
GDP – $102.643 billion, GDP (PPP) Per Capita: $7,300 , Population 20,172,332
Angola’s economy has is overwhelmingly steered by the oil sector which account to 51% of the GDP and also more than 75% of government revenue and about 91% of the country’s total exports. The country oil and gas deposit has played a very key role in elevating the country economy no wonder the country has been reconstructed and its becoming a very popular destination among African countries.. Other exports that boosts the economy are diamonds which account to 5% of total exports. Although most of the countries food is imported the country population practices agriculture.
GDP – $14.391 billion, GDP (PPP) Per Capita: $16,400, Population 2262445
To the south of Africa continent you will meet the landlocked country which has taken its place as one of the fastest growing economies in Africa a factor that can be attributed by mining, cattle and tourism sector. The standards of living in Botswana have been compared similar to countries such as turkey and Mexico. Its impressive economic boom can be pinpointed to the diamond mining, cautious foreign policy, prudent fiscal policies and low rate of corruption. This is one amongst the Top 10 Richest African Countries 2017.
GDP – $14.34 billion, GDP (PPP) Per Capita: $18600, Population 1725292
Among the Africa’s oil producing nations Gabon has taken its place as one of the largest producer. It’s located in the west coast of central Africa bordering Cameroon, Congo and Guinea. In terms of square kilometres Gabon has 270,000. Its prosperous economy has been due to oil, manganese, uranium and timber, exports. The low population, foreign investment and political stability have also been a factor no wonder it has been ranked highest African country on Human Development index.
GDP – $330.779 billion, GDP (PPP) Per Capita: $11,800, Population 91508084
Egypt is on the record for being one of the world’s first nation state dating back 10th millennium BC.it is considered as one of the nations that experienced civilization and developments such as writing, agriculture, government, religion among others. Among the Middle East countries Egypt economy is one of the largest and most diversified as well. The main exports are crude oil, petroleum products, chemicals, agricultural goods, metal products, cotton and textiles. Other factors that have contributed to the rise of Egypt are foreign investments and tourism as well
4. Equatorial Guinea
GDP – $9.4 billion, GDP (PPP) Per Capita: $31800, Population 845,060
Equatorial Guinea is located in central Africa region and hails the fame for being the only African country where Spanish is the official language.it has an area of 28,000 square kilometres making it one of the smallest states in Africa even in terms of population. Among the economic boosters of the country is Oil has taken the position one as the country is third largest oil producer and others like farming, forestry and fishing following. The country also has some undeveloped resources such as uranium, iron ore, gold and titanium
3. South Africa
GDP – $312.798 billion, GDP (PPP) Per Capita: $13200, Population 54,956,920
One of the countries with high GDP than many countries in Africa and the 25th largest country by surface area in the world as well as 24th global rank in relation to being populous is South Africa. The World Bank and IMF has categorized South Africa as an upper middle income economy. Its economy has been boosted by exports such as gold, diamonds, platinum, other metals and minerals, machinery and equipment. We cannot forget that South Africa since hosting the world cup tourism has been a major source of revenue for the country as well and in addition foreign investment.
GDP $594.257 billion, GDP (PPP) Per Capita $6003, population 173,600,000
The IMF has projected that Nigeria is set to take its place as the biggest African economy as of 2016 overtaking South Africa. Nigeria today holds the 21st position globally in relation to nominal GDP and 20th in relation to purchasing power parity and in 2013 the country was the 1st position in terms of re-emergent manufacturing sector which was the largest globally. Although the country is an oil producing country the oil only contributes 10% of the total GDP. Crude oil exports as of 2016 earned the country $74B, petroleum gas earned the country $13B, refined petro $4.23B, pyrophoric Alloys $1.9 B among others. The economy of Nigeria also flourishes under aircraft parts exports, vessels, cocoa, tobacco, processed food and spirits and vinegar exports.
GDP – $1.438 billion, GDP (PPP) Per Capita: $26300, Population 92900
World Bank on 2015 elevated the status quo of Seychelles to top earning country this is due to its position as the highest nominal per capita GDP in Africa and also ranks as one of the countries in Africa with highest human development index. The country low population, offshore financial industry fishing industry and tourism sector has made the country to the richest country in Africa. You won’t believe it that the country has just 1% unemployment rate hence taking its place among the richest states in Africa.
These above are the Top 10 Richest African Countries 2017. Africa is rising and it’s a continent that has registered significant positive change especially in the sectors of technology, industrial revolution, political stability, education, infrastructure and other areas. If you’re an investor looking to make it head over to Africa since it has a potential for growth. Read more about 34 facts about Seychelles