Back in 2010, McKinsey Global Institute (MGI) described African growth potential as the “Lions on the move.” It has since given the green light as you will be able to see on the list of our top ten richest countries in Africa. Due to the continents oil-rich soil, human capital, sports, and athleticism among many others, this is a growing continent.
African is the second largest continent on planet earth with 54 sovereign states. Although regarded as the poorest among them, African has seen progressive growth with consistent and zeal to move ahead. McKinsey Global Institute intends to list the richest African countries according to their GDP (Gross Domestic Product). Many would refer it as the total market value of the goods and services produced by the economy of the subject nation.
Richest Countries in Africa
| Region Rank | Country Name | GDP |
|---|---|---|
| 1 | Nigeria | $594.3 billion |
| 2 | South Africa | $341.2 billion |
| 3 | Egypt | $284.9 billion |
| 4 | Algeria | $227.8 billion |
| 5 | Morocco | $112.6 billion |
| 6 | Sudan | $112.6 billion |
| 7 | Kenya | $53.40 billion |
| 8 | Angola | $49.9 billion |
| 9 | Libya | $49.3 billion |
| 10 | Tunisia | $49.1 billion |
Sit tight because we are confident that some of the details may surprise you. Among the top ten African richest countries, you will realize that; actually, some of them have a higher GDP than big nations like China, India or even Brazil.
10.Tunisia – GDP: $49.1 billion
One of the continents pride due to their steady production of oil, vehicle spare parts, and a huge tourist attraction. All of this portrays a great diverse market the country has with the inclusion of small industries and local factories in their key cities.
Its capital city, Tunis is well known for its comfort zones. This is a city where you would barely make ten strides without finding a pleasant shade to rest comfortably. Their lifestyle and cultural traditions are the main key aspect to tourist attraction.
Many of the western tourists love touring countries bordering the Mediterranean Sea which can be costly. Tunisia is an exception because their costs are real reasonable and favorable compared to the rest.
9.Libya: GDP – $49.3 billion
Libya owns the largest oil reserve in Africa which has primarily been their primary income source. Their oil sector boosts with over 80% of the entire countries GDP coming from oil exports. Still, in the same industry, you will find that the country earns immensely from gas and gypsum.
Located in the Maghreb region of the North part of Africa, Libya is the fourth largest country in Africa. This country is one of the most populous countries in Africa and 108th most populated country in the world.
Libya may have one of the crazy numbers, but they have successfully managed to sustain everyone. Their wealth and ability to control it gets them a spot on the list of the top richest countries in Africa.
8.Angola: GDP – $49.9 billion
Angola presents one of the prettiest cities in the region regarding comfort, cleanliness, class and most importantly security and friendliness of her people. Their wealth is derived hugely from their oil sector which provides over 50% of the nation’s total income.
The country has as well bountiful agricultural lands as well as their minerals in diamonds. The government is regarded as one of the African most developing countries mainly because they are still healing from their long time civil war which lasted 2002.
Many have argued that if all African countries wealth was measured as from 2002, Angola would be in the top two richest countries in Africa.
We have to point out that despite the fact that the country imports massive quantities of their food stuff, they are in a good agricultural state currently. Experts believe that with time, they are nearing a position where they will be exporting the same.
Their current growth and developments of their main cities have made the nation peoples destination point.
7.Kenya: GDP – $53.40 billion
Kenya as number seven in the list of the wealthiest countries in Africa comes as one very much needed positive for the country. Having been ranked on top in some of not so pleasing incidents like corruption, extrajudicial murder cases, ICC suspects from high offices of the president himself and his Vice President, this is good news.
Compared to the other East African and Central Africa countries, Kenya has the highest GDP. Nairobi, Its capital, is the regional hub leading in the local industries and innovative youth.
Kenya exports a wide variety of things including coffee, Tea, Fish currently as well as fresh flowers. Their Athletics have been on the front line in adding the Nation’s wealth.
Kenya is a country that enjoys an immense political and social stability in the region.
6.Sudan: GDP – $112.6 billion
Khartoum is Sudan’s capital city and the backbone of the nation’s success in growth and development. Compared with the rest of the countries in the region, Sudan is one of the richest countries in Africa by GDP.
Before the split up to form South Sudan back in 2011, this country was ranked number 17th in the list of the fastest growing countries in the world.
This splitting was so frustrating and crucial because 80% of the country’s oil went to South Sudan which is currently a country on its own. Although South Sudan may have the majority of oil sections, it is a landlocked country and will have to depend on Sudan ports as well as to access the oil refineries.
Sudan is a country that has potential, resources and capable expertise to grow and develop, but it’s regrettably among the most corrupt countries in Africa and the world.
5.Morocco: GDP – $112.6 billion
Once named as the first most competitive economy not just in North Africa but Africa at large, Morocco is the fifth African richest country currently. This country plays a significant role in the region’s economic affairs. Textiles, Telecommunication, Tourism, and Agriculture, are the top pullers of Morocco’s economy and finances.
Their Tourism sector has grown immensely thanks to their Government plans and their traditions which have attracted Western tourists in the region.
Mining is another one and manufacturing, both adds up a big deal in the country’s GDP.
4.Algeria: GDP – $227.8 billion
Up to this point, one can guess what is most rich in North African soil, oil of course. Algeria enjoys a healthy flow of oil from their lands despite the challenges this country faces in the struggle to diversify her economy.
Their energy sector remains the key source of the nation’s income with the addition of the minerals.
Stories have it that long ago, Romans collected a handful amount of marbles and stones from the quarries which are known as Algeria (Myths about the countries name).
3.Egypt: GDP – $284.9 billion
Egypt is one of the first rising States in Africa currently third in the list of the richest countries in Africa. Their wealth comes from natural gas, tourism, agriculture which was their most commendable development especially due to their large space of their lands been deserts.
They also add on that the revenues from the Suez Canal as well as their massive quantities of petroleum exports.
The remittances of their many citizens working in places like Qatar, Dubai and other abroad nations add to the wealth revenue of the country.
2.South Africa: GDP – $341.2 billion
Everyone knows South Africa for their land rich with the most valuable minerals like Gold and Diamonds. They mine the biggest percentage of the gold in the region which add a lot of wealth in their economy.
South Africa is as well known for their tourist attraction sites and their fluency of English language compared to the rest of the countries in Africa.
Their top cities like Johannesburg and Cape Town provide the best scenes, no wonder every authority musician and artists shoot their video clips in South Africa.
The country is as well known for their beautiful jewelry and amazing mountains and buildings. There is no doubt that South African is among the top wealthiest countries in Africa and in the world as well.
1. Nigeria: GDP – $594.3 billion
One of their common and famously known things is their movies. Even the four years old child knows Ramsey Noah :). The industry may not be all wealthy locally, but it has played a vital role in advertising the countries traditions abroad hence attraction millions of tourist’s year in, year out.
Nigeria is a country that somehow managed to do a lot when the rest of the African countries were not. Their infrastructure, availability of abundant natural resources, functional and corrupt free independent well-developed legal firms.
Their financial and transport sectors play a fundamental role in moving this nation ahead.
Among other African countries, Nigeria acts as the biggest trading partner with the United States of America. Firms like Citigroup reveals that by 2010-2050, Nigeria will top the region and get in the top most grown countries in terms of GDP globally.
Conclusion
We believe that the figures and maybe the positions of the top ten richest countries in Africa are prone to changing in future. Nations are improving and developing hence increasing their GDP. The competitiveness will obviously alter this list, and so we will be on the look out to edit any new changes.
