While there are several ways to compare the wealth of a nation, one of the best ways to measure is by taking a look at the purchasing gross domestic product – or GDP – of a nation. This is the value of the goods and services that come from a nation for a period of one year. GDP does not consider the difference in the cost of living and inflation rates between countries as GDP per capita at purchasing power parity (PPP) does.
Below are the 10 most richest countries in Africa.
1. Equatorial Guinea $34,865
Equatorial Guinea is an oil rich country located in central Africa with an estimated population of 1.2 millions people.
It has subsequently become the richest country per capita in Africa, and its gross domestic product (GDP) adjusted for purchasing power parity (PPP) per capita ranks 43rd in the world.
however, the wealth is distributed extremely unevenly, with few people benefiting from the oil riches.
The country ranks 144th on the 2019 Human Development Index, with less than half the population having access to clean drinking water and 20% of children dying before the age of five.
2. Seychelles $28,712
Seychelles is an Island country in East Africa with a population of 97,037 people.
The country economy is a tourism driven economy and today, Seychelles boasts the second highest nominal per capita GDP of any African nation. It is the first African country with an HDI score exceeding 0.800, and therefore the only country in the continent with a very high Human Development Index.
It is the only country in Africa classified as a high-income economy by the World Bank.
Despite its relative prosperity, poverty remains widespread, and the country has one of the highest levels of economic inequality and unequal wealth distribution, with the upper and ruling class commanding a vast proportion of the country’s wealth
3. Mauritius $21,628
Just like Seychelles, Mauritius is an Island country in Southern Africa region, the country Economy is also a tourism driven economy.
The country Human Development Index falls under high and according to the World Bank, the country has an upper-middle-income economy.
Mauritius is ranked as the most competitive and one of the most developed economies in the African region.
The country is a welfare state; the government provides free universal health care, free education up to tertiary level and free public transport for students, senior citizens, and the disabled.
Mauritius was ranked among the safest or most peaceful countries by the Global Peace Index 2020.
4. Gabon $19,266
With an Estimated population of 2.2 millions, Gabon is a country located in the central Africa region, the Country is abundantly blessed with petroleum and foreign private investment which have helped make Gabon one of the most prosperous countries in Sub-Saharan Africa, with the 7th highest HDI and the fourth highest GDP per capita (PPP) (after Equatorial Guinea, Seychelles and Mauritius) in the region. GDP grew by more than
However, because of inequality in income distribution, a significant proportion of the population remains poor.
5. Botswana $18,146 With a population of 2.3 millions, Botswana is a landlocked country located in the Southern Africa region.
The country was one of the poorest countries in the world—with a GDP per capita of about US$70 per year in the late 1960s, but has since transformed itself into an upper middle income country, with one of the world’s fastest-growing economies.
The economy is dominated by mining, cattle, and tourism.
Botswana boasts a GDP (purchasing power parity) per capita of about $18,825 per year as of 2015, which is one of the highest in Africa.
Its high gross national income (by some estimates the fourth-largest in Africa) gives the country a relatively high standard of living and the highest Human Development Index of continental Sub-Saharan Africa.
6. Algeria $15,150
With an Estimated population of 41 millions and life expectancy of 76.5 years, Algeria is the largest country by landmass in Africa and the 10th largest country in the world.
It has the highest human development index of all non-island African countries and one of the largest economies on the continent, based largely on energy exports.
Algeria has the 16th largest oil reserves in the world and the second largest in Africa, while it has the ninth largest reserves of natural gas. Sonatrach, the national oil company, is the largest company in Africa, supplying large amounts of natural gas to Europe.
7. South Africa $13,403
South Africa, Africa second largest economy with an Estimated population of 59 millions is the 7th richest country in Africa.
As a developing country, its ranks 113th on the Human Development Index, the seventh-highest in Africa.
It has been classified by the World Bank as a newly industrialised country, with the second-largest nominal GDP in Africa, and the 33rd-largest in the world.
The country is a middle power in international affairs; it maintains significant regional influence and is a member of the G20.
However, crime, poverty and inequality remain widespread, with about a quarter of the population unemployed and living on less than US$1.25 a day.
8. Egypt $12,994
Third largest Economy and population in Africa, Egypt is a North Africa Country with an estimated population of over hundred millions.
Egypt is considered to be a regional power in North Africa, the Middle East and the Muslim world, and a middle power worldwide.
With one of the largest and most diversified economies in the Middle East, which is projected to become one of the largest in the world in the 21st century, Egypt has the third-largest economy in Africa, the world’s 40th-largest economy by nominal GDP, and the 19-largest by PPP
9. Tunisia $11,987
Just like Egypt and Algeria, Tunisia is the third North Africa country on the list of richest Countries in Africa with per Capita of $11, 987.
It is considered to be the only fully democratic sovereign state in the Arab world with a high human development index.
Tunisia has a diverse economy, ranging from agriculture, mining, manufacturing, and petroleum products, to tourism
10. Namibia $11,528
Namibia is a country located in the Southern parts of Africa with an estimated population of 2.7 millions, the country wealths comes from mining, diamond and tourism.
Namibia’s economy is tied closely to South Africa’s due to their shared history.
The largest economic sectors are mining (10.4% of the gross domestic product ), agriculture (5.0%), manufacturing (13.5%), and tourism.