Top 10 Richest African Countries

Let us look at the below list of Top 10 Richest African Countries as of 2017. Africa is the home to 51 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 microeconomic, 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.

List of Top 10 Richest African Countries 2017

10. Tunisia

tunisia

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.

9. Libya

Libya Top Popular Richest African Countries 2019

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.

8. Angola

Angola Top 10 Richest African Countries 2017

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.

7. Botswana

botswana-top-most-richest-african-countries-2017

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.

6. Gabon

gabon-top-famous-richest-african-countries-2019

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.

5. Egypt

egypt-top-most-famous-richest-african-countries-2018

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

equatorial-guinea-top-most-popular-richest-african-countries-2018

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

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.

2. Nigeria

nigeria-top-10-richest-african-countries

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.

1. Seychelles

seychelles

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.

7 Comments

Leave a Reply
  1. Many of these African counties have good oil reserves, but have failed to mark their place unlike the Gulf counties. There has been poverty, starvation in these countries. The rule by other countries till very recent times is also a matter to concern and these countries if provided a stable ruling, can have great progress to become more rich and prosperous.

  2. May it be Mauritius or Seychelles, both are very beautiful and have picturesque nature embedded in them. These are the most popular travel destinations for summer. The beaches are just amazing here. Thus more and more tourists come.

  3. South Africa produces world’s most diamonds, and they export it and earn a lot of revenue. I just wonder how Seychelles earns that huge revenue by tourism alone?

    • its graded by income per capita meaning its a small population and their income is high.south Africa has 55million people

  4. Indeed. Mauritius is very rich and beautiful. A lot of tourists go there to spend vacations. I had been there some 3 years ago and I guess the country gains large amount of its revenue from the tourists from other countries.

  5. I had been to Mauritius and Seychelles for my vacation. Both of them are so beautiful, rich and are tailor-mase for spending time in relaxing by the beach. The facilities for tourists are also appreciable. A visit to both of the countries is a must in one’s lifetime.

Leave a Reply

Your email address will not be published.