Following Asia in both size and population, Africa is the second-largest and most populous continent in the world. Africa is the least richest continent overall and the least wealthy per person despite having a range of natural resources, trailing only Oceania. Africa’s thriving economy doesn’t garner much attention on a global scale. Instead, the countries on the continent that are in the worst circumstances are typically the center of attention.
So if you are also interested in knowing about the richest countries in Africa then in this article we are going to share about the top 20 richest countries in Africa and what makes their economies strong to provide you with a better understanding.
1. Seychelles
The Seychelles, an archipelago of 115 islands, are located in the Indian Ocean to the east of Africa. Seychelles’ economy is centered on fishing, tourism, the manufacture of coir (coconut fiber) rope, boats, printing, furniture, and beverages, as well as the processing of coconuts and vanilla. The nation’s GDP per person is 13,306.7. However, given that Africa is an impoverished continent, this GDP per capita is quite low when compared to affluent nations on other continents.
2. Mauritius
Mauritius comes in at number two on the list of the 20 richest nations in Africa in 2023 with a GDP per capita of 8,812.1. Mauritius has become one of the wealthiest nations in Africa after decades of rapid expansion. In the World Bank’s 2020 Doing Business Report, the nation is ranked first in Africa and thirteenth overall. It is also one of the five high-income markets with the strongest growth rates worldwide.
3. Gabon
Gabon is one of the richest nations in Africa despite having a GDP per capita of 8,017.0. The country’s per capita income is four times higher than that of the majority of sub-Saharan African countries. However, the majority of the population continues to live in poverty due to severe income disparity. About 80% of the nation’s exports, 45% of its GDP, and 60% of its state budget income are derived from oil production.
4. NigeriaÂ
The African country of Nigeria, which is located on the Gulf of Guinea, is home to a large number of wildlife refuges and scenic areas. With growing industries in manufacturing, finance, services, communications, technology, and entertainment, Nigeria has the largest economy in Africa. Nigeria is regarded as one of the richest countries in all of Africa due to its abundance of natural resources and a few other things.
5. Botswana
Botswana is a landlocked country in Southern Africa and its landscape is dominated by the Kalahari Desert and the Okavango Delta. When compared to its neighbors, Botswana has an exceptional economic track record that is mostly attributed to its diamond mining industry, careful fiscal policies, and circumspect foreign policy. Botswana is the least corrupt nation in Africa and the nation’s economy is one of the fastest growing in the world, with a GDP per capita currently standing at 7,347.6.
6. South Africa
South Africa, which is the southernmost country in Africa, is differentiated by a number of unique ecosystems. South Africa is the most industrialized, technologically advanced, and diverse economy in Africa. It is also a nation of millionaires. The nation is home to numerous world-class cities, including Pretoria, Johannesburg, and Cape Town. Only 8 nations on the African continent have upper-middle-income economies, with South Africa being one of them.
7. Namibia
With a GDP per capita of 4,729.3 in 2023, Namibia has made its place among the 20 richest nations in Africa. Although the majority of the population works in subsistence agriculture, there are still many highly skilled professionals and managers in the nation. There are severe disparities in the income distribution and standard of living in the nation, despite its higher-middle-class economy.
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8. Egypt
When measured by GDP per capita, Egypt, also known as the Arab Republic of Egypt, is one of the richest nations in Africa. The nation’s per capita GDP, as determined by the World Bank in 2021, is 3,876.4. Even while the nation’s economy is growing, unemployment and poverty are also decreasing.
9. Eswatini
Landlocked Eswatini is located in Southern Africa. Eswatini has a varied economy, with around 13% of GDP coming from agriculture, forestry, and mining, 37% from manufacturing (textiles, sugar processing), and 50% from services, with government services taking the lead.
10. Tunisia
The northernmost nation in Africa is Tunisia. The World Economic Forum ranked Tunisia’s economy as the most competitive in Africa in 2009; this export-oriented nation is in the process of liberalization and privatization of its economy, which has been plagued by corruption that has benefited politically connected elites despite averaging 5% GDP growth since the early 1990s.
11. Libya
Libya is a nation in North Africa’s Maghreb area and over half of GDP and 97% of exports in Libya come from the oil industry, which is the country’s main source of income. The greatest known oil deposits in Africa are found in Libya, which also significantly contributes to the world’s supply of light, sweet crude.
12. EthiopiaÂ
In the Horn of Africa, the Great Rift Valley divides Ethiopia, a desolate landlocked country. With a substantial public sector, Ethiopia’s economy is diverse and in change. The Ethiopian government is transitioning to a market economy by privatizing numerous state-owned enterprises. Government-owned businesses dominate the banking, telecommunications, and transportation sectors of the economy.
13. Republic of the Congo
The Republic of the Congo is a country in central Africa that is home to gorilla habitats in its rainforest reserves. Village agriculture and handicrafts, an industrial sector based primarily on petroleum, support services, and a government plagued by budgetary issues and “overstaffing” make up the economy. In 2008, the oil industry was responsible for 92% of exports, 85% of government revenue, and 65% of the GDP. There are unexplored mineral riches in the nation.
14. Morocco
The population of Morocco, one of the wealthiest nations in Africa, includes 4500 millionaires and 200 multimillionaires. The nation is rated in the mid-range growth category, and moderate private wealth growth is anticipated. Moroccan GDP per capita, which is 3,496.8, ranks as the 12th greatest in all of Africa.
15. Algeria
With a GDP per capita of 3,765.0 and the largest upper-middle income economy in Africa, Algeria is one of the richest nations on the continent. The recovering oil and gas industry is the main driver of Algeria’s economy. The three industries that contribute the most to the country’s GDP are agriculture, industry, and services.
16. Djibouti
A serious problem that hinders the Republic of Djibouti’s economic development exists. The nation’s environment is unfavorable, its labor force is predominantly untrained, and its natural resources are scarce. When compared to other African nations, Djibouti has yet managed to keep a respectable GDP per capita. However, 23% of the nation’s entire population is considered to be in poverty.
17. Sudan
Northeastern Africa is home to Sudan. Up to the second half of 2002, increased oil output, high oil prices, and significant inflows of foreign direct investment drove the growth of the Sudanese economy. In 2006 and 2007, GDP growth averaged above 10% annually. As of 2019, Sudan’s GDP totaled $30.873 billion, and the country has been working with the International Monetary Fund (IMF) to achieve macroeconomic reforms, including a managed float of the currency.
18. Ghana
A competitive business climate and low trade restrictions help to build Ghana’s economy. Ghana’s top exports include gold, oil, and cocoa, while the majority of the country’s GDP is made up of revenue from agriculture. Ghana’s GDP per person in 2021 was 2,445.3, according to the World Bank.
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19. Uganda
The East African nation of Uganda has no coastline. Uganda’s economy appears to be in a position for quick growth and development and has a lot of potential. Large amounts of agricultural land, consistent rainfall, and mineral deposits are among the abundant natural resources in Uganda. Since the 1990s, the economy has expanded; from 1990 to 2015, real GDP rose at an average rate of 6.7% yearly, while real GDP per person increased at a rate of 3.3%.
20. Equatorial Guinea
Equatorial Guinea is a country in Central Africa made up of the mainland of Rio Muni and five offshore volcanic islands. Although coffee and cocoa have historically been important to Equatorial Guinea’s economy, the country currently mainly relies on petroleum after significant oil deposits were discovered and exploited in the 1980s. It achieved “Least Developed Country” level graduation in 2017, becoming the only other country in Sub-Saharan Africa to do so except Botswana.
The final words
After Asia, Africa is the continent with the second-highest population in the world. It is a relatively poor continent so many people wonder if there are any rich countries in Africa or not. We have shared our list of the top 20 richest countries of Africa along with their economies and we hope that you found this article helpful and now you know about the economy of these countries in brief.
