Who Is The Richest Country In Africa – Agriculture, trade and natural resources are an important part of the African economy. In 2012, Africa had 1.07 billion people living in 54 countries on the continent. Although Africa is rich in natural resources, a large part of its population suffers from poverty. The forecast predicts that the African economy will reach a GDP of 29 trillion dollars by 2050. However, it is also estimated that income differences will make it difficult to distribute wealth among the continent’s inhabitants. Some African countries are now among the poorest in the world. However, some of these countries have the fastest growing economies.
Here we discuss the ten richest countries in Africa in terms of GDP per capita and the nature of their economy. All figures are from the International Monetary Fund 2017. Equatorial Guinea is currently the richest country in Africa with a per capita income of $34,865.
Who Is The Richest Country In Africa
Namibia is located in South Africa. With a GDP per capita of $11,528, it is the 10th richest country in Africa. Mining, agriculture, production and tourism play an important role in the country’s economy. Namibia has a small population of around 2 million. The cost of living in Namibia is very expensive. Many domestic items are imported, which contributes to their high cost. In addition, there are monopolies on many goods that further increase this cost. The unemployment rate in Namibia is also high at around 27.4%.
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Tunisia is a country in North Africa. Tunisia’s economy is heavily dependent on industries such as oil, tourism and auto parts. The 1970s saw a period of unstable growth for the country’s economy. Today Tunisia’s per capita income is $11,987, the ninth highest in Africa.
A view of Cairo at sunset from the famous Cairo Tower, Cairo, Egypt. Image Credit: Givaga/Shutterstock.com
Egypt is a transcontinental country whose territory stretches from the northeastern tip of Africa to the southwest of Asia through the Sinai Peninsula. Egypt shares borders with the Gaza Strip, Israel, the Red Sea, the Gulf of Aqaba, Sudan, and Libya. Cairo is the capital of the country. It ranks ninth on the list with a GDP per capita of $12,994. Egypt’s economy depends on agriculture, tourism, natural gas and oil, as well as revenue from the Suez Canal. Many Egyptians also work abroad. Remittances from these workers contribute to the country’s wealth. Despite its rich natural resources and proximity to the sea, overpopulation, desertification, and the declining water level of the Nile are major threats to Egypt’s economy. The infiltration of terrorist groups and internal insurgencies also serves to undermine the country’s economic stability.
South Africa, the southernmost country on the continent, is bordered by Namibia, Zimbabwe, Botswana, Swaziland, Swaziland, Lesotho, and Mozambique. The country has a diversified economy with a high GDP compared to other African countries. Despite this fact, South Africa has high unemployment, poverty, and a large gap between rich and poor. However, it ranks eighth on the list with an average per capita income of $13,403. South Africa is one of the 10 countries with the highest income inequality in the world. Economic inequality among South Africans is largely the result of the country’s apartheid regime, which ended in 1994. South Africa’s economic growth has been gradual ever since. Tourism is one of the largest income generating industries in South Africa. Germany, the United States, Japan and China are South Africa’s main trading partners outside of Africa.
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Algeria is the largest country in Africa, located in the northern part of the continent. It is the sixth richest country in Africa with a GDP per capita of $15,000. The country has a population of more than 40 million. Traditionally, the state has played an important role in the Algerian economy. However, in recent years the economy has diversified. To date, the unemployment rate remains high, especially among the youth. The country’s economy depends to a large extent on hydrocarbons (oil and natural gas).
Botswana is located in South Africa. This country is known as a strong democracy. It has a population of about 2.1 million and an area of 224,610 square miles. Botswana’s economy is growing rapidly. It is considered a middle income country. Botswana is also home to a modern banking system. It has a low level of foreign debt. Metals and gems are important to Botswana’s economy and include resources such as uranium, gold, diamonds, and copper.
Port of Libreville, Gabon. The port of Libreville is a commercial center of logging areas. Photo credit: Anton_Ivanov
A country in Central Africa, Gabon is located on the West African coast and is bordered by the equator, Guinea, Cameroon, and the Republic of the Congo. Libreville is the country’s capital and largest city. It ranks fourth on the list with an average GDP of $19,266. Gabon’s economy is centered on oil. However, Gabon’s oil production is declining and will soon run out. The Gabonese government has been accused of overspending. Once again, it is important to note that income inequality is not taken into account when reporting GDP per capita. The small population of 1,475,000 and the high oil content explain Gabon’s position in the list of the richest countries. However, many residents continue to live in poverty.
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Mauritius is an island nation in the Indian Ocean off the southeast coast of Africa. Throughout its history, the country has been colonized by the Dutch, French and British. It has been independent since 1968 and has a population of around 1.3 million. It is the third richest country in Africa with a GDP per capita of $21,628. Mauritius’s economy is centered on tourism. Although agriculture used to play an important role in the country’s economy, its importance has diminished. The World Bank calls Mauritius an “upper middle income economy”. He is applauded for his liberal economy. Tourists are drawn to Mauritius because of the pleasant climate, beautiful beaches, and warm waters.
Aerial view of the Seychelles coastline and the luxurious Eden Island from Victoria, Mahe. Photo credit: Oleg Znamenskiy / Shutterstock.com
Seychelles is also an island nation in the Indian Ocean. It is made up of about 115 small islands. With a population of just 92,000, it is the smallest population of any country in Africa. It ranks as the second richest country in Africa with a GDP per capita of $28,172. Seychelles has been described as a highly developed country. However, income inequality is also widespread. The country’s economy is heavily dependent on tourism. Fishing and the processing of natural resources such as coconuts also play an important role. Before tourists started visiting the country, the plantations were used to boost the Seychelles economy. In recent decades, the government has been trying to take initiatives to reduce dependence on tourism. Although it is suspected that the Seychelles may have oil reserves in the Gulf, no discovery has been made so far.
Equatorial Guinea is a country in Central Africa. It has a GDP per capita of $34,865. The country is small with an area of just 10,830 square miles. The population of this country is approximately 1,222,245. The low population helps keep the GDP per capita relatively high. Equatorial Guinea is ranked 136th in the United Nations Human Development Index. Severe income inequality can be found in the country. Although the GDP per capita is high, it is observed that many people in Equatorial Guinea lack basic rights such as access to drinking water. African economies are among the youngest in the world and are expected to double by 2030, according to the World Economic Outlook and the United Nations. Africa is a land of contrasts. The continent is home to some of the poorest countries in the world. But no matter how big it is, it is also home to some of the richest countries in the world.
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Africa is rich in natural resources. According to the World Bank, Africa has one sixth of the world’s natural resources. But although the continent is rich in people, the people are not poor either.
Africa’s richest country has experienced a construction boom and the number of homebuilders in cities such as Lagos, Nairobi, Cairo and Johannesburg has doubled in the past decade. According to the United Nations Globalization Outlook, the urban population is expected to grow by more than 70% in the next 45 years. As this trend continues, we can expect more cities in Africa to grow and their housing needs to be met in the process of GDP growth. Let’s find out what it takes to be the richest country in Africa by 2020 and beyond.
Nigeria has the largest economy in Africa. With huge oil reserves and large population, Nigeria
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