Africa is one of the largest continents in the world in terms of land mass. But when it comes to monetary wealth, Africa has most of the poorest countries in the world. However, not all African countries are poor, there are equally some wealthy countries in Africa but the number is far less than that of the poor ones. The ranking of richest African countries is based on the Gross Domestic Product (Purchasing Power Parity) GDP (PPP) which gives the value of all the final goods and services produced within a country in any given specific year.
Africa is the home to 54 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.
5. Egypt-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-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-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-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-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.