There are 54 countries in Africa, each of which has its unique history and culture. That’s a lot to cover, but this article will take a look at the ten richest African countries on the continent. These nations have managed to find wealth through natural resources, strategic partnerships with other countries, or a combination of both.
In compiling this list, our primary criterion is the GDP per capita. GDP per capita is a good indicator of the standard of living for the people who live in that country, and it is something of which their leaders can always be proud or not so proud, depending on the case. With that said, let’s get down to it!
1. Seychelles ( $26,120 GDP Per Capita)
Island nation dangling from the Indian Ocean, just off the coast of Madagascar, Seychelles is a beautiful place to visit. The archipelago consists of 115 islands, with vast beaches and breathtaking vistas.
With a population of just over 99,000, according to the Worldmeter recent data, it is the most minor populated African nation; it tops our list of the wealthiest countries in Africa with a per capita GDP of $26,120.
Seychelles is known as a highly developed nation. Tourism is most prominent as the country’s leading economic sector. However, there is still an issue when it comes to inequality.
2. Mauritius ( $22,030 GDP Per Capita)
Mauritius is an island nation located off the west coast of the Indian Ocean. At some point, Mauritius has been colonized by the British, the French, and the Dutch. The nation gained independence in 1968 and has since grown with a population of 1.2 million. Many tourists enjoy visiting Mauritius.
The sub-tropical island country ranks second in the list for its per capita GDP of $22,030. The economy of this beautiful nation also relies heavily on tourism.
3. Equatorial Guinea ($18,240 GDP Per Capita)
The Republic of Equatorial Guinea is a Spanish-speaking nation located on the island of Bioko, off the coast of Cameroon. The nation’s GDP per capita is $18,240.
Since the mid-1990s, Equatorial Guinea has experienced rapid economic growth. Equatorial Guinea became Sub-Saharan Africa’s third-largest oil producer after Nigeria and Angola after discovering large oil reserves in the 1990s.
Recent discoveries have also revealed substantial reserves of gas. The oil price drop has negatively impacted the country’s macroeconomic and fiscal situation.
4. Botswana ($18,110 GDP Per Capita)
Botswana, also known as “The Pride of Africa,” is a landlocked country located in Southern Africa. The nation has a population of just over 2 million. Botswana has a reputation for being a stable democratic nation.
This nation is considered to be middle-income. The economy of Botswana has quickly risen as a result of its proper organization that promotes economic growth. This nation is also believed to have a middle-income economy.
5. Gabon ($16,240 GDP Per Capita)
Gabon has a middle-income economy. Over the past decade, its oil production and manganese production have contributed to strong economic growth. Oil has contributed 60% of fiscal revenue, 45% of GDP, and 80% of exports over the past five years. However, the Gabonese government is working towards diversification of its economy due to a decline in its oil reserves.
6. Madagascar ($13,720 GDP Per Capita)
Madagascar, an island nation located in the Indian Ocean, is home to half of the world’s lemur species. The country has a population of 25 million and a per capita GDP of $13,720. Madagascar has a market economy that stems from Madagascar’s well-established agricultural sector and burgeoning textile, mining, and tourism industries.
7. Egypt ($13,080 GDP Per Capita)
The Arab Republic of Egypt is a North African nation. Egypt starts our list with a per capita GDP of $13,080. Accordingly, Egypt’s unemployment rate has declined due to the economy’s growth.
8. South Africa ($12,440 GDP Per Capita)
With its diversity of ethnicity, cultures, and languages (there are 11 official languages in South Africa), South Africa has a complex and impressive social history. Its population is 57.3 million. It is the 8th most prosperous country in Africa with a GDP per capita of $12,440, surpassed by only seven countries.
9. Algeria ($11,430 GDP Per Capita)
Algeria, one of the largest petroleum and natural gas producers in Africa, has 44.7 million. Its economy depends on hydrocarbons, and the country is also a leading producer of zinc, phosphate, and alumina. Although, its hydrocarbon industry has witnessed a decline in recent years.
10. Tunisia ($10,590 GDP Per Capita)
Tunisia, the African country with the fourth highest Human Development Index out of all African countries, ranks 10th in our list. The economy of Tunisia relies historically on oil, automobile parts, and tourism. However, the North African nation’s economy is experiencing a change thanks to responsible economic and financial planning, which has resulted in steady growth in recent years.
Well, there you have it. This list primarily highlights the wealthiest African countries in which the amount of wealth is available per person. We hope you found our list informative.
