Top 10 Richest Countries in Africa
Africa is the second largest continent in the world, and is the host continent to some pretty rich countries. Today, we’ll take a quick glance at the top 10 richest countries in Africa (2016); let it be safe to say that the criteria to come by this list is the country’s GDP and the Purchasing Power Parity (PPP). So don’t feel too bad if your country is missing. Here are the top 10 richest African countries.
It is only expected that a country like Egypt with some of the richest people on the continent would be high up the list but here they come in last. Egypt’s economy is only second to South Africa, with annual output of more than $500 billion. The country is rich in history and culture. Egypt’s capital is Cairo and its GDP (PPP) stands at $6,594.
In previous rankings they were 10th on the rich list, but they can be said to be a progressive country. For a really long time, Algeria was ruled by French invaders and for centuries, was colonized by France. Algeria gets their main revenues from Agriculture and from Oil and Gas. Banking also contributes to the nation’s revenue from the capital seat – Algiers. The country’s GDP (PPP) stands at $7,541.85.
Namibia depends mostly on South Africa for trading, and it is one of the fastest developing countries in Africa. Agriculture is the backbone of their revenue, although, manufacturing and tourism contributes a whole lot too. Namibia is a commonwealth country that has imputed a lot of government revenue into amenities provision and general development. Its capital is Windhoek and the country’s GDP (PPP) stands at $7,694.44.
The population of Tunisia is estimated to be around 11.2 million people and they are a country with a significant GDP. Apart from being the seventh African country, they are the second richest African-Arab country after Libya. Their economy is being boosted by Agriculture and there’s a really low illiteracy rate. The capital is Tunis and they have a GDP (PPP) that stands at $9,706.59.
Just like other African-Arab countries, Libya depends majorly on crude oil for money and majority of their employed citizens, work in the oil sector. Over 20% of Libya’s GDP is from service and construction. Libya is the richest African-Arab country. Libya has been in political disunity and turmoil since the fall of the renowned Muamma Gaddafi but it is known that they have the largest deposit of oil in the whole of Africa. Its capital is Tripoli and its GDP (PPP) stands at $10,129.61.
It can be safe to say that South Africa is the fastest developing country in Africa. There are employment opportunities in various sectors like manufacturing, textiles, clothing, agriculture, tourism, and so on. The economy of SA is also one of the most adequately structured and fully-functional ones in Africa. Pretoria, Bloemfontein and Cape Town are the capitals and the GDP (PPP) stands at $11,273.08.
The fourth richest country is also one of least populated countries. The country’s capital is Gaborone. Botswana’s revenues are generated from financial services, tourism and agricultural products. Majority of the country’s population live below the poverty line but a high GDP (PPP) that stands at $16,578.59 makes it one of the richest African countries.
Gabon has a population of about a million and the capital is Libreville. Most of the country’s revenue is generated from timber plantation and from oil. Gabon is the third richest country in Africa based on GDP (PPP) which stands at $17,053.47.
It seems only logical that the lower the population, the higher the GDP. Equatorial is located on the west coast of Africa, and its capital is Malabo. It has a population of less than a million and its economy is structured around agriculture. The discovery of oil further boosted the GDP (PPP) which stands at $19.818.11.
Seychelles is the smallest African country in terms of population and its capital is Vitoria. It is made up of over 100 small islands and it’s the wealthiest African country. It is located in the Indian Ocean, to the east of Africa. A lot of exporting activities are being carried out in Seychelles to put its GDP (PPP) at $25,439.92.