- Across the globe, Africa is the second largest and most popular continent
- Richest countries in Africa are enlisted below by Gross Domestic Product (GDP) and Purchasing Power Parity (PPP)
- The rank is based on the GDP per capita. Here, you can have a quick glance on the list of richest countries in Africa
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Africa is one of the largest continents in the world. It comprises of many prospering countries which are growing at a much faster rate. All of them are taking the world by surprise through their continuous development and finally attaining glory.
In this article, you will get to know about the top ten richest countries in Africa along with some important statistics.
Richest countries in Africa
Africa is the home of the richest countries in the world. Due to the increased number of human capital and rich oil reserve, Africa became one of the largest continents. The continent is endowed with natural resources and human capital.
There are many countries present in Africa that are doing extraordinary things to improve the wealth of their nation. The richest countries in Africa are based on the Purchasing Power Parity (PPP). The top richest countries in Africa are growing and developing fast and are successful in securing a good place for themselves in the competing global marketplace.
The economy of the countries are also growing fast as they have good tourism management, various kinds of natural resources, such as crude oil, minerals, importing and exporting of goods, usage of innovative as well as modern technologies, etc.
The political stability also helps the African countries to become more successful.
According to the richest countries in Africa per capita, the African economy depends upon some major components, such as industry, trade, human resources and agriculture. Africa is rich in resources.
In 2050, the economy of Africa shall reach a stable position. Industry, service and the agriculture is some of the major factors which affect the Gross Domestic Product (GDP) of the country. We will provide the per capita income of the richest countries along with the list.
As per the richest countries in Africa by GDP, we will put forth the GDP of the richest African countries. GDP measures the national income and the output of a country.
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Top 10 richest countries in Africa
In every year, there is a significant growth witnessed in the economy of the African country. On the basis of per capita income and national income growth, the countries of Africa have the highest gross national income. Here is the list of richest countries in Africa 2018. The population of the country defines the power and the growth of the country.
The top-rated country happens to have a low population, as in case of the higher population they fall under the list of less rich countries. Equatorial Guinea has a low population and high GDP due to which it is regarded as the number one richest country.
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This is one of the smallest countries in Africa. Most of the country's adults are employed in the field of agriculture, which is considered as the leading source of income. The people of Swaziland is engaged in the cultivation of tobacco, corn, sugarcane, cotton, pineapples, rice, and many more. The industrial sector accounts for about 45% of the country's GDP. The industrial sector consists of iron ore, textile, timber, sugar and coal mining. Swaziland is largely dependent on other countries, mainly South Africa from where they import nearly 80% of products.
Textiles, phosphates, chemicals, oil, gas, agricultural material, and food products are the main factors which help the economy of Tunisia to grow. It is also an auto manufacturing hub. Oil, manufacturing parts of car and tourism help in growing the economy of Tunisia. All these factors have placed the country in the 9th position among the top ten richest countries in Africa.
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Namibia is located close to South Africa and almost half of the entire population is connected to agriculture. However, the maximum of the revenues come from the mining industry, the sale of uranium and diamonds. Namibia is the vast source of these type of resources and thus capable of exporting it to the entire world. Though they are among the richest countries in Africa, still there is huge unemployment up to around 30%.
Egypt is the seventh among the richest countries in Africa. It acts as a linkage between north-eastern Africa and Middle Eastern Africa. It not only exports crude oil and natural gases such as petroleum but also various kinds of chemicals, agricultural foods, and metal products. It also has good tourism as well as cotton and textile products.
6. South Africa
South Africa is the sixth richest country situated in the southern part of Africa. The country not only has good and well-developed tourism industry but also exports various kinds of goods and natural resources to the other countries of the world. It exports various types of minerals such as gold, diamond, aluminum, platinum, etc., along with mechanical equipment.
The economy of Libya depends upon the oil sector. Libya is the largest oil reservoir. Natural gas and gypsum are the main natural resources of the country because of that it holds the 5th position in the list of richest African countries. The country gains revenue mainly from the oil sector. The economy of the country is boosting because of natural oil and gas.
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Algeria is located in the northern part of Africa and quite near to the Mediterranean Sea. Presently, Algeria is the major producer of natural gas and considered as the 4th largest country in terms of its exports. Sales proceeds from gas and oil account for around 30% of the country's GDP which makes it one of the contenders for the most richest countries in Africa.
Botswana, the third richest and landlocked country of Africa is situated in the southern part of the African continent. It has good increasing economy due to diamond mining, cattle, tourism, good foreign and fiscal policies. The low corruption rate is another reason for its better economic improvement.
Gabon is the second richest country of Africa situated near the Atlantic Ocean. The country has good economic growth due to the export of oil, various kinds of mineral resources etc. It also has the lowest amount of population along with a good political environment. The foreign investments also helped the country to flourish and to become the 2nd richest country in the African continent.
1. Equatorial Guinea
Equatorial Guinea is the richest country in the entire African region. It exports oil along with agrarian products, fish, etc. It even exports various kinds of natural resources while providing good tourism development programs to the customers.
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That's all for now regarding the top richest countries in Africa. Stay tuned with Briefly.co.za for latest updates.
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