Top 10 Richest Countries in Africa
If you are looking for the richest countries in Africa, then you are reading the right post.
In this post, we are going to look at the top 10 Richest countries in Africa.
While so many countries on this list are well expected, some may shock you.
So, which country is the richest in Africa?
Read on, for you will find both the answers to the above question and many other interesting facts about these rich African countries.
As we all know, Africa is naturally blessed with countries that are rich in natural minerals.
Gone are the days when Africa knew not of the value of her mineral deposits.
Today, almost every country in Africa utilizes its natural resources to the fullest.
Today, some African countries have even managed to appear in lists of the richest countries in the world.
In this article, we are going to look at these rich African countries, and how much their Gross Domestic Product (GDP) worth.
Without wasting time, let us go through the list of the top 10 Richest countries in Africa.
Top 10 Richest Countries In Africa
Here are the Richest countries in Africa
10. Tanzania
- GDP: $62.224 Billion
- GDP Per Capita: $1,105
- Global Ranking: 74th
- Population: 60 Million+
- Category: Developing
- Currency: Tanzanian Shilling (Tsh)
On the tenth spot in this list of the top ten richest countries in Africa, we have Tanzania.
This country is a hub for national parks and reserves.
Agriculture owns a reasonable share of their GDP.
Other sectors like mining, manufacturing, water supply, and natural gas supply make up the other part of their GDP.
This country has a diverse stream of revenue, and this makes them one of the wealthiest countries in the continent.
With a GDP of $62,224 Billion, they sit safely at the number ten spot in the list of richest countries in Africa.
9. Angola
- GDP: ($66.49 Bn)
- GDP Per Capita: $3,038
- Global Ranking: 62nd
- Population: 32 Million+
- Category: Developing
- Currency: Angolan Kwanza (Kz)
On the seventh spot in this list, we have Angola.
This is actually one of the African countries with the biggest reserves of natural resources.
With so much raw materials, this country can feature higher.
But it has been experiencing a series of mismanagement and corruption just like a few other countries on this list.
90% of Angola’s revenue in the sector of exportation comes from crude oil.
They also export other notable things like cargo ships and diamonds.
After their civil war ended in 2002, they have continued to take major steps towards the growth of their economy.
Over the years, there seem to be some improvements.
With a current GDP that clocks over $90 Billion, Angola is ranked as the seventh richest country in Africa.
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8. Ghana
- GDP: ($74.26 Bn)
- GDP Per Capita: $2,223
- Global Ranking: 71st
- Population: 30 Million+
- Currency: Cedi (GHS)
Ghana is one of the richest countries in West Africa.
With an ever-growing GDP of close to $70 Billion, they stand as the number nine richest nation in Africa.
Ghana is a country that is filled with so many natural resources.
Ghana is naturally blessed with raw materials like gold, cocoa beans, timber, and more.
Petroleum accounts for 50% of foreign exchange in Ghana.
7. Ethiopia
- GDP: ($93.97 Bn)
- GDP Per Capita: $953
- Global Ranking:63rd
- Population: 110 Million+
- Category: Developing
- Currency: Birr (ETB)
Aside from being one of the oldest countries in Africa, Ethiopia also makes it to the list of richest countries on the continent.
This ancient country is the place where coffee beans originated.
Today, Ethiopia is also the highest producer of honey.
Other major products in the export sector are products like cut flowers, legumes, and oily seeds.
Their GDP is a perfect mixture of Agriculture, construction, tourism, food processing, and energy.
6. Kenya
- GDP: ($106.04 Bn)
- GDP Per Capita: $2,010
- Global Ranking: 61st
- Population: 49 Million+
- Category: Developing
- Currency: Kenyan Shilling (Ksh, KES)
Today, Kenya is one of the most famous countries in East Africa.
They have wonderful wildlife reserves and huge landscapes which attract tourists from far and wide.
With a GDP that is already almost clocking $100 Billion, Kenya sits as the sixth richest nation in Africa.
They have established a stream of endless revenue from the agricultural sector, as well as a few other sectors.
Although the Kenyan economy is not built around natural resources like oil or gold, they are still one of the richest African countries with a diverse revenue stream.
Today, Kenya is one of the fastest growing Sub-Saharan nations.
The agricultural sector handles a whopping 35% of the total GDP of Kenya.
Their main agricultural products are products like coffee, maize, tea, and a few other products.
5. Morocco
- GDP: ($124.00 Bn)
- GDP Per Capita: $3,345
- Global Ranking: 58th
- Population: 38 Million+
- Category: Developing
- Currency: Morrocan dirham (MAD)
Morocco sits at number 5 with a total GDP of a whopping $120 Billion.
The economy of this African country is one of the most stable.
Over the last decade, they have experienced significant growth in various sectors and industries.
Today, Morocco is the second non-oil nation to have made it to a top spot in the list of richest countries in Africa.
Their economy fully relies on its manufacturing industry and its mining sector.
Other areas are Agriculture, services, and tourism.
Morocco has a lot of attractions which tourists come to visit.
Today, they are one of the largest producers of phosphorus in the world.
In addition to all that, they benefit greatly from their exports.
They export products like electrical tools, vehicles, and more.
Their telecommunications industry and their textile industry also brings in a lot of revenue for this nation.
With a GDP of close to $120 Billion, Morocco sits firmly as the fifth richest African country.
4. Algeria
- GDP: ($151.46 Bn)
- GDP Per Capita: $3,980
- Global Ranking: 53rd
- Population: 45 Million+
- Category: Developing
- Currency: Algerian dinar
On the fourth position in the list of richest nations in Africa, we have Algeria.
Apart from being one of the richest in Africa, Algeria is also the biggest country on the continent.
With a significantly developed economy, World-class infrastructure, and a promising GDP, Algeria is indeed a country to visit in Africa.
This country is blessed with crude oil reserves and its economy relies solely on them.
As a matter of fact, crude oil and natural gas account for a whopping 70% of the total GDP of Algeria.
Following the fall of oil price in recent times, the economy of Algeria has been affected, but they still remain one of the richest countries in Africa.
3. South Africa
- GDP: ($329.53 Bn)
- GDP Per Capita: $6,100
- Global Ranking: 35th
- Population: 60 Million+
- Category: Developing
- Currency: South African Rand
In second place in the list of richest countries in Africa, we have South Africa.
With world class infrastructure, a developed economy, and a GDP of close to $360 Billion, South Africa is ranked as one of the fastest-growing countries in the world.
Amongst all the nations in this list, South Africa is the only one which generates revenues through diverse means in a balanced way.
This country has such a huge GDP as a result of a perfect combination of their mining, tourism, financial services, and manufacturing.
Aside from this, South Africa is also blessed with gold, coal, diamond, iron ore, platinum, and a few other natural resources.
South Africa is one of the largest exporters of platinum and gold.
This is one of the countries that make so much money from their tourism sector.
Having so many beautiful places, this country surely attracts people far and wide.
2. Egypt
- GDP: ($394.28 Bn)
- GDP Per Capita: $3,046
- Global Ranking: 40th
- Population: 100 Million+
- Category: Developing
- Currency: Egyptian Pound (EGP)
Egypt remains one of the oldest nations in Africa.
Right from the days of Pharaoh, this nation has continued to remain a rich nation till date.
With a current GDP which clocks over $300 Billion, Egypt is ranked as the third richest country in Africa.
Over the years, the economy of this nation has improved greatly, resulting in their steady growth.
The unemployment level of Egypt has fallen in recent times, and this is a good signal which entails a steady growth in the nation.
Egypt has such a huge GDP as a result of their natural gas exports, Real estate, construction, Petroleum, and more.
This country has diversified their revenue sources, that they make a steady revenue from different sectors.
Today, they are well ranked as one of the richest countries in Africa.
1. Nigeria
- GDP: $514 Billion
- GDP Per Capita: $2,222 (2019 estimate)
- Global Ranking: 27th
- Population: 200 Million+
- Category: Developing
- Currency: Nigerian Naira (NGN)
In first place in the list of richest countries in Africa, we have Nigeria (aka The Giant of Africa).
Aside from being the richest country in Africa, Nigeria is also the most populous African nation.
With a current GDP that is just slightly below $450 Billion, Nigeria sits firmly as the richest country in the Africa.
This huge GDP is actually a reality in Nigeria due to the abundance of natural gas and crude oil.
Nigeria is blessed with several natural resources like natural gas, crude oil, limestone, coal, zinc, iron ore and more.
A smaller percentage of this GDP (app 20%) comes from the agricultural sector, tourism, finance, and more.
In accordance with a report from OPEC, Nigeria records close to 2 million barrels of crude oil per day.
This makes Nigeria the largest exporter of oil in Africa as a whole.
With a population of over 200 million people, Nigeria is the largest consumer retailer in Africa.
With so many technophiles, the technological sector of Nigeria is indeed experiencing some improvements over the recent times.
It was reported that between the period of 2000 to 2014, the GDP of Nigeria increased by 7%.
This is said to be one of the fastest movements in Africa.
However, due to political instability in Nigeria, the GDP is experiencing some slow movements in recent times.
Nigeria is one of the most diversified countries in Africa.
There are over 200 unique ethnic groups in Nigeria.
Despite going through several crises, corruption and troubles, Nigeria has managed to remain the richest country in Africa.
Final Thoughts on The Richest Countries in Africa
From the list above, you can confirm that Africa is indeed filled with several rich nations.
All the countries in this list grow at a very fast rate and they are well predicted to compete in top spots as world’s richest countries in the future.
If you actually found this article interesting or helpful, then feel free to drop a comment below.
Source: Thingstoknow.com.ng