What are the top 10 richest countries in Africa?
Do you know them? Well if you don’t, then this article is for you.
A lot of people might think that Africa is not actually that rich.
However, Africa is one of the richest continents in the world.
Blessed with numerous minerals deposits, Africa is the source of most mineral resources of the world today.
Ranging from Oil and natural gas to gold and more, Africa is richly blessed by God.
In this article, we will look at the top 10 richest countries in Africa, and how much their GDP is worth as of 2021.
Without wasting too much of your precious time, let us go through this comprehensive list of the 10 richest countries in Africa.
Top 10 Richest Countries In Africa
Here are the top 10 richest countries in Africa:
10. Tanzania
- GDP: $62.3 Billion+ (2019 Estimate)
- Population: 58,552,845
- Global Ranking: 74th
- Country Status: Developing
- Currency: Tanzanian Shilling (Tsh)
On the tenth position in this list of richest countries in Africa, we have Tanzania.
This country is the home of reserves and parks in Africa.
With an economy that is majorly based on agriculture, up to half of the workforce of this nation is in the agricultural sector.
The major Exports of this nation are coffee, gold, cotton, and cashew nuts.
However, they also function greatly in the fields of construction, mining, and manufacturing. In recent years, this country has received a significant boos economically.
However, research shows that the amount of people who still live in poverty has not decreased. With a GDP of over $60 Billion, Tanzania is safely the tenth richest country in Africa.
9. Ghana
- GDP: $67.1 Billion Dollars (2019 Estimate)
- Population: 29,767,108
- Global Ranking: 71st
- Country Status: Developing
- Currency: Ghana Cedi (GHS)
In ninth place on this list of richest countries in Africa is Ghana.
Today, this country is one of the most popular countries in West Africa. The main source of income and export in Ghana is gold.
However, they also export natural resources like petroleum. Moreover, they are one of the major producers of coco beans and timber in Africa.
Today, they are the largest producers of gold in Africa. This country was the first West African country that broke free from their colonial masters.
Due to the conducive nature of this country for business, it is a major attraction for investors with a GDP that clocks well over $67 Billion, Ghana is currently ranked as the ninth richest nation in Africa.
8. Ethiopia
- GDP: $91.2 Billion Dollars (2019 Estimate)
- Population: 108,113,150
- Global Ranking: 63rd
- Country Status: Developing
- Currency: Burr (ETB)
Ethiopia is one of the ancient nations in Africa. As we speak, this country is the highest producer of honey and coffee in Africa as a whole.
This makes up for a large portion of their economy.
However, they also make a lot from seeds and legumes. The GDP of this nation is one that is a combination of construction, manufacturing, food processing, tourism and more.
Over the past decade, Ethiopia has continued to experience a steady growth.
As a result of this, this country is now a famous place for foreign businesses. The poverty level of this nation fell down to about 31% a few years back.
However, the high level of inflation for consumers and the underdeveloped private sector are issues that still affect this nation.
7. Angola
- GDP: $91.5 Billion Dollars
- Population: 30 Million+
- Global Ranking: 62nd
- Country Status: Developing
- Currency: Angolan Kwaza (AOA)
One cannot talk of rich countries in Africa without mentioning Angola. Today, Angola is one of the biggest economies in Africa.
Over the years, they have continued to climb up the scale. Talking about minerals, Angola is one of the biggest reserves of mineral resources in Africa as a whole.
However, they are still negatively affected by mismanagement of resources. The major exports of Angola are crude oil, diamond, timber, and more.
However, crude oil makes up for 90% of their total GDP. Today, Angola ranked as one of the most diversified nations in Africa.
Moreover, they also export cargo ships, and have a strong agriculture sector with a GDP of over $90 Billion, Angola sits firmly as the seventh richest country in Africa.
6. Kenya
- GDP: $99.2 Billion Dollars
- Population: 47 Million+
- Global Ranking: 61st
- Country Status: Developing
- Currency: Kenyan Shilling (KES)
Today in Africa, one cannot talk about wildlife without mentioning Kenya.
Kenya is the home of wildlife in Africa. This country has a stable economy, and they are well known in the agricultural sector.
Unlike most countries in Africa, the economy of Kenya is not built on natural resources like crude oil.
However, they have still managed to grow through diverse means to become one of the richest nations with Industry accounts for 50% of their GDP, while Agriculture accounts for 35%.
5. Morroco
- GDP: $120.1 Billion Dollars
- Population: 36 Million+
- Global Ranking: 58th
- Country Status: Developing
- Currency: Morrocan Dirham (MAD)
With a GDP clocked at over $120 Billion, Morroco is currently ranked as the fifth richest country in Africa.
When looking at the richest non-oil producing nations in Africa, Morroco comes second.
This country has a stable and diverse economy. However, they do not produce natural resources like crude oil.
Mining and manufacturing accounts for 30 percent of their GDP, while 15 percent goes to agriculture. All others are gotten through services.
Morroco is one of the major tourism centres in Africa today witha GDP of over $120 Billion, this country sits firmly as the fifth richest nation in Africa.
4. Algeria
- GDP: $173 Billion Dollars
- Population: 42 Million+
- Global Ranking: 53rd
- Country Status: Developing
- Currency: Algerian Dinar (DZD)
The fourth country on this list of richest countries in Africa is Algeria.
Algeria is the largest country in Africa as a whole with a GDP of over $173 Billion Dollars, Algeria is safely ranked as the fourth richest country in Africa.
Over the past two decades, they have managed to achieve a 20% reduction in poverty rate.
Algeria is one of the African countries with the most oil reserves.
Moreover, the country greatly depends on this. A whopping 70% of the total income of Algeria comes from the oil and gas sector.
However, they still earn from other sectors like agriculture, construction and more.
In addition, Algeria is also the largest producers of Ammonia in Africa. Through the years, they have managed to remain on top of this list.
However, a few factors like the decline of oil price and depression has negatively affected the currency reserves of this country.
Overall, they still remain one of the richest countries in Africa.
3. Egypt
- GDP: $302.5 Billion Dollars
- Population: 100 Million +
- Global Ranking: 40th
- Country Status: Developing
- Currency: Egyptian Pound (EGP)
There is hardly anyone who has not heard of the ancient land of Egypt.
Right from the days of the Pharaoh, we often hear of Egypt and how they are associated with wealth.
It seems this continued till date, as they are one of the richest African countries today with a GDP of over $300 Billion Dollars, Egypt is currently ranked as the third richest country in Africa.
Over the past decade,this country has experienced a significant growth and stability.
The main sources of income of this nation are oil and natural gas, construction, real estate, and more.
Moreover, Egypt is also a center of tourist attraction.
2. South Africa
- GDP: $360 Billion Dollars
- Population: 58 Million +
- Global Ranking: 35th
- Country Status: Developing
- Currency: South African Rands
As the name implies, South Africa is the most southern country in Africa.
Today, this country is the second richest across the continent. In terms of development, this country is also one of the most developed nations in Africa.
However, they are still ranked as a developing nation. South Africa is one of the few African countries that experience steady growth economically.
Moreover, they are even ranked as one of the fastest developing nations in the world. Judging from this list, South Africa is the most diversified nation in Africa.
Their GDP is a mixture of financial services, mining, tourism, manufacturing and more.
They are also blessed with natural resources like diamonds, gold, coal, platinum, iron ore and more.
Moreover, they are the largest exporters of gold and platinum with a GDP that is clocked at over $360 Billion Dollars, South Africa is ranked as the second richest country in Africa.
1. Nigeria
- GDP: $451.2 Billion Dollars (2019 Estimate)
- Population: 200 Million +
- Global Ranking: 27th
- Country Status: Developing
- Currency: Nigerian Naira (NGN)
Often called the Giant of Africa, Nigeria is the number one country on this list.
With a GDP that clocks over $451 Billion Dollars, Nigeria is the richest country in Africa.
Moreover, this nation is also the most populated country in Africa. The GDP of Nigeria is a mixture of oil and gas, tourism, transport and finance.
However, oil and gas accounts for up to 80% of the exports. In accordance with a statement by OPEC, Nigeria records close to 2 million barrels of oil sales on a daily basis.
With such a large amount on a daily basis, Nigeria is the largest exporter of oil in all of Africa.
Aside from crude oil and natural gas, Nigeria is blessed with other mineral resources like tin, lead, limestone, zinc, iron ore, coal, and more.
Moreover, this country contains several fertile lands for agriculture.
Final Thoughts On Top 10 Richest Countries In The World
With the help of this detailed article, I hope you have discovered the real list of richest countries in Africa.
Collectively, the top 10 richest countries in Africa are worth well over $2 Trillion Dollars collectively. That is to tell you that the continent is indeed a wealthy one.
So far, that will be all we have in the top 10 richest countries in Africa. Feel free to drop your comments if you found this article useful.
Source: thingstoknow.com.ng
