Africa is one of the finest examples of an ever-evolving and ever-growing modern economy. Over the years, the home to 51 countries, Africa has witnessed an admirable newer commercial vibrancy propelled majorly by the high sales of raw materials such as gold, diamonds, etc.
Recently, some of the African countries were recorded to have a higher gross national income per capita than Asian countries like India and China. Following given is a list of the top 10 richest African countries as of 2018 based on their GDP per capita.
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Checkout the list of Top 10 Richest African Countries in 2018
Considered to be one of the finest operating economies of the continent, the North African country’s major economic contributions come from its rich oil and gas production levels. The diversified economy of Tunisia is powered by chief exports including phosphates, agro-food products, chemical, textiles, etc. Tourism is another major contributor to Tunisia’s fast-growing economy with the major attractions being the cosmopolitan capital city of Tunis, Jerba’s Muslim quarters, the ancient ruins of Carthage, etc. As of 2017, the GDP and GDP (PPP) per capita of Tunisia were $43.02 billion and $11,400 respectively with a population of 11,431,780.
Another country with an exquisitely well-defined economic system, Libya is believed to have the largest certified oil reserve in the continent as well as among the world’s suppliers of light sweet crude. More than three-fourths of Libya’s growing economy is believed to be predominantly propelled by its oil production sector. 96% of the country’s GDP is considered to be fueled by the revenue earned from the export of oil, gas, and gypsum. According to the World Bank, Libya is among the few African countries having an upper middle economy. As of 2017, the GDP and GDP (PPP) per capita of Libya were $29.15 billion and $14,600 respectively with a population of 6,278,438.
Angola’s economy is also overwhelmingly powered by the oil sector accounting for more than half of the country’s GDP. The oil sector of Angola constitutes 75% of the government revenue and about 91% of the nation’s total exports. Over the years, the African country has witnessed a whole reconstruction of its economy with the oil and gas sectors serving as the major contributors. Other economic boosters include the exports of diamonds (5%) and agro-foods (2%). As of 2017, the GDP and GDP (PPP) per capita of Angola were $102.7 billion and $7,300 respectively with a population of 20,172,993.
Situated in the Southern part of Africa, Botswana is among the fastest growing economies in the continent and has served as a major contributor in elevating Africa’s economic conditions. The major sectors contributing majorly to the growing economy of the landlocked Botswana include the mining, tourism, and cattle sector. To be specific, the boosted economy is a result of the exceptional levels of diamond mining, well-defined conservative fiscal policies, and a surprisingly low rate of corruption. As of 2017, the GDP and GDP (PPP) per capita of Botswana were $14.39 Billion and $16,400 respectively with a population of 2,262,445.
Gabon is considered to be one of Africa’s largest producing nations of oil. Located in the west coast of Central Africa, the country’s exquisite economic condition is owed to the extensive exports of oil, manganese, uranium, and timber which constitute more than three-fourths of the nation’s GDP. One of the foremost boosters of the economy of Gabon has been the well-defined foreign investment policies along with a lower level of population which creates a sense of stability in the economy. As of 2017, the GDP and GDP (PPP) per capita of Gabon were $14.34 billion and $18,600 respectively with a population of 1,725,292.
Probably one of the most historic landmark nations of the continent, Egypt is among the world’s powerhouses of art and literature culture tracing back to 10 BC. Apart from the country’s historical and cultural aspects, the Egypt economy is one of the fastest growing African diversified economies with its major exports ranging from crude oil and petroleum products to cotton and textiles. Another major contributor to this diversified economy is, undoubtedly, the tourism sector due to an extensive range of historical monuments and landmarks of the country. As of 2017, the GDP and GDP (PPP) per capita of Egypt were $330.7 Billion and $11,800 respectively with a population of 91,508,084.
4. Equatorial Guinea
One of the smallest countries in the continent, the Central African country is the third largest oil producer in Africa. The Spanish-speaking country is considered to be one of the fastest growing small-level economies in the world with its chief contributor being the oil exports. Apart from being a modern developing economy, the country also bears an exceptional resource potential containing undeveloped resource reserves of precious elements such as uranium, iron ore, gold, and titanium. As of 2017, the GDP and GDP (PPP) per capita of Equatorial Guinea were $9.4 Billion and $31,800 with a population of 845,060.
3. South Africa
Declared as one of the few African countries to have an upper middle economy by the World Bank, South Africa’s boosting economy is powered by exports of gold, diamonds, platinum, machinery, and other metals and minerals. South Africa has witnessed a development of gargantuan proportions in the tourism sector after the FIFA World Cup of 2010 was conducted here. As of 2017, the GDP and GDP (PPP) per capita of South Africa were $312.80 billion and $13,200 respectively with a population of 54,956,920.
Having surpassed South Africa in 2016, the Nigerian economy is set to be the largest African economy in the near future. Considered to be an ever-developing nation, Nigeria is ranked 21st in terms of nominal GDP globally and 20th in terms of purchasing power parity. With an exceptional re-emergent economic model, Nigeria is one of the largest oil-producing nations in the continent. However, oil exports only constitute 10% of the nation’s GDP. Other economic boosters include aircraft parts exports, vessels, cocoa, tobacco, etc. As of 2017, the GDP and GDP (PPP) per capita of Nigeria were $594.23 billion and $6,003 respectively with a population count of 173,600,000.
Probably one of the unknown economies of the African Continent, Seychelles has witnessed enormous development which has led to a boost of substantial proportions in its economy. Taking the low population count as an advantage, the tourism sector and fishing industry have made Seychelles one of the well-structured, ever-growing, and balanced economies in the world. The Seychelles economy has an exceptionally low unemployment rate, at 1%. As of 2017, the GDP and GDP (PPP) per capita of Seychelles were $1.438 billion and $26,400 respectively with a population count of 92,900.
From the above list, it is confirmed that the African economy is one of the stably ever-growing economies in the world with exceptionally low unemployment rates and great nominal per capita GDP rates.