Here are the top ten richest countries in Africa according to measurement by GDP per capita, which also takes into account the standards of living.
Africa may be dubbed as lagging in terms of catching up with the latest world trends when it comes to development, but there is some growth here. And to be honest, some countries are thriving well at this thing called “being rich”.
While challenges may be noted in terms of the widening levels of inequality between the rich and the poor in these rich countries, it is still worth mentioning them. Africa is endowed with abundant natural resources, and these have immensely propelled the economies of various countries, where they have been utilized well.
The following list looks at countries with the highest GDP per capita rates on the continent. A clear-cut distinction has to be made between real GDP and GDP per capita because the former looks at economic growth while the latter [GDP per capita] measures economic development as it facilitates a country’s standard of living.
Below is the list of the richest countries in Africa based on GDP per capita:
1. Equatorial Guinea
Leave the dictatorial and selfish excesses of Teodoro Obiang aside because this country is actually the richest in Africa according to the method of measurement mentioned above. Equatorial Guinea maintains the GDP (PPP) per capita of $40,718.8. It’s the third largest producer of oil in Africa and has a very low population of around 845,060. The vast deposits of oil have made the country the richest in Africa despite some incidences of corruption in the country.
For many years now, it is common to find the island’s name dominating such lists. Seychelles flourishes by capitalizing on its low population count, the tourism sector and fishing industry. These have bolstered Seychelles’ economy over the years to make it the richest on the continent. Seychelles has a GDP per capita of $27,177.2. GDP hovers around $2.4 billion. The country’s low unemployment rate of just 1% indicates a favourable standard of living.
Mauritius is a splendid island, beyond any reasonable doubt really. Even if you leave the economics aside, Mauritius is a rich country in culture, religion, ethnicity. The economy of the country is directly proportional to the tourism, information technology and transportation. Mauritius has a GDP per capita of $20,085.2. The United Nations once issued a report highlighting that Mauritius is the most developed country in Africa. A remarkably high standard of life is maintained under the influence of a properly-diversified economy concerned with the production of apparel, textile manufacturing, tourism, and sugar production.
Gabon is one of the small countries in Africa maximizing on the advantage of having good deposits of natural resources. It is considered one of the largest oil producing countries in Africa, and also makes use of extensive exports of manganese, uranium, and timber which contribute three-fourths of the nation’s GDP. GDP per capita stands at $20,081. The low population density make it convenient for the citizens to enjoy high standards of living.
The Southern African country is known for its good governance and for standing up to the truth in terms of democracy and other governance-related issues. Its GDP per capita stands at $15,893.93. A positive interplay of a low population density (about 2 million inhabitants) and vast diamond deposits makes Botswana one of the wealthiest countries on the continent. It is one of the fastest-growing economies on the continent, despite being labelled one of the poorest some years ago. Not only does it thrive on diamonds, but it is anchored by tourism and cattle too.
Algeria has a GDP per capita of $14,717.3 and that makes it one of the richest countries in Africa. That can be attributed to how the country is dependent on its energy sector, producing large amounts of fossil fuels. The country has been investing a lot in the hydrocarbons, research and alternative energy sources, labor market, tourism and transport.
7. South Africa
South Africa is by arguably one of the most diversified countries in Africa. It has a GDP per capita of $13,195.5 and if this way of measurement is put aside, it is the second largest economy on the continent, led by Nigeria. South Africa has the highest number of African dollar billionaires. South Africa’s boosting economy is powered by exports of gold, diamonds, platinum, machinery, and other metals and minerals. The World Bank named South Africa an upper middle economy.
It’s easy to point at Tunisia as one of the most vibrant economies in North Africa. It has a GDP per capita of $11,467.1 and this is contributed by its rich oil and gas production levels. Tunisia is doing well in having a diversified economy, and when it comes to exports it is powered by phosphates, agro-food products, chemical and textiles. Tourism is also worth including, with the major attractions being the cosmopolitan capital city of Tunis, Jerba’s Muslim quarters, the ancient ruins of Carthage.
You cannot talk of the largest economies in Africa without including Egypt. Through its GDP per capita of $10,913.4, Egypt dominates the third position among the richest North African countries. Egypt has been favoured by industrial development and robust advance in technological innovations. Precisely, many of its dollar billionaires have invested immensely in facilitating the growth of IT and technology at large. Its democracy may be kind of shaky but its economy may well be strong.
Could it be safe and certain to say that Namibia has one of the stable economies on the continent? Well, with a GDP per capita of $10,411 and good mineral utilization, it is very safe and certain to say so. Namibia is one of the largest producers of uranium in the world but the Namibian government earns the lion share of its revenue from mineral extraction and exportation. Like its neighbour Botswana, Namibia has a low population density and that contributes to its high GDP.
It can be argued that if African countries were to fully explore their resources, their GDPs would be significantly higher. If you are interested in improving your personal wealth, an easy loan from Bad Credit Site could help you out with the lowest rates online.