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Top 10 Richest countries in Africa 2022

Published

7 years ago

9:06 pm

Delvin

This is a List Containing The Richest Countries in Africa 2022.

Agriculture, human resources and industry are the major pillars of the African economy. The continent boasts a wide range of natural resources. Nevertheless, the people of this region have continued to be exploited for decades and poverty has been a major calamity. The African economy is expected to reach a GDP of $ 29 trillion by 2050.

However, the disparity in income distribution is likely to deter the wealth distribution among the people of this region. As we speak, some African countries are among the poorest while others have the fastest growing economies in the world. The following is a description of the ten richest nations in Africa and the nature of their economies. All the figures are traceable from the 2017 International Monetary Fund data.

In this list, we will give you a quick glance of the Richest Countries in Africa.

10. Namibia ($11,528)

Namibia sits in Southern Africa. The pillars for Namibia’s economy are tourism, manufacturing, agriculture and mining. The country is sparsely populated with a total population of roughly two million.

The cost of living is comparatively high. A significant quantity of goods consumed here is imported, hence highly priced. The country has a GDP of about $11,528.

9. Tunisia ($11,987)

Tunisia is located in North Africa. Much of the economy here depends on industries like oil, tourism, and automobile parts. The ’70s saw a period of unstructured expansion of Tunisia’s economy. Today, the per capita income of the nation is approximately $11,987.

8. Egypt ($12,994)

Cairo is the hub of Egypt’s economy. The Suez Canal’s proceeds, gas, tourism and agriculture are fundamental pillars of this economy. In spite of the plentiful natural resources and proximity to the sea, huge population, desertification and diminishing water levels of the Nile are the foremost factors intimidating the economy of this nation.

The penetrations of terrorist groups along with internal rebellions also damage the stability of the economy. The current per capita income is $12,994.

7. South Africa ($13,403)

South Africa, the southernmost country on the continent, is bordered by Namibia, Zimbabwe, Botswana, Swaziland, Lesotho, and Mozambique. The economy here is mixed and has a relatively high GDP compared to other African countries. Conversely, South Africa has high rates of unemployment, poverty, and a wide gap between the rich and the poor. However, South Africa is enlisted among the top 10 countries in the world for income inequality.

The economic disparity among South Africa’s population is primarily due to the apartheid regime in the country which ended in 1994. Gradual improvements in the country’s economy have occurred since then. Tourism is one of the biggest revenue generating industries here.

6. Algeria ($15,000)

Located in the Northern part of the continent is a country that goes by the name Algeria. The country has a population of over 40 million. The World Bank considers Algeria to be an upper middle country.

Conventionally, the state has played a pragmatic role in the economy of Algeria. However, in recent years, the economy has diversified. To date, unemployment rates remain high, especially among youth. The country’s economy relies greatly on gas and petroleum. A per capita of $15,000 means the nation is doing relatively well economically.

5. Botswana ($18,146)

Botswana sits in southern Africa. It is well known for its repute as a stable democracy. It has a population of around 2.1 million. The economy of Botswana grew very rapidly. It is well thought-out to be a middle-income country.

Metals and gemstones are vital to the economy of Botswana. They include resources such as uranium, gold, diamonds, copper, and, to a lesser extent, gold. A per capita of $18,146 places it fifth in the list.

4. Gabon ($19,266)

A Central African country, Gabon sits on the West African coast. The economy of Gabon revolves around oil. Nonetheless, over recent decades, oil production in Gabon has been declining.

Overspending on the part of the government has been cited as a major challenge. A low population of 1,475,000 and a high amount of oil revenue reveals the current position of the nation’s economy and a per capita of $ 19,266.

3. Mauritius ($21,628)

Mauritius is an island nation sitting on the Indian Ocean. All through its history, the country has been at times a Dutch colony, a French colony, and a British colony. It has enjoyed independence since 1968 with a population of roughly 1.3 million.

It is the third affluent country in Africa with a GDP per capita of $21,628. Mauritius’s economy deeply centers on tourism. The warm ocean water, beautiful beaches and pleasant climate are a crucial tourist attraction in Mauritius.

2. Seychelles ($28,172)

Seychelles is also an island located in the Indian Ocean. With a population of only 92,000, it has the tiniest population of any country in Africa. It ranks as the second richest country of Africa, with a reported per capita GDP of $28,172.

Seychelles is renowned as a highly developed country. However, income inequality is also rampant. The country’s economy is chiefly based on tourism, by a vast margin.

1. Equatorial Guinea ($34,865)

Equatorial Guinea is located in Central Africa. It has a somewhat small geographical region. Partly, the low population of the nation helps the GDP to remain relatively high. It comes in first place with a GDP per capita of $34,865.

Although this figure may appear to be high, on the UN’s Human Development Index, Equatorial Guinea ranks 136th. This is generally due to the incredible income inequality in the country. It is safe to say Equatorial Guinea tops the list in the Richest Countries in Africa 2022.