African continent has always been known for its rich natural resources and variety of flora and fauna. Huge oil and natural gas reserves are also found in the African Continent. Huge oil and natural gas reserves are also found in the African Continent. In the ancient times, African continent served the centre for trade between East and West of the world. Yet, couple of decades ago, these countries haven’t just been able to have progress as they wished. But now, the story has changed and few of these countries are amongst the fastest growing economies in the world.
Here is the list of top 10 Richest African countries that have made significant progress and have greater per capita income. This list clearly shows that the African nations have no longer remained backward in development.
All these nations have found the right way of exploitation of natural resources available in them. Here, our list’s countdown follows:
Table of Page Contents
List of Top 10 Richest African Countries
Algeria is the largest country in Africa located on the Mediterranean coast in North Africa. It is the 33rd most populous country in the world. It is a regional and middle power whose economy is supported by energy exports. Algeria has the second largest oil resources in Africa and it supplies large amounts of natural gas to Europe from its world’s 9th largest natural gas reserves. The country has the largest budget in Africa and has one of the largest armies in the continent.
Namibia in Southern Africa is the 34th largest country in the world by area. It has a population of 2.1 million people and is one of the least densely populated countries in the world. Namibia’s economy is mainly powered by agriculture, herding, tourism and mining of gem, diamonds, uranium, gold, silver and other metals. It is a member of the United Nations, the African Union, the Commonwealth Nations and the Southern African Development Community.
It is the northernmost country in the African continent. It is the world’s 93rd largest country and has a population of about 11 million, making it the 79th most populated country in the world. It is a country with high human development index and its close relations with France and Italy have resulted in economic cooperation, privatisation and industrial modernization. The per capita income is about $11,620 as per PPP. The country also has an association agreement with European Union and is a member of La Franophonie, the Union for the Mediterranean, the Arab League, the African Union, the Non-Aligned Movement and others.
It is the fourth largest country in the African continent, located in the Maghreb region of North Africa. The country has three traditional parts, namely Tripolitania, Fezzen and Cyrenacia. Libya has the world’s largest proven oil reserves of any nation. It is the world’s 108th most populous country. The country’s total GDP (PPP) is estimated to be $91,613 billion and has a per capita income of about $14,348.
6. South Africa
South Africa is the world’s 25th largest country and 24th most populous country. The country has a wide variety of cultures, languages and religions. South Africa is the only nation that borders both the Indian Ocean and the Atlantic Ocean. Its economy is the second largest in the continent and 34th largest in the world. It has the seventh highest per capital income in Africa in terms of PPP. This “Rainbow Nation” maintains a significant regional influence and has been a middle power in international affairs.
This country includes the islands of Mauritius, Rodrigues, Agalega, St. Brandon and two disputed territories. It has a multi-ethnic society with multicultural, multilingual, multi-religious people. Mauritius ranks high for democracy as well as economic and political freedom. The country’s economy is mainly based on agriculture and growing industrial, financial and tourism sectors. It is the home for several endemic species and a rich variety of flora and fauna.
With about 2 million population, it is the world’s 145th most populous country. Up to 70% of its territory is the Kalahari Desert. From one of the poorest countries in the world, today Botswana has transformed to become one of the fastest growing economies in the world. It has one of the highest Human Development Index in Africa and offers a modest standard of living.
This country is located on the equator on the west coast of Central Africa. It has a population about 1.5 million making it the 150th most populous country in the world. Having a very low density population and abundant petroleum resources, Gabon is one of the most prosperous countries in Sub-Saharan Africa. Foreign Private Investment, trade, industries have boosted the country’s economy. As per PPP, it has a per capita income of about $22,400. The country is finding significant growth in economy year by year.
2. Equatorial Guinea
It is a country located in Central Africa, being the only African country to have Spanish as an official language. Its authoritarian government is said to have one of the worst human rights records in the world. Human trafficking is a major problem of this country. Anyhow, its nominal GDP ranks 113th in the world, for an economy that is contributed by its abundant petroleum resources, natural gas, fishing and timber. It exports to several countries like France, China, Spain, Netherlands, Belgium and The United States.
It is an archipelago in the Indian Ocean which only has an area about 459 sq. kilometre. It stands at 195th place amongst the most populated countries in the world. Seychelles has a market based economy. Tourism is a prime sector of the country’s economy. Fishing, boat building, printing, furniture, coir rope and beverages are the important industries. Agriculture also contributes with products like spices, bananas, sweet potatoes, poultry and tuna.
Our list focussed on the top 10 richest African countries by 2017, which have greater per capita income than any other nations in the continent. In few more years, many of these nations will become developed with the help of right use of their resources and man power.