TOP 20 RICHEST COUNTRIES IN AFRICA 2018 BY GDP PER CAPITA
Africa is the world’s second-largest continent and it comprises over 50 independent States –alternatively regarded as countries. Some people believe Africa constitutes the poorest continents but to contradict this notion, we have come up with the list Top 20 Richest Countries in Africa 2018 (By GDP Per Capita).
In economic analysis, it is important to clarify that real GDP is slightly different from GDP per capita because the former measures economic growth while the latter [GDP per capita] measures economic development as it facilitates a country’s standard of living.
Notably, the countries on this list (of richest African countries) are ranked based on GDP per capita. And to determine a country’s GDP per capita for a specified year, we have to divide the GDP for that year by the corresponding population. Finally, below are the top 20 richest African countries in terms of GDP per capita.
TOP 20 RICHEST COUNTRIES IN AFRICA 2018 BY GDP PER CAPITA
1. Equatorial Guinea
- GDP per capita: $40,718.8
Equatorial Guinea is one of the African countries with small land areas and meagre population estimates. Its population is estimated below 1 million inhabitants and as an East African territory, it borders upon Gabon and Cameroon. Despite the certainty that it experiences a high incidence of corruption, Equatorial Guinea is one of the oil-rich African countries that have made good use of their mineral potentials.
Considered the richest African country in terms of GDP per capita, Equatorial Guinea maintains the GDP (PPP) per capita of $40,718.8. Meanwhile, the country enjoys favourable economic standards under the influence of low population and vast deposit of oil.
- GDP per capita: $27,177.2
Seychelles is the second richest African country in terms of GDP per capita. This is quite easy to believe because the country’s population is far below a million inhabitants while the GDP hovers around $2.4 billion. The territory of Seychelles is an island surrounded by the Indian Ocean adjoining the Eastern region of Africa. With regard to this, tourism and industrial fishing have become the major sources of wealth for Seychellois citizens.
Seychelles’ population is close to 100,000 inhabitants and this meager population gives the country high GDP per capita of $27,177.2. Besides, the country’s low unemployment rate of just 1% indicates a favourable standard of living.
- GDP per capita: $20,085.2
Mauritius Flag – Wealthiest African Countries
Like Seychelles, the territory of Mauritius is an island surrounded by the Indian Ocean. Meanwhile, Mauritius maintains a high standard of living under the influence of a properly-diversified economy concerned with the production of apparel, textile manufacturing, tourism, and sugar production. Besides, the country benefits largely from vibrant financial services. Mauritius’ GDP per capita of $20,085.2 is an indication that it is Africa’s third richest country. Above that, the United Nations once issued a report implying that Mauritius is Africa’s most developed country.
- GDP per capita: $20,081
The government of Gabon makes the largest part of its revenue from oil production, making Gabon one of the biggest oil producers in Africa. Gabon is an East African nation with a vast oil reserve and low population density which makes it convenient for individuals to maintain sustainable standards of living. With the GDP per capita of $20,081, Gabon is regarded as Africa’s fourth richest country.
- GDP per capita: $15,893.93
Botswana – Top 20 Richest Countries In Africa 2018
With its population estimated fairly above 2 million inhabitants, Botswana is unarguably one of the least populous African countries. In addition to its low population, Botswana’s diamond-rich land is considered a mid-sized territory. Precisely, the best part of Botswana’s wealth can be attributed to its massive production of diamonds, making it the world’s second-biggest producer of diamonds. In previous times, Botswana was ranked as part of the world’s poorest nations, but today, it constitutes the fastest-growing economies across the globe. In terms of GDP per capita, Botswana maintains the total of $15,893.93.
- GDP per capita: $14,717.3
The economy of Algeria is majorly dependent on the energy industry which produces massive amounts of fossil fuels. At the same time, the energy industry contributes more than 95% of Algeria’s export revenue. In addition, it makes up 30% and 60% of the country’s GDP and budget earnings respectively. Algeria is situated in the Northern region of Africa and it is unarguably one of the best economies in the region. With the GDP per capita of $14,717.3, Algeria is Africa’s sixth richest country as well as the richest North African country.
7. South Africa
- GDP per capita: $13,195.5
South Africa TOP 10 RICHEST COUNTRIES IN AFRICA
South Africa is an influential African country and economic facts show that it is the second largest African economy –precisely in terms of GDP. Previously, it was Africa’s largest economy until Nigeria displaced it after the latter conducted a rebase on its GDP. South Africa’s economy is properly diversified, making the country one of Africa’s most developed economies. Although South Africa is restricted to the seventh position on this list, the country has the highest number of African dollar billionaires. In terms of GDP (PPP) per capita, South Africa maintains the total of $13,195.5.
- GDP (PPP) per capita: $11,467.1
Currently, Tunisia is regarded as one of the most vibrant economies in North Africa. In fact, it is the second-richest country in the region with the GDP (PPP) per capita of $11,467.1. During the earliest phase of the Arab Spring, precisely in January 2011, there was a significant revolt which resulted in the dismissal of the then Tunisian President –Zine al-Abidine Ben Ali. Meanwhile, the revolt has favoured Tunisia and categorized it among the efficient African economies.
- GDP (PPP) per capita: $10,913.4
Over the years, Egypt has maintained its stance among the largest African economies. In terms of GDP, it is Africa’s third largest economy –the position it maintains just behind Nigeria and South Africa. Through its GDP (PPP) per capita of $10,913.4, Egypt dominates the third position among the richest North African countries. Over and above that, 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. With this information, Egypt is undoubtedly one of the most-developed nations across the African continent. Despite being one of Africa’s most populous country, Egypt maintains its sustainable GDP per capita.
- GDP (PPP) per capita: $10,411
Namibia – Top 20 Richest Countries In Africa 2018
Global statistics about mineral production reveal that Namibia constitutes the world’s biggest producers of uranium. Meanwhile, the Namibian government earns the lion share of its revenue from mineral extraction and exportation. On this list, Namibia is described as Africa’s tenth richest country. While the Namibian economy is heavily based on the exportation of minerals including diamond and uranium, the major factor that contributes to its high GDP (PPP) per capita of $10,411 is the country’s meager population of 2.5 million inhabitants.
- GDP (PPP) per capita: $8,647.8
Swaziland is a less prominent African country with a landlocked territory surrounded by South Africa. It is one of the African countries with less than 2 million inhabitants. In that case, the country’s population accounts for only 1.4 million inhabitants ruled by a monarch. In Swaziland, subsistence agriculture is the major source of livelihood for the people and despite being a landlocked territory, the country harnesses its manpower in carving out a sustainable standard of living. Regarded as the eleventh wealthiest African country, Swaziland maintains the GDP (PPP) per capita of $8,647.8.
- GDP (PPP) per capita: $8,647.8
Morocco is another significant economy in the Northern region of Africa. As an endowed territory, Morocco is best known for its massive production of phosphates –the primary source of fertilizers, animal feeds, and pesticides. Apart from the benefits the country reaps from its massive deposit of phosphates, there are other significant sectors which fortify the Moroccan economy. Meanwhile, these sectors are clothing, agriculture, aerospace, textile industry, tourism and automotive industry. Considering the rate at which foreign investors have begun to flood its territory in order to establish their investments, Morocco has been regarded as one of the best African countries in terms of investment. Morocco is considered as Africa’s twelfth richest country and its GDP (PPP) per capita hovers around $7,841.
- GDP (PPP) per capita: $7,386
Angola is a Portuguese-speaking African country as well as the second biggest oil producer on the African continent. As a result of its massive oil production, oil contributes the largest portion of Angola’s wealth. Moreover, the Angolan economy is majorly based on the revenue generated from oil exports. Oil is obviously the mainstay of the Angolan economy but the country still benefits significantly from several other sectors including mining and agriculture.
Furthermore, Angola is the home of Africa’s richest woman –Isabel Dos Santos. And it is often said that most of Isabel’s wealth is attributed to her country’s enormous mineral potentials. As regards Africa’s richest countries, Angola comfortably fits into this list with the GDP (PPP) per capita of $7,386.
14. Cape Verde
- GDP per capita: $6,556.5
Cape Verde (alternatively known as Cabo Verde) is an island situated in the Western region of Africa. It is less prominent because it constitutes the least populous African countries. Precisely, its population is less than a million inhabitants. Probably due to its low population, Cape Verde manages to find its rhythm among Africa’s richest countries in terms of GDP (PPP) per capita. Most importantly, its government generates revenue through vibrant sectors like public services, transportation, commerce, and tourism. Cape Verde maintains the GDP per capita of $6,556.5, giving it an edge among the top 20 richest African countries.
15. The Republic of Congo
- GDP (PPP) per capita: $6,381
Alternatively known as Congo-Brazzaville, the Republic of Congo is one of the African countries with fairly low population estimates. Probably, this could be the reason why it runs a sustainable economy capable of meeting the needs of individuals. Meanwhile, the country maintains the GDP (PPP) per capita of $6,381 in relation to the population of 4.5 million inhabitants.
- GDP (PPP) per capita: $6,003.9
Nigeria is kept within the sixteenth position on this list of top 20 richest countries in Africa. Despite being Africa’s largest economy, Nigeria doesn’t fit well among the richest African countries. Meanwhile, this is attributed to the country’s long years of corruption and bad government which makes it difficult for many Nigerians to enjoy favourable standards of living. If Africa’s richest countries were rated in terms of GDP without considering their per capita levels, Nigeria would definitely emerge as Africa’s richest country in view of its massive GDP. However, the case is otherwise and that is why few Nigerians make billions of naira at the expense of millions of poor Nigerians.
In view of its enormous mineral potentials, Nigeria has been regarded as Africa’s biggest oil producer. Therefore, the country’s economy is majorly dependent on the oil sector with little concentration on several other key sectors.
Nigeria became more prominent when its economy displaced that of South Africa to become Africa’s largest economy due to increasing volume of national production. Speaking candidly, Nigeria is Africa’s foremost economy but with regard to its GDP (PPP) per capita of $6,003.9, it sits in the sixteenth position among Africa’s richest countries.
- GDP per capita of $4,387.9
As regards the aftermath of South Sudan’s secession, the economy of Sudan has been crippled by adversity. Prior to the secession, Sudan was considered one of the fastest-growing economies across the globe. But now, Sudan experiences a lot of hardship ranging from political unrest to economic setbacks. Sitting in the seventeenth position among Africa’s richest countries, the country [Sudan] maintains the GDP per capita of $4,387.9.
- GDP per capita: $4,210.5
Ghana is one of the most prominent West-African countries and it operates through a properly-diversified economy. In population, Ghana is fairly occupied by about 30 million inhabitants. The major sources of revenue for the Ghanaian government are agriculture and the service sector. However, the government expands its revenue base under the influence of a fast-growing oil industry. On a daily basis, the Ghanaian oil sector yields nearly 55,000 barrels. The economy of Ghana is fair with the GDP per capita of $4,210.5.
- GDP per capita: $3,835.5
Zambia is one of the countries situated in the Southern region of Africa. With a total of 15.5 million inhabitants, Zambia is one of the fairly-populated African countries and over the past few years, it has achieved a remarkable level of economic growth. Yearly, the average growth of real GDP is estimated at 6.7%, giving Zambia the hope to advance better in years to come. Zambia is the second biggest producer of copper in Africa and this is precisely why the Zambian government concentrates largely on the revenues generated from copper exports. As regards its GDP (PPP) per capita, Zambia maintains the total of $3,835.5.
20. Cote d’Ivoire
- GDP (PPP) per capita: $3,513
Cote d’Ivoire –also known as Ivory Coast –is a West African country that depends heavily on agriculture. In population, Cote d’Ivoire is occupied by 23 million inhabitants, making it one of the fairly-populated African countries. Some of its major agricultural products are palm oil and cocoa beans. In fact, it is regarded as the biggest exporter cum producer of cocoa beans in the world. Cote d’Ivoire comes in last on our list of top 20 richest countries in Africa with the GDP (PPP) per capita, is estimated at $3,513.
That’s all about Top 20 Richest Countries In Africa 2018 Based On GDP Per Capita.
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