Top 10 richest countries in Africa

Africa is the 2nd largest continent in the world, after Asia, with a population of about 1.3 billion people. Although home to some of the poorest countries in the world, there are however, countries that stand out on the continent.

Over the years, there has been significant increase in the nominal GDP of most African countries, however, this isn’t the only factor which determines the economy of a country. Nigeria, for example, has the highest nominal GDP amongst African countries, but many Nigerians live on less than a dollar, a day.

The per capita income, be it nominal or purchasing power parity, is the most important factor which determines the economy of a country. The higher the per capita income of a country, the higher the standard of living. This can be calculated by dividing the nominal GDP by the population.

Below are 10 of the richest countries in Africa;

1. Seychelles – Nominal GDP per capita($16,332):

Top 10 richest countries in Africa

Seychelles currently holds the title of the richest country in Africa when it comes to per capita income, be it nominal or purchasing power parity.

2. Mauritius – Nominal GDP per capita($11,693):

Top 10 richest countries in Africa

Mauritius, a beautiful island country is a heaven on earth when it comes to tourism in Africa. With a population of about 1.2 million people, and a nominal GDP of about $14.8 billion, Mauritius has a nominal GDP per capita of about $11,693, which makes its citizens enjoy the highest standards of living in the whole of Africa.

3. Equatorial Guinea – Nominal GDP per capita($9,141):

Top 10 richest countries in Africa

Although a wealthy country, income inequality is a problem in Equitorial Guinea .

4. Gabon – Nominal GDP per capita($8,384):

Top 10 richest countries in Africa

Just like Equatorial Guinea, income inequality is also a problem in Gabon.

With an estimated population of 2.1 million people and a GDP of about $70.2 billion, Gabon has a nominal GDP per capita of about $8384.

5. Botswana – Nominal GDP per capita($8,263):

Top 10 richest countries in Africa

Botswana has one of the largest growing economies in Africa. With a population of about 2.2 million people and a GDP of about $19.6 billion, Botswana has a nominal GDP per capita of about $8,263.

6. Libya – Nominal GDP per capita($7,803):

Top 10 richest countries in Africa

With a nominal GDP of $51.3 billion, Libya has a nominal GDP per capita of about $7,803, considering the country’s population.

7. South Africa – Nominal GDP per capita($6,331):

Top 10 richest countries in Africa

With a population of about 58.7 million people and a nominal GDP of about $371.2 billion, South Africa has a nominal GDP per capita of about $6,331.

8. Namibia – Nominal GDP per capita($5,923):

Top 10 richest countries in Africa

With a population of about 2.7 million people and a nominal GDP of about $14.1 billion, Namibia has a nominal GDP per capita of about $5,923.

9. Algeria – Nominal GDP per capita($4,229):

Top 10 richest countries in Africa

With an area of 2,381,741km², Algeria is the 10th largest country in the world and largest in Africa, by surface area, as well as the largest in the Arab world.

With an estimated population of 44 million people and a nominal GDP of $180.6 billion, Algeria has a nominal GDP per capita of about $4,229.

10. Eswatini – Nominal GDP per capita($4,131):

Top 10 richest countries in Africa

With a population of about 1.1 million people and a nominal GDP of about $4.6 billion, Eswatini has a nominal GDP per capita of about $4,141.Eswatini is one of the smallest countries in Africa, both in terms of surface area and population.

There you have it! Ten of the richest countries in Africa based on nominal GDP, and per capita income. We hope the Nigerian government can take this cue to improve the quality of life for its citizens.

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