The African economy keeps growing and is fast becoming the ultimate investment destination — a continent abounding in mineral resources and human resources. Africa is the youngest continent, in that majority of her population are young people. We can all agree that it takes more than having a natural resource to be a rich country and this list testifies to that ideology. This list is featuring the wealthiest African countries in term of GDP. (Spoilers, some of the big names are not the list).
TOP 10 RICHEST AFRICAN COUNTRIES 2020- POPULATION, GDP AND ALL YOU NEED TO KNOW
· #1. Equatorial Guinea – 1.3million people
· Per capita income: $34,865
At number one, the crown of the richest African country goes to Equatorial Guinea. A country located in Central Africa, whose size relatively small compared to others. Covering only around 10,830 square miles.
The country is called home by about 1.3million people. Like Gabon, it is partly due to the small population that enables the GDP to remain this relatively high. With a GDP per capita of $34,865. It takes first place on the continent.
· #2. Seychelles 96,000 people
· Per capita income: 28,172
At number two is Seychelles, another island country from the Indian Ocean. This country (Seychelles) is made up of a total of 115 small islands. At 96,000, it is the smallest country in Africa, by population. The per capita GDP of the country is $28,172.
Seychelles is considered to be one of Africa’s highly developed country. But regardless, the large disparity of income between the poor and rich is a plaguing issue. The country’s economy thrives almost exclusively on the returns from tourism. Fishing and the processing of natural resources serve as significant support for the economy. Before the influx of tourists, agricultural plantations were the life wire of the economy of Seychelles. Recent efforts have been made by the government to set up initiatives on how to diversify the economy and hence reduce their dependency on tourism.
· #3. Mauritius – 1.3million people
· Per capita income: $21,628
Mauritius is the first African island country to make a list. The country, located in the Indian Ocean southeast of the coast of the continent. Historically, a Dutch colony, then a French colony, then a British one. However, it had remained independent since 1968. With a population of 1.3 million, it counts as the third richest country in Africa with a GDP per capita of $21,628.
The economy of Mauritius is blossoming chiefly around tourism. Although agriculture used to be a powerhouse for the economy, its effect has been dramatically diminished. Mauritius is classified as an “upper-middle income economy” by the World Bank. Its liberal economic practices, pleasant climate, beautiful beaches, and warm ocean water are always a delight to visiting tourists.
· #4. Gabon – 2.1million people
· Per capita income: $19,266
A Central African country, Gabon has located in-between Equatorial Guinea, Cameroon, and the Republic of the Congo. As the fourth richest on the list, the average GDP of the country is $19,266.
Gabon’s economy is oil-driven. And with decreasing production of oil from Gabon, there might be trouble for the economy. It is of note to say that there are high levels of poverty in Gabon, the presence of Gabon on this list is help by the relatively high income spread across a few people.
· #5. Botswana – 2.3million people
· Per capita income: $18,146
Another southern African country to make a list is Botswana. Unlike civil unrest and political upheaval that plagues many of the African nations, Botswana is reputed for its consistently stable democracy. It has a growing population of about 2.1 million people.
Botswana amazingly has low foreign debt, unlike other African countries. Mineral resources such as Metals, gemstones, uranium, gold, diamonds, copper, and gold back by an uptight banking system are the backbone of the thriving economy.
· #6. Algeria – 41.3million People
· Per capita income: $15,000
Algeria is the largest African country by its land mass. It is like most of its North African counterpart a Muslim dominated country. As the 6th richest country in Africa, the GDP per capita of this large nation is $15,000. The country has a teeming population of over 41 million people. This country is classified by the World Bank as an upper middle country.
The oil used to be the major driver of Algeria’s economy, but, in recent times, the government of the country had invested in diversifying the economy.
· #7. South Africa – 56.7million People
· Per capita income: $13,403
South Africa, the home country of the great Nelson Mandela. The most southern country on the continent. It is bordered by Namibia, Zimbabwe, Botswana, Swaziland, Lesotho, and Mozambique. Despite the tensions of the 1990s, post-apartheid South Africa harmonized the different economic tendencies of its multi-ethnic groups. South Africa is a favorite destination on the continent. It is home
The rainbow nation ranks seventh on our list with a per capita income of $13,403.
The primary cause of economic difference among the South African populace is a direct effect of years of apartheid practices in the nation. Tourism as we all know that it is one of the most significant sources of income for the economy. South Africa has a working trade partnership with Germany, US, Japan, and China alongside other African countries.
Despite these facts, unemployment rates in South Africa are high. This often leads to xenophobic tensions and attack. With her poverty rates and the wide differences between the rich and the poor, South Africa is listed as part of the worst ten countries in the world for income inequality.
· #8. Egypt – 97.6 Million People
· Per capita income: $12,994
Egypt, the home to famous pyramids, mummies and the Sphinx. It is understandable how her enduring tradition makes here tourism obsession. Egypt spans across Africa into the southwest corner of the Asian continent. The capital of Egypt in Cairo. The economy is recovering from the events of the Egyptian revolution, also part of the Arab springs uprising to become the ninth richest African country today. The per capita GDP of the North African nation stands at $12,994. Egypt is home to over 97.6 million people.
Agriculture has been a strong point for Egypt ever since they figured out how to dam the Nile for irrigation. The land of pyramids also attracts plenty of tourists annually. Other sectors of the Egyptian economy include natural gas and petroleum.
Majority of Egyptians work abroad as expats, boosting the economy of the nation by exporting their expertise. However, the Egyptian economy faces the challenges of overpopulation, desert encroachment and continuous drying up of the Nile, coupled with instability caused by activities of terrorist groups and civil rebellion.
· #9. Tunisia – 11.5 Million People
· Per capita income: $11,987
One of the Muslim states situated in North Africa, Tunisia has enjoyed longtime success on her buoyant success in the oil, tourism, and automobile parts industry. Despite the events of the Arab springs and Tunisian revolution, the per capita income in Tunisia is a whopping $11,987.
This African country known for its collection of Islamic art and its rich heritage roots in the Ottoman empire is home to more than 11.5 million people
· #10. Namibia – 2 Million People
· Per capita income: $11,528
Located in the Southern part of the second largest continent, Namibia boasts of a per capita GDP of $11,528. The economy thrives on careful management of her mining, agriculture, manufacturing, and tourism sectors. The population of this country is recorded at just 2 million people.
One thing you need to know is that given the smallness of the country, there are largely no competitions in the manufacturing market, giving the few corporations and solid grip on the monopoly of price and quality. Before you think of moving to Namibia, living costs are high compared to the rate in other African countries. This is partly due to the high rate of importation of common good. The unemployment rate is high, at around 27.4% of the entire population. The economy type is classified as an emerging one.
Conclusion On Top 10 Richest African Countries 2020- Population, Gdp And All You Need To Know
These wealthiest countries in Africa points to the investment capacity and tendencies of the continent. In the years to come Africa would become a significant player in the economic modalities of the entire world. As the nation’s take advantage of their human resources, develop more on the ingenuity of technological advancement that we already see over the continent.
Africa continues to remain a vital investment destination as well as a tourist favorite. When you visit Africa, maybe you would realize that not all of Africa is as poor as you see on TV.
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