According to the World Bank 2018 reports we highlight the Top 10 richest countries in Africa.
The Democratic Republic of Congo
The Democratic Republic of Congo accounts a mixture of economic sectors such as mining, fishing, forestry, agriculture, and copper and cobalt. While the country’s total GDP of $41.44 billion may seem high in comparison to other African countries. But it’s extremely large population of 84 million people; bring its GDP per capita figure to the astounding low $478.23. This places the country in the top ten poorest countries in Africa, by that metric. Nonetheless, this country is a perfect example of a mixed economy.
Uganda is of the poorest nations in the world and among the Top 10 Richest Countries of Africa. The country’s total GDP accounting to $25.53 Billion and a $615.31 GDP per capital with a population of 44.27 million. This place Uganda as one of the largest countries in Africa, but also one of the poorest. However, the country has witnessed a recent change in the economy, to the measures taken by the government to protect the natural resources of the country. In 1992, 56% of the country’s population was under the poverty line of $1.25 a day. In recent years that number has been reduced to around 25%. Government officials are still hopeful that in the coming years they will reach their goal of reducing the number of poor in its population to 10%.
Libya is one of the smallest countries in Africa and among the Top 10 Richest Countries of Africa, with a population of only 6.47 million people. It holds a GDP figure of $31.33 billion, which might not sound like a lot, but it places Libya as the 7th richest country in Africa, in terms of GDP per capita – with a figure of $4853.67. As many Africa countries, most of Libya economic growth comes from oil, that accounts for over half of its GDP, and about 97% of its export. Due to those figures, Libya has been described as the “Upper Middle Economy of Africa” by the World Bank.
Republic of Cameroon
With a per-capita GDP of $1, 443, The Republic of Cameroon is one of the ten richest in Africa by that metric. The total GDP of the country is $34.79 billion. With great agriculture structures and a population of 23.44 million people, the county still accounts for a lot of people involved in the agricultural sector however the economy has increased in over the year. Timber reserve adds value to the economy of the country as it accounts for about 37% of the total land mass.
Ghana accounts a total GDP of $47.03 billion. The country has a rich and vast economy, placing it as at the 11th place in teams of highest GDP in Africa, right after Tanzania. The position of their GDP has increased with a lot of management plan that they have applied to improve the country’s position. As it is being blessed with natural resources on which the country relies for as a source of income. With a population of 29.46 million people its GDP per capita stands at $1,663.
Next on the list is Tanzania, undoubtedly one of the most beautiful places in Africa. With a relatively high total GDP of $51.72 billion, It is the 10th largest economically rich country in Africa, by that metric. Tanzania has a population of $59.09 million people, 4th biggest in Africa. That brings its GDP per capita figure to $1,033. The people of Tanzania largely rely on agricultural for a source of their income. The country has increased in terms of GDP but there are people who still are below the poverty line.
Sudan is the 10th most populated country in Africa, with a population of 41.51 million people. It is also the 9th richest country in Africa, with a GDP of $58.23 billion and a GDP per capita of $1428. In 2012, Sudan was the 17th fastest growing economy in the world. Largely due to the fact that it’s rich in oil and gas. The country has managed to achieve an increased GDP along with their dependency on agricultural as a second source of income. Sudan is also the largest exporters of cotton and peanuts all across the world.
Morocco is the 6th richest and the 11th biggest country in Africa. With a GDP of $109.82 billion and a population of 36.1 million people, is it also one of the leading countries in Africa in terms of GDP per capita, with a figure of $3,151. Morocco is considered a relatively liberal economy with large sectors such as tourism (which the government hope to reach 20% of its GDP by 2020), agriculture, solar and coal energy, export of cannabis. Fun fact: according to a study from 2016, around 70% of the cannabis consumed in Europe comes from Morocco.
With a total GDP of $124.209 billion and a staggering GDP per capita of $4,407, also among the Top 10 Richest Countries of Africa. Angola takes the 5th place in the richest countries in Africa. Angola is largely dependent on their natural oil and gas reserves, along with hydroelectricity, diamonds, and agriculture. Angola has a population of 30.7 million people, most of who are still highly influenced by European culture due to 400 of Portuguese colonialism in the country. The official language of Angola is still Portuguese.
Egypt has a famous a long history and features among the Top 10 Richest Countries of Africa, dating back to the 6th century BCE. It is obviously well known for its iconic monuments such as The Great Pyramids, The Great Sphinx and the ruins of Memphis and Thebe. Nowadays, Egypt is the 3rd biggest economy in Africa, with a GDP figure of $237.03 billion as well as a GDP per capita of $2,500. It is also the 3rd biggest country in Africa, with a population of 99.3 million. The Egyptian economy is largely based on Tourism, commerce and sea transport through the Suez Channel, Natural Gas, Agriculture, and of-course, Oil. With a production of over 700,000 oil barrels year, Egypt possesses the largest oil refinery capacity in the entire African continent.
South Africa has a complex and aweing social history also among the Top 10 Richest Countries of Africa, with a multiethnic society, with a wide range of cultures and languages (11 official languages, to be exact). The southernmost country has a population of 57.3 million. It is also the 2nd richest country in Africa, with a GDP of $349.29 billion and a mesmerizing GDP per capita of $6,179 that is only beaten by the 5 other countries in Africa. However, these five countries, Botswana, Gabon, Mauritius, Equatorial Guinea and Seychelles – all have populations that are smaller than 2.5 million people. The African Economy is largely based on mining, agriculture, automotive manufacturing, telecommunications, and tourism. Despite all these great figures, South Africa is still showing a high rate of poverty and unemployment. South Africa is also in the top ten countries in the world for income inequality
Nigeria Features Among The Top 10 Richest Countries of Africa: Nigeria is the richest and biggest country in Africa. With a population of 195.8 people, a GDP of $376.28 billion and GDP per capita of $1,994, this West African country close our list. The Nigerian economy is defined as a mixed economy emerging market, and according to World Bank, it has reached the status of lower middle income. Nigeria economy is largely built around commerce and energy. It is the largest trader of the USA in Africa, as it supplies the US with around 1/5 of its total oil production. That places Nigeria as the 12th largest oil producer in the world and the 8th larger oil exporter. Moreover, Nigerian agricultural is a major source of employment for the country, as around 30% of their population is employed in agriculture.
*All figures are based on data from World Bank 2018 reports.