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 Richest Countries In Africa 2018. 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.