Wondering what the richest African countries are? Even though many of the poorest countries can be found in Africa, there are however many rich countries as well. Some of the world’s fastest-growing economies are among the 54 nations that make up Africa. By 2050, it is anticipated that the African economy, driven by its commerce, agricultural, and natural resource sectors, will have a GDP of $29 trillion. In terms of technology, Africans are beginning to catch up with the rest of the world.
How to determine a nation’s wealth
While there are many ways to compare the richness of different countries, one of the better approaches is to gauge each one’s GDP. This is the total cost of all the commodities and services a country produces in a given year.
Richest African Countries by GDP
According to World Population Review, below are the richest African countries by Gross Domestic Product or (GDP):
1. Nigeria ($514.05 Bn)
Nigeria is the richest country in Africa, with a GDP little over $510 billion. Finance, transportation, infrastructure, tourism, and the plentiful supply of crude oil all play a significant role in the substantial GDP. According to OPEC, the nation exports the most crude oil in Africa at a rate of over 1.6 million barrels per day. Over 80% of export sector earnings comes from these petroleum exports, which account for 10% of the entire GDP. Nigeria is well known for its strong cultural legacy, numerous ethnic groups, stunning natural surroundings, and sizable population.
2. Egypt ($394.28 Bn)
Egypt is now ranked second on this list of wealthy African nations, with a most recent GDP of more than $400 billion. Over the past ten years, economic activity has increased and stabilized, resulting in good economic growth. The exports of natural gas and oil, tourism, wholesale and retail trade, building and real estate are the main drivers of the Egyptian economy. Over the past few years, the state’s economy has become more diversified and no longer depends solely on the export of raw materials, with services now accounting for more than half of the GDP.
3. South Africa ($329.53 Bn)
When it comes to a high GDP, South Africa comes in third. It exports raw minerals primarily, such as iron ore, gold, and platinum metals. Mining, manufacturing, financial services, and tourism are all well-represented in the nation. Additionally, it exports a lot of raw materials, including coal, iron ore, gold, diamonds, and platinum. The country has also been a global leader in manufacturing and financial services.
4. Algeria ($151.46 Bn)
This Saharan nation in development has a large amount of crude oil reserves, and its economy is strongly dependent on it. So much so that hydrocarbons (oil and natural gas) account for close to 70% of the nation’s income. More crude oil reserves were recently discovered, which has helped this country’s fast expanding industrial sector. Agriculture, industrial production, financial services, and construction are further economic sectors in Algeria. The nation is also one of Africa’s major sources of ammonia.
5. Morocco ($124.00 Bn)
Morocco is the second-richest African nation that does not produce oil. Mining and manufacturing are the two industries that power the nation’s economy. Industry accounts for 30% of Morocco’s GDP, followed by agriculture at 15% and services at 55%. This is supported by a burgeoning tourism industry, where inhabitants are kind toward visitors and the government places a high priority on drawing tourists to the nation noted for its attractions. It is the third-largest producer of phosphorus in the world and is strongly dependent on its agricultural sector.
6. Kenya ($106.04 Bn)
This country is the wealthiest in southeast and central Africa due to its stable living conditions, well-established coffee and tea industries, and fast expanding agricultural sector. Kenya’s economy doesn’t rely on the oil industry like so many other nations on our list, but it nevertheless grows in a variety of ways. Nearly 50% of the GDP is contributed by the industrial sector. The primary agricultural products are coffee, tea, and maize, which account for 35% of the GDP.
7. Ethiopia ($93.97 Bn)
The country produces the most coffee and honey in Africa, which contribute significantly to the country’s foreign exchange. Oily seeds, cut flowers, and legumes are some of the additional exports. Agriculture, building, manufacturing, tourism, food processing, resources, and energy make up the more than $100 billion in GDP. The most potential resource in the area is agriculture, which accounts for more than 40% of the GDP, 60% of exports, and more than 80% of all jobs.
8. Ghana ($74.26 Bn)
Ghana, a country in West Africa, has a resource-rich and diverse economy. The nation was the first in sub-Saharan Africa to achieve both the goal of halving extreme poverty and its freedom from colonial authority.
Natural resources are abundant in Ghana, contributing to the country’s economic growth. The nation’s principal export is gold. Petroleum comes next, and combined they account for 50% of the nation’s foreign exchange. Timber, gold, and cocoa beans are some of the other main exports.
9. Ivory Coast ($70.99 Bn)
Ivory Coast is a sizable nation. It is a major exporter of cocoa and raw cashew nuts worldwide. They have a sizable manufacturing sector and also export oil. The economy is predicted to accelerate to a rise of 6.2 percent in 2021 as a result.
10. Angola ($66.49 Bn)
Large oil and natural gas reserves, which account for more than one-third of Angola’s GDP, are the foundation of the country’s economy. Crude oil exports and production both considerably boost the country’s foreign exchange. In actuality, the sale of crude oil accounts for 90% of the country’s export-related income. The exports of cargo ships and diamonds are also noteworthy. In the future, agriculture is anticipated to play a significant role in the economy. Since then, the nation’s economy has grown at one of the quickest rates in the globe, making it one of the richest in Africa.
According to the World Bank, the richest African countries in the world will be:
- South Africa
These countries are projected to have the greatest GDP per capita on the continent, making them the richest. Particularly in the next years, growth is anticipated to be strong in Nigeria. These are the nations you should watch if you’re trying to invest in Africa.
See also: Who is the Richest Black Man in America?
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