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List of the Richest Countries in Africa: Nigeria Didn’t Make Top 10 |See Full List

Published

7 years ago

September 23, 2017

FAB.NG

Richest Countries in Africa: Nigeria Didn't Make Top 10

Trade, agriculture, human resources, and industry are the major components of the African economy. As of 2012, Africa housed 1.07 billion people in the 54 countries of the continent. Though the country is rich in resources, the people of the country have been exploited for decades and are poverty stricken. It is expected that the African economy will reach a GDP of $29 trillion by 2050. However, it is also estimated that the disparity in income will deter the wealth distribution among the people of the continent. Currently, a number of African countries are among the poorest while others have some of the fastest growing economies in the world.

Here we discuss the ten richest countries in Africa and the nature of their economies.

10. Namibia – $11,800

List of the richest countries in the world - You Won't Belive Where Nigeria is ranked — Windhoek, the capital city of Namibia.

Namibia can be found in Southern Africa. With a per capita GDP of $11,800, it is the tenth richest country in Africa. Mining, agriculture, manufacturing, and tourism all play large parts in the country’s economy. The country is sparsely populated, with a population of around 2 million.

However, cost of living in Namibia remains relatively high. Many goods that are consumed within the country are imported, which contributes to their high costs. Furthermore, there is a monopoly over many commodities, which also further escalates this cost. The unemployment rate in Namibia is also high, at around 27.4%. The country today is characterized as an emerging economy.

9. Egypt – $12,100

Egypt is a transcontinental country with territories stretching from Africa’s northeast corner to Asia’s southwest corner across the Sinai Peninsula. Egypt shares its borders with the Gaza Strip and Israel, the Red Sea, Gulf of Aqaba, Red Sea, Sudan, and Libya. Cairo is the capital of the country. It ranks ninth on our list with a per capita GDP of $12,100.

The economy of Egypt depends on agriculture, tourism, natural gas, and petroleum imports, as well as revenues from the Suez Canal. A large number of Egyptians also work abroad. The remittances of these workers contribute to the wealth of the nation. Despite the abundant natural resources and nearness to the sea, overpopulation, desertification and decreasing water levels of the Nile are the major factors threatening the Egyptian economy. The infiltration of terrorist groups and internal rebellions also serve to damage the country’s economic stability.

8. South Africa – $13,500

South Africa, the southernmost country on the continent, is bordered by Namibia, Zimbabwe, Botswana, Swaziland, Lesotho, and Mozambique. The country has a mixed type of economy and has a relatively high GDP compared to other African countries. Despite this fact, South Africa has high rates of unemployment, poverty, and a wide gap between the rich and the poor. Nonetheless, it ranks eighth on the list with an average per capita income of $13,500.

South Africa is enlisted among the top 10 countries in the world for income inequality. The economic disparity among South Africa’s population is primarily a result of the apartheid regime in the country which ended in 1994. Gradual improvements in the country’s economy have occurred since then. Tourism is one of the biggest revenue generating industries in South Africa. Germany, US, Japan, and China are the biggest trade partners of South Africa outside of Africa.

7. Libya – $14,200

Libya is located in North Africa. It is the fourth largest country in Africa by land area. The population is around 6 million, and the per capita GDP is $14,200.

A country rich in oil reserves, Libya ranks as the 7th richest country in Africa by per capita GDP. Its oil reserves account for almost all of the country’s exports, and make up the fast majority of the country’s GDP as well. Libya is also rich in natural gas and gypsum. Libya is defined as being an “Upper Middle Income Economy” by the World Bank.

Like most entries on this list, the GDP of Libya is greatly due to its oil reserves and relatively small population. Per capita GDP does not take income inequality into consideration. Unemployment in Libya is high, and wavers around 21%.

6. Algeria – $15,000

Algeria, the largest country in Africa, is located in the Northern part of the continent. It is the 6th richest country in Africa with a GDP per capita of $15,000. The country has a population of over 40 million. Like many countries on this list, it is considered by the World Bank to be an upper middle country.

Traditionally, the state has played a large role in the economy of Algeria. However, in recent years, the economy has diversified. To date, unemployment rates remain high, especially among youth. The country’s economy relies greatly on hydrocarbons (petroleum and natural gas).

5. Botswana – $16,900

Botswana is located in southern Africa. The country is known for its reputation as a stable democracy. It has a population of around 2.1 million, and a land area of around 224,610 square miles.
The economy of Botswana grew very quickly. It is considered to be a middle-income country. The country is also home to a highly sophisticated banking system and a low level of foreign debt. Metals and gemstones are important to the economy of Botswana, and include resources such as uranium, gold, diamonds, copper, and, to a lesser extent, gold.

4. Gabon – $19,300

A Central African country, Gabon is located on the west African coast and is bordered by Equatorial Guinea, Cameroon, and the Republic of the Congo. Libreville is the capital and biggest city of the country. It ranks fourth on this list with an average GDP of $19,300.

The economy of Gabon centers around oil. However, over recent decades, oil production in Gabon has been declining, with some experts predicting that it is soon to run out. The Gabonese government has been accused of overspending. Again, it is important to note that income inequality is not taken into consideration when per capita GDP is reported. A low population of 1,475,000 and a high amount of oil revenue explains Gabon’s position on the list of richest countries. However, many of its residents continue to live in poverty.

3. Mauritius – $20,500

Mauritius is an island country located in the Indian Ocean off of the southeast coast of the African continent. Throughout its history, the country has been at times a Dutch colony, a French colony, and a British colony. It has been independent since 1968 and has a population of around 1.3 million. It is the third richest country in Africa with a GDP per capita of $20,500.

The economy of Mauritius is greatly centered around tourism. Although agriculture used to play an important role in the country’s economy, its important has shrunken. The World Bank refers to Mauritius as an “upper middle income economy”. It has been applauded for its free economy. Tourists are drawn to Mauritius for its pleasant climate, beautiful beaches, and warm ocean water.

2. Seychelles – $28,000

Seychelles is also an island country found in the Indian Ocean. It is actually made up of around 115 small islands. With a population of only 92,000, it has the tiniest population of any country in Africa. It ranks as the second richest country of Africa, with a reported per capita GDP of $28,000.

Seychelles is characterized as a highly developed country. However, income inequality is also rampant. The country’s economy is largely based on tourism, by an overwhelming margin. Fishing and the processing of natural resources such as coconut also play a part. Before tourists began to visit the country, plantations used to drive the economy of Seychelles. In recent decades, the government has tried to come up with initiatives of how they can reduce their dependence on tourism. Although it has been suspected that Seychelles may harbor offshore oil reserves, to this date none have been found.

1. Equatorial Guinea – $38,700

Equatorial Guinea is a country located in Central Africa. It is relatively small, covering only around 10,830 square miles. The population measures at around 1,222,245. It is partly this low population that helps the GDP to remain relatively high. It comes in first place with a GDP per capita of $38,700.

Although this number may appear to be high, on the UN’s Human Development Index, Equatorial Guinea ranks 136th. This is mostly due to the extreme income inequality that is found within the country. It is difficult to determine what exactly the median income for those living in Equatorial Guinea would be, as access to the country is still rather limited. Although the country’s GDP is very high, it has been noted that many residents of Equatorial Guinea lack basic rights such as access to clean water.

The Richest Countries In Africa

Rank	Country Name	GDP Per Capita (International Dollar)
1	Equatorial Guinea	$38,700
2	Seychelles	$28,000
3	Mauritius	$20,500
4	Gabon	$19,300
5	Botswana	$16,900
6	Algeria	$15,000
7	Libya	$14,200
8	South Africa	$13,500
9	Egypt	$12,100
10	Namibia	$11,800
11	Tunisia	11,700
12	Swaziland	$9,800
13	Morocco	$8,400
14	Angola	$6,800
15	Republic of the Congo	$6,800
16	Cape Verde	$6,700
17	Nigeria	$5,900
18	Sudan	4,500
19	Ghana	$4,400
20	Mauritania	$4,400
21	Zambia	$3,900
22	Côte d’Ivoire	$3,600
23	Djibouti	$3,400
24	Kenya	$3,400
25	Cameroon	$3,300
26	São Tomé and Príncipe	$3,300
27	Lesotho	$3,100
28	Tanzania	$3,100
29	Senegal	$2,600
30	Chad	$2,600
31	Mali	$2,300
32	Benin	$2,200
33	Uganda	$2,100
34	Rwanda	$1,900
35	Ethiopia	$1,900
36	Burkina Faso	$1,800
37	South Sudan	$1,700
38	Zimbabwe	$1,700
39	The Gambia	$1,700
40	Sierra Leone	$1,700
41	Guinea-Bissau	$1,600
42	Comoros	$1,500
43	Togo	$1,500
44	Madagascar	$1,500
45	Guinea	$1,300
46	Eritrea	$1,300
47	Mozambique	$1,200
48	Niger	$1,100
49	Malawi	$1,100
50	Liberia	$900
51	Burundi	$800
52	Democratic Republic of the Congo	$800
53	Central African Republic	$700
54	Somalia	$400

Related Topics:Nigeria Richest Countries in Africa Top 10

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Falz Speaks About His Worst Date Experience

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Nigerian rapper Falz recently shared a humorous yet awkward story from one of his early dating experiences. During an interview on the Cocktails and Takeaways podcast with British media personality Madame Joyce, Falz recounted a surprising request from his date.

She asked him to order takeout for her family members back home. He explained the situation with his signature humour, highlighting how unexpected and awkward the moment was.

He explained,

“I haven’t had too many date experiences but the worst probably was this girl asking to buy stuff for her family at home, so I wasn’t sure how to feel. This was in Nigeria and I didn’t know whether to feel bad or not. She wanted me to buy takeaway for them, like to buy for each person… So different portions for the members of the family, takeaway for them. I didn’t even know whether to feel bad, because it was like, I came here on a date with you, not the whole family.”

Falz acknowledged that the request felt unusual but considered the possibility that her family genuinely needed the food. “I then sat and thought, What if they’re hungry? We were at a proper restaurant.”

“I feel like there are things that, when it comes to dates, there are things that the person would say directly or indirectly that would make you know whether you want to continue talking to them or not,” he added.

The rapper dismissed the idea that men immediately know if a woman is marriage material on the first date. He elaborated, suggesting that relationships often require time and experience to fully understand a partner’s potential.

He said, “To this day, there is nobody I can say that this is someone I want to marry. I haven’t gotten to that stage yet so I think it’d take a while.”

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Denzel Washington Opens Up About 15-Year Battle With Alcohol

Published

1 day ago

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Denzel Washington On 15-Year Battle with Alcohol | fab.ng

Hollywood icon Denzel Washington recently disclosed his past struggles with alcohol during an interview with Esquire.

The two-time Academy Award winner candidly shared a fifteen-year pattern of wine consumption. What began as a casual habit gradually escalated into a regular occurrence.

He began, “Wine is very tricky. It’s very slow. It ain’t like, boom, all of a sudden,” he elaborated, recalling how a wine cellar he constructed in 1999 within his home became a place for self-indulgence.

The actor added,

“And part of it was we built this big house in 1999 with a ten-thousand-bottle wine cellar, and I learned to drink the best. So I’m gonna drink my ’61s and my ’82s and whatever we had. Wine was my thing, and now I was popping $4,000 bottles just because that’s what was left. And then later in those years I’d call Gil Turner’s Fine Wines & Spirits on Sunset Boulevard and say, Send me two bottles, the best of this or that.”

Washington also delved into his past, acknowledging his youthful experimentation with drugs. However, he emphasized that he never developed an addiction to substances such as heroin or cocaine.

He continued,

“I’m sure at first it was easy because I was younger. Two months off and let’s go. But drinking was a fifteen-year pattern. And truth be told, it didn’t start in ’99. It started earlier.”

A decade ago, as Washington neared his 60th birthday, a turning point arrived. He made the resolute decision to abstain from alcohol completely.

“I’ve done a lot of damage to the body. We’ll see. I’ve been clean. Be ten years this December. I stopped at sixty and I haven’t had a thimble’s worth since. Things are opening up for me now—like being seventy. It’s real. And it’s okay. This is the last chapter—if I get another thirty, what do I want to do? My mother made it to ninety-seven,” said Washington.

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Skepta Graced Africa International Film Festival (AFRIFF) In Elegant Trad

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Skepta made a grand entrance at Africa’s biggest film celebration, the Africa International Film Festival (AFRIFF). Through his attire, he showcased his deep connection to Nigerian culture.

The globally acclaimed artist donned an exquisite navy blue Agbada, tailored to perfection and adorned with striking royal blue and white embroidery highlighting the richness of his Yoruba heritage.

His choice of an Eastern native red cap added a distinctive flair, symbolizing his embrace of the Igbo culture. At the same time, adding a white necklace further enhanced the authenticity of his traditional look.

Skepta’s outfit was a testament to his impeccable sense of style and a deliberate nod to his dual cultural roots, blending elements of Western and Eastern Nigerian traditions.

The embroidery on the Agbada sparkled under the lights, drawing admiration from onlookers who marvelled at how seamlessly he combined cultural symbolism with modern elegance.

The bright red cap perched confidently on his head served as a bold statement of pride in his heritage, while the white necklace provided a subtle yet impactful finishing touch.

Nigerian paparazzi videographer Tosin Adeaga, popularly known as Coccolait, captured these unforgettable moments with his lens.

The up-close visuals reveal the intricate details of Skepta’s ensemble. Indeed, it emphasizes the craftsmanship and thoughtfulness that went into every element.

Coccolait’s expert videography showcases the textures, colours, and movements of Skepta’s attire as he mingled with attendees, further immortalizing this iconic cultural expression.

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With his appearance, Skepta not only celebrated the artistry of Nigerian fashion but also sent a powerful message about the importance of honouring one’s roots in creative and meaningful ways.

The moment was a true highlight of AFRIFF, blending tradition with the contemporary flair of a global icon.

Watch the photos below.