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Top Richest Africa Countries

1. Namibia

Namibia can be found in Southern Africa. With a per capita GDP of $11,800, it’s the tenth richest country in Africa. Mining, agriculture, manufacturing, and tourism all play large parts in the country’s economy. The united states is sparsely populated, with a population of around 2 million. However, cost of residing in Namibia remains relatively high.Top Richest  Africa Countries. Many goods that are consumed within the nation 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 can also be high, at around 27.4%. The united states today is characterized as an emerging economy.

2. Libya

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

A nation rich in oil reserves, Libya ranks while 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 to be an “Upper Middle Income Economy” by the World Bank.

Like the majority of entries with 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%.

3. Algeria

Algeria, the biggest country in Africa, is situated 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 includes a population of over 40 million. Like many countries on this list, it is known as by the World Bank to be a top middle country.Top Richest  Africa Countries.

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

4. South Africa

South Africa, the southernmost country on the continent, is bordered by Namibia, Zimbabwe, Botswana, Swaziland, Lesotho, and Mozambique. The united states has a mixed form of economy and features a relatively high GDP in comparison to other African countries. Regardless of this fact, South Africa has high rates of unemployment, poverty, and a broad gap involving the rich and the poor. Nonetheless, it ranks eighth on the list by having an average per capita income of $13,500.

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

5. Equatorial Guinea

Equatorial Guinea is a country positioned in Central Africa. It’s relatively small, covering only around 10,830 square miles. The population measures at around 1,222,245. It’s partly this low population that helps the GDP to stay 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 because of the extreme income inequality that is found within the country. It’s difficult to find out what exactly the median income for those living in Equatorial Guinea could be, as use of the nation is still rather limited. Even though the country’s GDP is very good, it has been noted that numerous residents of Equatorial Guinea lack basic rights such as for example access to wash water.

Top Richest Africa Countries

 

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