Africa is one of the largest continents in the world and the home to 54 sovereign states. Although regarded as the poorest continent, there are some progressing economies in Africa which are quite wealthy.
This list reflects the GDP per capita. This is the gross domestic product, or total market value of goods and services produced by the national economy during the last year, in regards to each person in the country.
Here’s the top 10 Richest Countries in Africa as of 2014 ranked by GDP per capita:
10) Algeria – $7,500 (GDP per capita)
Algeria is the second largest oil producer in Africa, and this accounts for the majority of the country’s economy generating 70% of total budget receipts. In addition to this the country has an enormous supply in a number of minerals, including iron, lead, copper, zinc and mercury.
9) Namibia – $8,200 (GDP per capita)
Whilst Namibia is one of the richest countries in Africa income is not evenly distributed with half of the country’s population living below the poverty line. The economy is dominated by the production of minerals with Namibia being one of the richest places in Africa for strategic minerals. This is shown by their position as one of the world’s highest quality producers of diamonds.
8) Tunisia – $9,900 (GDP per capita)
The Tunisian economy is dominated by mining, manufacturing and tourism, which portrays the diverse economic market within the country. The recent rise in tourism owes much to the country’s position on the Mediterranean cost and the cheap cost in comparison to European countries that border the Mediterranean. Another factor is the different cultural experience which has seen an influx of Western tourists who want to experience a vibrant, yet different, culture..
7) Libya – $11,497 (GDP per capita)
Libya’s position as one of Africa’s most prosperous countries owes much to two defining factors. Firstly, the country has huge oil revenues which, coupled with a small population in comparison to its rivals, means it has a high GDP per person in comparison to the rest of Africa. Similarly to South Africa, Libya is also defined as an upper-middle economy by South Africa.
6) South Africa – $11,914 (GDP per capita)
South Africa is a dual economy with one of the world’s highest inequality rates, owing much to the history of exclusion within the country. The South African economy is the second largest in Africa and the 28th-largest in the world, leading to the World Bank to rank it as an upper-middle income economy. This is however contrary to the fact that at least a quarter of the country’s population is unemployed and living on less than US$1.25 per day.
5) Mauritius – $16,100 (GDP per capita)
Mauritius place on this list owes very much to the attitude of its government. Since the country’s independence in 1968, successions of governments have implemented free-market economics which have in turn created a highly competitive market. With no natural resources to exploit Mauritius economy has relied heavily on tourism, information technology and financial services. A booming economy has seen the country also attract lots of foreign investors, seeing the World Bank rank it as a middle income economy.
4) Botswana – $17,101 (GDP per capita)
Since gaining independence in 1966, Botswana has had one of the world’s highest economic growth rates. This has seen Botswana transformed from one of the poorest countries in the world to a competent middle income economy, owing to stringent fiscal discipline and management by the country’s government. Whilst the economy is dominated by diamond mining, there are also strong farming, tourism and financial service sectors. Although the country is in rude financial health; there is still has a long way to go to deal with HIV/AIDS within Botswana, with the country having the second highest adult prevalence rate in the world.
3) Gabon – $20,612 (GDP per capita)
Although Gabon has declining oil production, it is still the fifth largest oil producer in Sub—Saharan Africa. An over reliance on the oil sector for the past 40 years has seen the country attempt to develop a more diverse economy, to little success so far. The high oil production within the country has helped them to develop and advance the education system within the country. Although with oil reserves running low maintenance of the school system is beginning to suffer with no alternative funding yet found.
2) Equatorial Guinea – $23,370 (GDP per capita)
Equatorial Guinea owes its high position on this list to a small population of just 736,296, which has also helped it to 32nd in the world in terms of gross domestic product per capita. Whilst the country has a relatively low population it has enormous oil reserves and is one of the largest oil producers in Africa. Whilst many would believe this to be reflected in the country’s living conditions, inequality is rife within the country with the government and officials renowned for corrupt behavior. This means that whilst the country may rank highly on this list the majority of the population actually live under the poverty line.
1) Seychelles – $25,229 (GDP per capita)
Due to a respectable gross domestic product per capita the Seychelles is ranked as the richest country in Africa in our list. The country is made up of one-hundred and fifteen small islands with a population of less than one-hundred thousand. This owes much to the ample opportunity for shipments and fishing due to a plethora of coastline. Furthermore, the country has long been known as a getaway for the rich and famous meaning it contains numerous hotels and shopping resorts.