Africa is home to some of the wealthiest countries in the world. The continent is rich with natural resources and has a vast population, leading to high GDP. Despite this wealth many countries are still mired in poverty.
Gross Domestic Product (GDP) is widely used as an indicator of economic performance. GDP measures a national economy’s total output in a given period
Here is a list of the top 10 richest countries in Africa by GDP per capita
1. Seychelles
Seychelles is a small island in the Indian Ocean situated off East Africa. It’s the richest country in Africa with a GDP per capita of $26,120. Seychelles has the highest currency in Africa, the “Seychellois rupee”.
It has an impressive GDP per capita mainly because of its robust tourism industry contributing significantly to its GDP. Tourism accounts for about 40% of the national GDP and roughly 70% of foreign currency earnings.
2. Mauritius
Off the coast of Africa in the Indian Ocean is the island nation of Mauritius. Per capita, it is one of the most developing nations in Africa with a total GDP of $22,030.
The economy of Mauritius was initially based on sugarcane plantations, but it has since expanded into textiles, tourism, and banking. France, the United Kingdom, and other African nations account for 80% of its visitors.
To compete with its neighbor, the South African economic giant, the government is expanding the national debt and investing in infrastructure.
Additionally, Mauritius has a free port system, which means that any products made there and intended for export are exempt from taxes and duties.
3. Botswana
Botswana is a landlocked country in Southern Africa. It is one of the richest nations on the continent in terms of per capita income. Its average GDP per capita is $18,110. Botswana’s economy has grown significantly due to the exports of beef and diamonds from the nation.
After South Africa and Angola, Botswana is the country in Africa with the third-largest dollar share of the continent’s diamond production. About 50% of the nation’s exports are diamonds.
About 12% of GDP is accounted for by mining and diamonds make up about 80% of that. In Botswana, one in every four homes owns at least one diamond ring, pair of earrings, or pendant.
4. Gabon
Gabon has a $16,240 GDP per person. It is a country in central Africa that borders Equatorial Guinea, Cameroon, the Republic of Congo, and the Gulf of Guinea on its western shore. It ranks in the top ten African richest nations in terms of per-capita income.
Gabon is one of the wealthiest nations in Africa due to its abundance of natural resources, which include oil, lumber, manganese mining, and uranium ore.
Gabon’s oil production has been reduced by half as a result of the terrible economic crisis. Gabon is currently experiencing high
Inflation since the GDP growth rate is low which is currently now -2.7%.
5. Madagascar
Madagascar is an island country in the Indian Ocean off the coast of East Africa. GDP per person is 13,720. 28.7million.
It is one of the ten richest countries in Africa per capita, as well as one of Africa’s poorest nations.
Agriculture is the main driver of Madagascar’s economy, contributing around 40% of its GDP.
It is one of the world’s most biodiverse nations, home to almost 5,000 plants, 89 different primates, 350 different bird species, and 60 different mammal species that are unique only to that country.
Many of Madagascar’s natural resources are being used by foreign nations without the payment of royalty or revenue sharing.
6. Egypt
Egypt has a population of 102.3 million, and a GDP per capita of $13,080.
Egypt is a nation in North Africa that is surrounded by Sudan to the south, the Mediterranean Sea to the north; Israel and the Gaza Strip to the northeast while the Gulf of Aqaba to the east, and Libya to the west. It has a strong African currency and ranks among the top 20 richest nations in Africa.
Agriculture, the creation of media, construction, tourism, and transportation comprise the bulk of Egypt’s economy. In Egypt, agriculture accounts for almost 50% of all jobs.
The economy is doing well with an annual GDP growth rate of 3%, one of Africa’s highest.
