Article is about the richest countries in Africa. The continent of Africa is home to many of the poorest countries in the world. But it does have some of the richest nations as well. If you are going to ask “which is the richest country in Africa?” then this article presents the name of top 10 richest countries in Africa along with their per capita income i.e. Average income per person in a country.
What are the names of those top 10 countries?
Note: Rankings are based on the GDP (PPP) per capita data for year 2012. So, it is valid throughout the year 2013. It has been prepared by Global Finance Magazine which prepares the list on data from World Economic Outlook Database by International Monetary Fund.
List of Wealthiest African Countries
Name of Country
Per Capita Income
#1) Seychelles – the Richest Country in Africa
GDP (PPP) Per Capita: $25,439.92
Officially Republic of Seychelles, based on per capita income, it is the wealthiest nation from Africa. This country is made up of small 115 islands and its population is less than 0.1 million. It is located in Indian Ocea to the East of Africa. It is not located in mainland Africa but as per conventions it is counted as an African nation. With small population and small GDP, it is the richest country in Africa.
#2) Equatorial Guinea - Second Wealthiest African nation
GDP (PPP) Per Capita: $19,818.11
Situated on the West Coast of Africa is the second richest country i.e. Equatorial Guinea. This wealthy African nation has a population less than a million. Its economy depends on fishing and farming of especially Cocoa. Discovery of oil in the 1990s further increased wealth of this African nation.
GDP (PPP) Per Capita: $17,053.47
With its per capita income more than other poorer countries of Africa, Gabon qualifies as the third richest country in African continent. Gabon’s economy today depends mostly on oil revenues and timber plantation, according to CIA.
GDP (PPP) Per Capita: $16,578.59
Populated with more than 2 million, Botswana is the fourth wealthiest country on this list. Tourism, financial services, subsistence farming, and cattle raising are other key sectors where the country makes money. Standard of living is comparable to the nations like Turkey and Mexico.
#5) South Africa
GDP (PPP) Per Capita: $11,273.08
Capitals: Pretoria, Bloemfontein and Cape Town
the fastest developing country in Africa and also in the world, South Africa has the highest GDP in the continent. It is a member of BRICS. People of this country find employment in diverse sectors like agriculture, fishing, vehicle manufacturing and assembly, food-processing, clothing and textiles.
GDP (PPP) Per Capita: $10,129.61
Capital City: Tripoli
Libya is the richest African Arab country and overall sixth on this list. Like other Arab nations, it also depends on petroleum for money and it employs many people in this sector. About 20% of GDP of this rich country is from service and constructions sectors.
GDP (PPP) Per Capita: $9,706.59
With small number of inhabitants and a significant GDP, Tunisia is the seventh richest country in Africa. Also, it si the second richest African Arab country after Libya.
GDP (PPP) Per Capita: $7,694.44
Depending mostly on South Africa for trading, Namibia is one of the fastest developing countries in Africa. Mining, Agriculture, manufacturing and tourism contribute heavily to this rich African country on Earth.
GDP (PPP) Per Capita: $7,541.85
Another Arab nation, Algeria is located in the Northern Africa. It was frequently ruled by the French invaders and was colonized for centuries by France. Revenues from oil sector and agriculture contribute to this nation’s wealth. Fishing, banking and finance are other areas where Algeria generates good chunk of money.
GDP (PPP) Per Capita: $6,594.00
Capital City: Cairo
With high output of more than $500 Billions, Egypt’s economy is second only to South Africa. It is the tenth richest country in Africa on this list of top 10.