Top 10 Richest Country in Africa – List Based on Per Capita Income
The 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?
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Note: Rankings are based on the GDP (PPP) per capita data for the year 2015. So, it is valid throughout the year 2016. It has been prepared by Global Finance Magazine, which prepares the list of 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, the 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 the Indian Ocean to the East of Africa. It is not located in mainland Africa, but as per conventions, it is counted as an African nation. Its GDP is lesser than many people on the list of Forbes billionaires. Salmon is one of the highly exported things from this African nation. With a small population and small GDP, it occupies the first spot on this list.
#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 the wealth of this African nation. It was once a Spanish colony and its coasts were discovered by explorers who set out to find a route to India. Its illiteracy rate was too high in the 1970s, but President Obiang ensured good policies to reduce it down to 13 percent.
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 the African continent. Gabon’s economy today depends mostly on oil revenues and timber plantation, according to the CIA. Situated in sub-Sahara, Gabon has a very small population of around a million. With its GDP less than $20 billion, Jeff Bezos, Mark Zuckerberg, and many others have a greater net worth than it.
GDP (PPP) Per Capita: $16,578.59
Populated with more than 2 million, Botswana is the fourth wealthiest country in 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. Much of its territorial area lies in the Kalahari Desert which is another big desert after the Sahara. A British colony, Botswana has a majority of its people living below the poverty line, yet a high GDP per capita makes it a rich African nation.
#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 (Brazil Russia India China and South Africa). The people of this country find employment in diverse sectors like agriculture, fishing, vehicle manufacturing and assembly, food-processing, clothing, and textiles. It is the most developed nation in Africa and has a very high Human Development Index. Cricket is the most popular sport in this country and it is because of British people who left their legacy. Because of apartheid, it had international sanctions that debarred it from most of the things in the world like trade, sport, etc.
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 for service and construction sectors. Arabic is the most spoken language in Libya and Sufi Islam is the most followed type of Islam. Since fall of Muammar Gaddafi, Libya has been in political turmoil and chaos. It has the largest deposit of oils in the continent of Africa.
GDP (PPP) Per Capita: $9,706.59
With a small number of inhabitants and a significant GDP, Tunisia is the seventh richest country in Africa. Also, it is the second richest African Arab country after Libya. It is a small nation when compared to its neighbors, Algeria to its west and Libya to its east. A trend among the educated is to move to European nations to the north of Mediterranean for jobs and better lifestyle.
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. Another Commonwealth country, Cricket is the most popular sport in Namibia. Ovambo is the largest ethnic group in Nigeria. It has a low population less and low GDP as well. It has a low HDI as well and low illiteracy rate.
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 the oil sector and agriculture contribute to this nation’s wealth. Fishing, banking, and finance are other areas where Algeria generates a good chunk of money. A large portion of its population is concentrated in capital Algiers. French is also spoken and understood and many of its citizens have moved to France and Spain for jobs.
GDP (PPP) Per Capita: $6,594.00
Capital City: Cairo
With a high output of more than $500 Billion, Egypt’s economy is second only to South Africa. It is the tenth richest country in Africa on this list of top 10. It has the largest population in Middle-East and is the nation known for pyramids and the Great Sphinx. It was one of the victims of Arab Spring and President Hosni Mubarak who succeeded Anwar Saadat was deposed. And Mohammad Morsi was elected President after wide public support. Later, he himself was deposed in a bloodless coup only to be succeeded by Al-Sisi. Egypt is also the center of learning of Sunni Islam. The Grand Al-Azhar University of Islamic studies is situated in Egypt.