Top 10 Richest Countries in Africa;- One of the greatest ways to gauge a nation’s wealth is by its GDP per capital, which reveals how its residents live on average and the amount of products and services produced per person.
Top 10 Richest Countries in Africa 2023
The 20 African nations with the greatest GDP per capital in 2022 are listed in this article. The International Monetary Fund (IMF) and World Bank report provides the foundation for the top 20 ranking of the richest nations in Africa.
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Seychelles
GDP Per Capital (in US$): $12,648
The COVID-19 (coronavirus) has had a significant negative economic and social impact on the Seychelles economy. Due to the major interruptions in Seychelles’ economic activity, which were caused by a 60 percent decrease in tourism, economic growth significantly decreased in 2020 to 13.5 percent from 3.9 percent in 2019.
In addition, because to fewer revenues and higher COVID-19-related spending, the budget deficit worsened to 22.6 percent of GDP in 2020 and is anticipated to be 15.3 percent in 2021. A slow but steady recovery is anticipated to start in 2021, spurred by a pickup in tourism and concomitant capital flows. The poor are anticipated to be disproportionately affected by the economic shock if it goes unabated. Top 10 Richest Countries in Africa 2023
2. Equatorial Guinea
GDP Per Capital (in US$): $8,000
Equatorial Guinea has had one of Africa’s fastest growing economies during the past ten years. Equatorial Guinea, behind Nigeria and Angola, is now the third-largest oil producer in Sub-Saharan Africa as a result of the discovery of significant oil reserves in the 1990s. Significant gas reserves have also lately been found. However, as a result of the decline in the price of oil, the macroeconomic and fiscal situation of the nation has gotten worse.Top 10 Richest Countries in Africa 2023
3. Gabon
GDP Per Capital (in US$): $7,785
An upper-middle-income nation is Gabon. Its production of manganese and oil has fueled its rapid economic growth over the past ten years, making it the fifth-largest oil producer in Africa. Over the past five years, the oil sector has, on average, contributed 80% of exports, 45% of GDP, and 60% of fiscal revenue. The Gabonese government has chosen to diversify its economy, however, as the nation is experiencing a reduction in its oil reserves.
The COVID-19 problem and the continued drop in oil prices will stymie this anticipated increase. A significant budget deficit will result from the dramatic decline in domestic revenue mobilization, exports, and foreign direct investment.Top 10 Richest Countries in Africa 2023
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4. Botswana
GDP Per Capital (in US$): $7,036
Between South Africa, Namibia, Zambia, and Zimbabwe, in the middle of Southern Africa, is Botswana. At the time of its independence in 1966, it was one of the poorest nations in the world, but it quickly advanced in terms of development. With a population of just over two million, it is relatively tiny and has a significant mineral endowment, making it an upper-middle income country with a transformation program to become a high-income country by 2036.
The economic impact of COVID-19 is probably going to be significant and long-lasting, even though a rebound is anticipated in 2021 due to a positive forecast for the diamond industry. Richest Countries in Africa
5. South Africa
GDP Per Capital (in US$): $5,236
Since converting to democracy in the middle of the 1990s, South Africa has made significant progress in enhancing the wellbeing of its population, but this development has stalled over the past ten years. Between 2005 and 2010, the proportion of the population living below the upper-middle income country poverty line decreased from 68 to 56 percent. Since then, however, it has trended slightly upward, reaching 57 percent in 2015 and is expected to reach 60 percent in 2020.
Progress in eradicating poverty has been hampered by structural issues and sluggish growth, which have been made worse by the COVID-19 pandemic. Rising unemployment, which hit an all-time high of 32.5 percent in the fourth quarter of 2020, has a significant negative impact on household welfare progress. Youths between the ages of 15 and 24 have the greatest unemployment rate, which is roughly 63 percent.Top 10 Richest Countries in Africa 2023
6. Libya
GDP Per Capital (in US$): $4,733
Libya entered 2021 as a fractured country seeking reconciliation and healing. The economy had one of the worst years on record for the majority of 2020 due to escalating violence and a blockade of oil ports and fields.
However, a considerable economic rebound in Libya from the 2020 recession is achievable in the upcoming year provided the present reconciliation stays on course. Oil production is expected to reach 1.1 million barrels per day (MBD) in 2021, despite ongoing substantial maintenance issues. As a result, real GDP growth would pick up again, reaching 67 percent in 2021. The economy would still be 23 percent smaller than it was in 2010, the year before the conflict began in terms of GDP.Top 10 Richest Countries in Africa 2023
7. Namibia
GDP Per Capital (in US$): $4,412
With a population of only 2.5 million, Namibia is a small nation that shares borders with South Africa, Botswana, Zambia, and Angola. It also has a lengthy coastline on the South Atlantic. It is the driest nation in Sub-Saharan Africa and is abundant in minerals like uranium and diamonds.
Due to the government’s efforts to rebalance public finances, Namibia has suffered from dropping commodity prices, slow growth in important trading partners (South Africa, Angola), and tight fiscal policies. The country is heavily dependent on investments in mining and government spending.Top 10 Richest Countries in Africa 2023
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8. Egypt
GDP Per Capital (in US$): $3,606
Recent macroeconomic and structural changes in Egypt have stabilized the economy and given the nation better fiscal and external balances as it enters the global COVID-19 crisis. However, the negative effects of the pandemic have since undone this recent development, highlighting enduring difficulties.
These include below-potential revenue mobilization, sluggish private sector activity and job creation, particularly in the formal sector, underperforming non-oil exports and Foreign Direct Investment (FDI), a high government debt-to-GDP ratio (despite its significant reduction in recent years), and an unfavorable budget structure with limited allocations to important sectors, such as health and education.Top 10 Richest Countries in Africa 2023
9. Algeria
GDP Per Capital (in US$): $3,449
The pandemic-related economic crisis in Algeria comes after five years of GDP growth that slowed down (from 2015 to 2019). This slowdown was caused by a declining hydrocarbon sector, a convoluted and government-led growth model, and a private sector that was struggling to take over as the main driver of growth. The petroleum sector, which in 2019 contributed 20% to GDP, 41% to fiscal revenues, and 94% to export earnings, is going through a structural downturn. Richest Countries in Africa
10. Morocco
GDP Per Capital (in US$): $3,409
Most Frequently Asked Questions
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Who are the 5 superpowers in Africa?
- Egypt. World Power Rankings: 29. Africa Power Rankings: 1.
- South Africa. World Power Rankings: 31. Africa Power Rankings: 2.
- Nigeria. World Power Rankings: 46. Africa Power Rankings: 3.
- Angola. World Power Rankings: 56. Africa Power Rankings: 4.
- Ghana. World Power Rankings: 57.
- Tanzania. World Power Rankings: 59.
- Tunisia.
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What is the strongest passport in Africa?
The Seychelles passport is ranked 29th globally and as the most potent passport in Africa.
In 2021, holders of Seychelles passports are not have to pay for visas to enter 152 countries.
In light of the coronavirus pandemic, different countries may have different travel limitations and prohibitions.
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Which is the poorest country in Africa in 2022?
Somalia. Somalia’s Dadaab. Extreme poverty, armed conflict, and bloodshed are now all associated with Somalia. Its largest industry is cattle farming, and about 43% of the population subsists on less than $1 USD per day. Richest Countries in Africa
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Which is the coldest country in Africa?
Lesotho (32 to 82 °F)
It has the coldest average temperatures in all of Africa, ranging from 0°F to 82°F. Average wintertime temperatures in the lowlands are 19°F and 0°F, respectively. Snow is a typical occurrence in the highlands, particularly from May through September. This is what?
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