The Top Five Wealthiest Countries in Africa

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I richest african countries

Africa is blessed with abundant human and material resources that make her an exporter of vast quantities of raw materials used in industries all over the world. Located in Central Africa with a population of 1,200,000 (One Million, Two Hundred Thousand) people, the country is relatively small with a territory spanning an area of about 10,830 square miles.


I richest african countries
I richest african countries

Africa is blessed with abundant human and material resources that make her an exporter of vast quantities of raw materials used in industries all over the world. With 54 countries and a population of over one billion people, the African continent is believed to have been exploited despite its rich potential economic assets. In the world economy, most African nations are regarded as third world countries and home to extreme poverty.

 In spite of all these charades, there are still African countries joining the leagues of the fastest growing economies. These countries have carved a niche for themselves in the world’s economy by raising their per capita income.

So based on the nominal GDP per capita of the African countries, here are the top five richest;

 
  • EQUITORIAL GUINEA
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 Equatorial Guinea comes first with a GDP per capita of $ 34,865. Located in Central Africa with a population of 1,200,000 (One Million, Two Hundred Thousand) people, the country is relatively small with a territory spanning an area of about 10,830 square miles. Over 50% of its resources come from industries with another 45% comes from services and rest from agriculture. The low population is believed to be the reason why the GDP per capita is high and recently, the country was ranked 136 by the United Nation’s Human Development Index.   
  • SEYCHELLES
 Seychelles is ranked second in Africa with a GDP per capita of $ 28,712. The country is just a small island located along the coast of the Indian Ocean and is regarded as the smallest country in Africa with a population of about 92,000 (Ninety Two Thousand) people. The country generates most of her revenues from tourism as well as the processing of natural resources. Because of its nearness to the ocean, a large number of its populace also engages in fishing activities. The country however does not engage much in agriculture and as such, the government is looking for a means to diversify into that sphere and focus on agriculture. The small populace is also thought to be the reason why the GDP per capita is high. 
  • MAURITIUS
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 With a GDP per capita of $ 21,628, Mauritius is regarded as the third richest country in Africa. Also located along the coast of the Indian Ocean, the small island has a population of about 1,300,000 (One Million Three Hundred) people. The country makes most of its cash from tourism. With a free economy, some of the people also engage in agriculture.   
  • GABON
 Gabon is ranked fourth in Africa in terms of the richest economy with a GDP per capita of $ 19,266. The Central African country boosts her economy with the production of oil and a little diversification in the agricultural sector. With a population of about 1,400,000 (One Million Four Hundred Thousand) people, the country continues to live in poverty despite its position as the fourth richest in Africa. 
  • BOTSWANA
 The last on the list is Botswana. The southern African country has a GDP per capita of $ 18,146 and is ranked as the fifth richest country in Africa. With a population of about 2,100,000 (Two Million One Hundred Thousand) people living in a landmass of approximately 224,610 square miles, the country is reputed to be one of the most stable economies in Africa. Most of her revenues actually comes from the industrial sector with heavy reliance on the banking sector. Also, the country boosts its economy with the mining of gemstones such as diamond and gold, as well as other natural resources such as metals and uranium. It is however considered to be a middle-income economy.  
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