The Top Ten Richest Countries in Africa
10. Ethiopia (GDP: $25.7 billion)
This landlocked country in the Horn of Africa is famous for Olympic gold medallists and strong coffee, while its economy is the fastest growing non-oil-dependent one in Africa.
It exports mostly agricultural products.
9. Kenya (GDP: $30.2 billion)
Kenya lies along the East coast of Africa and is known for its wildlife and for Mount Kenya, the second-highest point in Africa. The country’s economy consists of tourism, telecommunications, transport and construction, while its agriculture is recovering.
8. Sudan (GDP: $57.9 billion)
Sudan, situated in North Africa, is divided by the Nile – the longest river in the world – into east and west side. After many years of civil unrest in the country, following its independence from Egypt in the UK in 1956, the southern region of the country has been split from the northern region, and Southern Sudan comes into existence on July 9.
Agriculture is the sole term of income and employment, while oil production drives growth.
7. Angola (GDP: $83.4 billion)
Angola is in south-central Africa and is also mostly known for civil unrest that took place from 1975 to 2002. The country has plenty of petroleum and mineral reserves, which are the source of its wealth – diamonds and oil made up 60% of the country’s economy in 2008. Sadly, however, despite its riches, the life expectancy of its citizens and the mortality rates of its infants are among the worst in the world.
6. Morocco (GDP: $86.4 billion)
Morocco, located in North Africa, is the world’s biggest exporter and third-biggest producer of phosphorous, and price fluctuations of the resource in the international market influence the country’s economy. The services sector is responsible for just more than half of gross domestic product and industry – in the form of mining, construction and manufacturing – makes up another quarter. Tourism, telecoms, information technology and textiles have seen growth recently.
5. Libya (GDP: $100.1 billion)
Libya is possibly more popular now as a result of the recent coverage involving president Muammar Gadaffi’s refusal to step down amongst violent protests. But the country is also the fourth-largest in Africa by area, and the 17th largest in the world. It has the 10th-largest proven oil reserves of any country in the world. It also has the 17th-highest petroleum production.
4. Algeria (GDP: $159.7 billion)
Algeria is also one of those countries embroiled in constant civil war. It is a very large mass of land, and once the secession of Southern Sudan takes place, it will be the largest country in Africa.
Algeria’s economy is supported by the fossil fuels energy sector, which accounts for 60% of budget revenues. The country also ranks 14th in petroleum reserves with billions of barrels of proven oil reserves. A quarter of Algerians are employed in the agricultural sector.
3. Egypt (GDP: $162.2 billion)
The North African country is known for its ancient pyramids and its Great Sphinx, which were constructed by its ancient civilisation. The country’s economy is one of the most diversified in the Middle East, with growth seen in tourism, agriculture, industry and service. Its economy is dependent on agriculture, media, petroleum exports and tourism, and it has seen growth after major reforms since 2003.
2. Nigeria (GDP: $214.4 billion)
This West African country is one of the oldest in Africa, with archaeological evidence dating back to at least 9 000 BC. It is the most populous country in Africa, and the seventh most populous country in the world.
The country’s economy is one of the fastest-growing in the world, and reached middle income status according to the World Bank as a result of its abundance in natural resources, as well as financial, legal, communications and transport sectors that are well-developed. Its stock exchange is also the second-largest in Africa.
1. South Africa (GDP: $277.2 billion)
South Africa is now perhaps most well-known internationally for its past political policies and for hosting the Soccer World Cup in 2010, but it is the richest country in Africa. It is also known for its diversity in culture and language, and has been called the Rainbow Nation with good reason.
The country has copious resources in minerals and its well-developed financial, legal, communications, energy and transport sectors work with one of the twenty best stock exchanges in the world to create a GDP that puts the country among the 25 highest in the world.