Top Richest And Poorest Countries Of Africa
Listing and ranking richness of countries is always a
challenge. Between social-economic status, commerce, economics shifts, natural
disasters, many years of colonialism, poverty and inequality, and government
corruption – there are most definitely many challenges in economic growth and
maintaining a healthy, wealthy and productive society.
There are 1.3 billion people living across
Africa, in 54 different countries, that produces $2.2 trillion in
nominal GDP thanks to trade, agriculture and harvesting various sources of
energy (oil being the dominant one in certain countries). Not too long ago, in
2013, Africa was the world’s fastest-growing continent at 5.6% a year.
Nowadays, the African Development Bank predicts an increase of 4.3% in yearly
growth across the continent. World Bank expects most of the African countries
to reach a GDP per capita of at least $1,000 (ranking those as “middle income”)
by 2025.
All nominal data in this article are based on World Bank latest reports.
How would Nigeria’s oil export affect its
ranking? Does the government domination on the economy of Kenya helps
its rank? How would countries like Ghana and Zimbabwe rank
in comparison to Zambia and Uganda? How does South
Africa’s complex social history affects its econimoc growth? Which other
countries occupy the top and bottom of this list?
Click “Next Page” To Find Out
Angola
With a total GDP of $124.209 billion and a
staggering GDP per capita of $4,407, Angola takes the 5th place in
the richest countries in Africa. Angola is largely dependent on their natural
oil and gas reserves, along with hydroelectricity, diamonds, and agriculture.
Angola has a population of 30.7 million people, most of whom are
still highly influenced by European culture due to 400 of Portuguese
colonialism in the country. The official language of Angola is still Portugees.
Nominal GDP Rank: #5
Nominal GDP Per Capita Rank: #9
South
Sudan
South Sudan is one of the poorest countries in Africa, and its
economy is weak and underdeveloped. South Sudan has a population of 12.9
million, with only 24% of the population being literate.
Its GDP stands at $3.61 billion and
GDP per capita is $275. Conditions in South Sudan are known to be
most problematic, in most of the villages and populated areas there is no
electricity and access to water suitable for drinking.
Nominal GDP Rank: #45
Nominal GDP Per Capita Rank: #54
Republic
of Cameroon
With a per-capita GDP of $1,443, The Republic of
Cameroon is one of the ten highest in Africa by that metric.
The total GDP of the country is $34.79 billion.
With great agriculture structures and a
population of 23.44 million people, the county still accounts for a
lot of people involved in the agricultural sector however the economy has
increased in over the year. Timber reserve adds value to the economy of the
country as it accounts for about 37% of the total land mass.
Nominal GDP Rank: #15
Nominal GDP Per Capita Rank: #26
Morocco
Morocco is the 6th richest and the 11th biggest country in
Africa. With a GDP of $109.82 billion and a population
of 36.1 million people, is it also one of the leading
countries in Africa in terms of GDP per capita, with a figure of $3,151.
Morocco is considered a relatively liberal economy with large sectors such as
tourism (which the government hope to reach 20% of its GDP by 2020),
agriculture, solar and coal energy, export of cannabis.
Fun fact: according to a study from 2016, around 70% of the cannabis
consumed in Europe comes from Morocco.
Nominal GDP Rank: #7
Nominal GDP Per Capita Rank: #14
Egypt
Egypt has a famous long history, dating back to the 6th century
BCE. It is obviously well known for its iconic monuments such as The Great
Pyramids, The Great Sphinx and the ruins of Memphis and Thebe. Nowadays, Egypt
is the 3rd biggest economy in Africa, with a GDP figure of $237.03
billion as well as a GDP per capita of $2,500.
It is also the 3rd biggest country in Africa,
with a population of 99.3 million. The Egyptian economy is largely
based on Tourism, commerce and sea transport through the Suez Canal, Natural
Gas, Agriculture, and of-course, Oil. With a production of over 700,000
oil barrels a year, Egypt possesses the largest oil refinery capacity
in the entire African continent.
Nominal GDP Rank: #3
Nominal GDP Per Capita Rank: #15
Ivory
Coast
The Ivory Coast enjoys a stable economy, has a population
of 24.9 million, a GDP of $53 billion and a
considerable GDP growth of 8.5% per year, which is currently
the 4th highest GDP growth in the world. The vast majority of Ivory
Coast residents (about 70%) are engaged in agriculture.
The leading crops in Ivory Coast’s agriculture
are coffee and cocoa beans, which accounts for about 40% of the world’s
production. As a result, the economy of the Ivory Coast is heavily influenced
by fluctuations in the prices of cocoa and coffee. This led the Ivorian
government to push for greater diversification of the country’s economy. Those
attempts resulted in failure, and most of the industry is still
agriculture-based.
Nominal GDP Rank: #13
Nominal GDP Per Capita Rank: #22
Libya
Credit: Hussein
Malla, AP
Libya is one of the smallest countries in Africa, with a
population of only 6.47 million people. It holds a GDP figure
of $31.33 billion, which might not sound like a lot, but it places
Libya as the 7th richest country in Africa, in terms of GDP per capita – with a
figure of $4853.67.
As many Africa countries, most of Libya economic
growth comes from oil, that accounts for over half of its GDP, and about 97% of
its export. Due to those figures, Libya has been described as the “Upper Middle
Economy of Africa” by the world bank.
Nominal GDP Rank: #16
Nominal GDP Per Capita Rank: #8
Uganda
Uganda is of the poorest nations in the world. The country’s
total GDP accounting to $25.53 Billion and a $615.31 GDP per
capita with a population of 44.27 million. This place Uganda as one of the
largest countries in Africa in terms of population, but also one of the
poorest. However, the country has witnessed a recent change in the economy, to
the measures taken by the government to protect the natural resources of the
country.
In 1992, 56% of the country’s population was
under the poverty line of $1.25 a day. In recent years that number has been
reduced to around 25%. Government officials are still hopeful that in the
coming years they will reach their goal of reducing the number of poor in its
population to 10%.
Nominal GDP Rank: #17
NThe Democratic Republic of Congo
The Democratic Republic of Congo accounts a mixture of economic
sectors such as mining, fishing, forestry, agriculture, and copper and cobalt.
While The country’s total GDP of $41.44 billion may seem high in comparison to
other African countries.
But it’s extremely large population of 84
million people, bring its GDP per capita figure to the astounding low $478.23.
This places the country in the top ten poorest countries in Africa, by that
metric. Nonetheless, this country is a perfect example of a mixed economy.
Nominal GDP Rank: #12
Nominal GDP Per Capita Rank: #47ominal GDP Per Capita Rank: #41
Tanzania
Next on the list is Tanzania, undoubtedly one of the most
beautiful places in Africa. With a relatively high total GDP of $51.72 billion,
It is the 10th largest economically rich country in Africa, by that metric.
Tanzania has a population of $59.09 million
people, 4th biggest in Africa. That brings its GDP per capita figure
to $1,033. The people of Tanzania largely rely on agricultural for
a source of their income. The country has increased in terms of GDP but there
are people who still are below the poverty line.
Nominal GDP Rank: #10
Nominal GDP Per Capita Rank: #30
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