The country is a host of over 300,000 refugees. When he was 21, Dangote borrowed $3,000 from his uncle to start his business of importing and selling agricultural goods in Nigeria. However, measured by GDP per capita, the country “only” ranks in 8th place. Which country is the richest in Africa? South Africa is the second richest country in Africa and one of the fastest developing nations in the world. The best part of Botswana’s wealth can be attributed to its massive production of diamonds, making it the world’s second-biggest producer of diamonds. There are several ways to measure the wealth of these African countries. The African continent is one of the richest areas on the planet when it comes to natural resources, so there is huge potential for many African countries if they can remain stable and stop corruption. In recent years, tourism has increased and is currently seen as an important part of the economy. We provide you with the latest breaking news and videos straight from the entertainment industry. According to the World Bankstatistics of 2020, the poverty rate in the country is 44.1%. The majority of the population engages in subsistence agriculture but there is a growing class of skilled workers and tradesmen that have come al… The African continent boasts a wide range of natural resources. What is the richest country in Africa in 2020? Namibia is the 10th richest country by per capita income in Africa. Agriculture, human resources and industry are the major pillars of the African economy. Copyright 2012 - 2020 Swedish Nomad - Travel Blog | All Rights Reserved, More about the Richest Countries in Africa, 25 Animals in Africa that you should know about. That is also why GDP per capita is the preferred way of measuring the richest countries in Africa. Forbes analyze and release annually list of The Richest Person In Africa 2020, Africa’s billionaires are as a group more productive than a year ago. France, China, and the United States are some of the country’s main export partners. This figure is achieved due to the SA 2019 GDP growth rate of 1.2% which is above the forecasted growth by IMF in 2018. Leave a comment below! 10. It has high population growth rates, food insecurity, political instabilities, and natural crises. The country is sparsely populated with a total population of roughly two million. The second richest country in Africa is Gabon. This country has is the site of one of the largest underground mines in the world. The richest man in Africa is Aliko Dangote, who has a net worth of $14.1 billion. Kenya is by far the richest country in East Africa. Nonetheless, it ranks seventh on the list with an average GDP Per Capita income of $13,403. To determine a country’s GDP Per Capita for a specified year, we have to divide the GDP for that year by the corresponding population as this will give us a better picture of the top 10 richest countries in Africa now. Seychelles is characterized as a highly developed country. Photo: Prin Adulyatham / Shutterstock.com. Not only is Ethiopia one of Africa’s wealthiest countries, it's also steeped in history. South Africa has the highest total wealth held in Africa, with private individuals holding a total $552 billion in wealth. Currently, the richest country in Africa is Equatorial Guinea with a per capita income of $34,865.Seychelles is second with a per capita income of $28,1172.. 10 Richest Countries In Africa (By GDP Per Capita) A word of note: Reports of GDP per capita do … It is partly this low population that helps the GDP to remain relatively high. Currently, Equatorial Guinea is the richest country in Africa, with a per capita income of $34,865. And we also have some people who claim the country also exports some of its oil. Nigeria. Nevertheless, the people of this region have continued to be exploited for decades and poverty has been a major calamity. Wealth can be measured in many ways, but one of the most commonly used techniques to accomplish this complex measurement is to use GDP (PPP) per capita. Unsurprisingly, four of the five countries with the highest GDPs in Africa are among the most developed countries in Africa. The country’s exports in 2… King Mohammed VI, who is the President of Morocco, as well as its monarch, is Africa’s richest President. Besides, the country’s low unemployment rate of just 1% indicates a favourable standard of living. Like many other very wealthy nations, France’s economy is complex and diverse, exporting over $500 billion worth of goods and services annually. Seychelles is still the richest country in Africa 2020, with a per capita income of $34,865 using Gross Domestic Product (GDP) per capita based on purchasing power parity (PPP). The economy of Mauritius is greatly centered around tourism. The local economy rebounded the year after but was later crashed again due to the second Libyan Civil War. Niger is a landlocked country. Q:4 Which is the richest country in Africa? Spread the love There is currently a lot going on in African countries. 1. It would come as no surprise that South Africa has been named the richest country in Africa. Nigeria also has a good number of people who have made appearances on Forbes Magazine as the richest blacks in the world. Forbes analyze and release annually list of The Richest Person In Africa 2020, Africa’s billionaires are as a group more productive than a year ago. The country is home to 33,300 dollar millionaires – … I’m currently on a mission to show you the amazing places and diversity that our planet has to offer! SA has a gross domestic product of $346, 000,000,000 ($346 billion) which makes it the second-largest economy in Africa. The Central African Republic, for example, is the second-poorest country in Africa and has a population of 4.7 million people and a life expectancy of 52.9 years. The following is a description of the ten richest nations in Africa and the nature of their economies. Main sectors that contribute to the economy include agriculture,fishing, manufacturing, tourism and financial services. Nigerian Flag. The economy of Egypt depends on agriculture, tourism, natural gas, and petroleum imports, as well as revenues from the Suez Canal. South Africa. Equatorial Guinea GDP per capita: 31.81 thous… Another way of measuring wealth is to take the total GDP for each country, where the highest GDP makes it the wealthiest. These reveal a wealth of … It is the 6th richest country in Africa with a GDP per capita of $15,000. The economy of Namibia is highly dependent on the extraction and processing of natural minerals. The economy has seen growth for several decades, and there are great possibilities for boosting the Algerian economy further. The United States, China, and South Africa are some of Gabon’s main export partners. However, cost of living in Namibia remains relatively high. They made it to the list of the richest country in African continent 2020. 1. Meanwhile, the country enjoys favourable economic standards under the influence of low population and vast deposit of oil. The main focus of the economy in Seychelles is tourism and fishing. The pillars for Namibia’s economy are tourism, manufacturing, agriculture and mining. However, Nigeria has a population of more than 190 million people, whereas Seychelles only has around 100 000 people. GDP: $504.57 billion (nominal 2020 est) Per capita $2,465 (nominal 2020 est) Altogether, the continent’s 20 billionaires are worth a combined $73.4 billion, up from $68.7 billion a year ago. Until 2010, Libya had seen stable economic growth for many years, but the Libyan Civil War resulted in a shrinking economy. Africa’s billionaires are as a group richer than a year ago. In previous times, Botswana … Algeria is home to some 43 million people and is one of the richest countries in Africa both by GDP per capita, and nominal GDP. As to the major focus of this article, we’ve obtained the names of the Top 5 Richest Kings in Africa 2020 and based on our findings, these kings are ranked in line with Forbes’ list of Africa’s richest kings. Top 10 Richest Oil Countries In Africa 2020. It ranks as the second richest country of Africa, with a reported GDP Per Capita of $34,865. The country is the third largest economy in sub-Saharan Africa after Nigeria and South Africa. Much of Tunisia’s economy has longtime been dependent on industries such as oil, tourism, and automobile parts. The nation is classified as a middle emerging market and unlike most other countries in Africa that depend on a single source for revenue, South Africa is diversified. About 40% of economic growth is attributed to the agricultural sector. All the figures are traceable from the 2017 International Monetary Fund data. Democratic Republic of Congo: 317,000 barrels/day The Democratic Republic of Congo is also among the African countries which are rich in oil. In 2020, Nigeria's Aliko Dangote tops the list for the ninth consecutive year despite a slight drop in his net worth. At the first position is Seychelles which is an archipelago in the Indian Ocean with a population of 99,847 citizens. South Africa’s economy is properly diversified, making the country one of Africa’s most developed economies and it has high rates of unemployment, poverty, and a wide gap between the rich and the poor. A significant quantity of goods consumed here is imported, hence highly priced. How often do you ask Which country is the poorest in Africa? On the other hand, Seychelles is currently the richest country in Africa by GDP per capita today in 2020. The value given is displayed in international dollars, which is a hypothetical currency that follows the same value as USD. Mining, agriculture, manufacturing, and tourism all play large parts in the country’s economy. The country produces a very large percentage of oil used in its country. Most individuals are curious to know which is the richest country in Africa in 2021, and what are the 10 richest countries in Africa. South Africa . The 11th richest country in Asia and the 31st richest country in the world is Japan. Many goods that are consumed within the country are imported, which contributes to their high cost. Thinking Of Killing My Cat Or Give It Out, A Vet That Can Take Care Of Her Anywhere In Lagos? In fact, the continent holds around 30% of the world’s known mineral reserves. Here is the definitive list of the top Altogether, the continent’s 20 billionaires are worth a combined $73.4 billion, up from $68.7 billion a year ago. The country’s economy is largely based on tourism, by an overwhelming margin. Botswana among the Richest African Countries 2020, With its population estimated fairly above 2 million inhabitants, Botswana is unarguably one of the least populous African countries. Until 1960, it was considered a colony of France. Nigeria: 1,900,000 barrels/day; ... You may agree or disagree with this statement, but one thing no one can deny, is that this country is the richest oil country in the continent. Which is the richest country in Africa? Kenya is also the economic, financial, and transport hub of East Africa… For example, Nigeria is the richest country in Africa by GDP and Seychelles is the richest country in Africa by GDP per capita. Which is the richest country in Africa 2020? The South African economy has seen growth for the last decades, and it’s one of the most developed African countries. Africa is one of the richest continents in the world in terms of land-soil, favorable weather, and many more, but has rich as the continent is, its totally different story to most countries as Africa serve has to site for some of the poorest countries in the world. Algeria, the largest country in Africa by land area, is located in the northern part of the continent. Seychelles. Richest city in Africa 2020. Its 160-million people have helped the country propel itself to be the largest consumer retailer in Africa, along with its petroleum exports. Top 5 Richest Kings in Africa 2020. South Africa is an influential African country and economic facts show that it is the second largest African economy –precisely in terms of GDP. Egypt happens to have 4,767 strong tanks and 1,100 airplanes in their country alone which gives them a total maritime power of 237. It is considered to be a middle-income country. Botswana has a GDP Per Capita of $18, 146. The most common statistics for measurement are those relating to Gross Domestic Product GDP. Gabon has one of the highest GDP per capita in Africa, and this is mostly due to the oil sector, which accounts for 50% of the GDP. South Africa becomes second giant country in Africa economically. Today, the GDP Per Capita in Tunisia is $11,987, Africa’s ninth highest. The richest man in Africa is Sir Aliko Dangote. All figures are from the 2019 International Monetary Fund (IMF) data. The same technique is also used to rank the richest countries in the world. There are large deposits of iron ore in Mauritania, and the country often exports them abroad. From there, you can determine which states are wealthiest and then list the countries in descending order, from richest to poorest. Egypt is famous for the pyramids and rich marine life, but it’s also one of the richest countries in Africa, both by GDP per capita as well as nominal GDP. GDP: $444.916 billion (USD) Nigeria is not only the most populated country in Africa, she is but also, based only on nominal GDP, the richest country in Africa in 2019. Johannesburg. It ranks eighth on our list with a GDP Per Capita of $12,994. Namibia – $11,528. Today it’s slowly growing back to pre-war levels, and Libya has the largest oil reserves in Africa. The African […] It’s also the only African nation that is a member of the G20. Before tourists began to visit the country, plantations used to drive the economy of Seychelles. Patrice Motsepe was estimated to be worth $2.8 billion as of January 2021, and was ranked as the youngest billionaire in South Africa and the tenth richest in Africa on the Forbes Rich List for 2020. Seychelles is an archipelago in the Indian Ocean which is home to some 100 000 people. This is a List Containing The Richest Countries in Africa 2020. The richest country in the world by GDP per capita is Luxembourg. However, the GDP per capita is expected to rise to $425 by 2020. The local standard of living is much higher than in most African countries. Though Tanzania is the tenth richest country in Africa by GDP, it is one of the world’s poorest country. Until 1960, it was considered a colony of France. Its residents also earn enough money through industrial fishing and the processing of natural resources such as coconut also play a part. In this article, we shall list the top 10 richest countries in Africa from 2020 to 2021. The local economy depends on the production and export of uranium, diamonds, and other minerals. This is the 3rd on this list of the richest countries in Africa 2020 based on GDP Per Capita. It is the third richest country in Africa with a GDP Per Capita of $28,172. But there are also many countries which are doing well and have consistent economic growth. SA has a gross domestic product of $346, 000,000,000 ($346 billion) which makes it the second-largest economy in Africa. However, this place in Central Africa is currently the 3rd wealthiest country in Africa 2020. Seychelles is the richest country in Africa 2021, with a GDP of 31.80 thousand per capita. King Mohammed VI (Net Worth $2.5 Billion) – Richest Presidents in Africa 2020. It makes sense, then, that Ethiopia is Africa’s second most populous country. This figure is achieved due to the SA 2019 GDP growth rate of 1.2% which is above the forecasted growth by IMF in 2018. These updated numbers come from the latest purchasing power parity statistics from the International Monetary Fund (IMF). Metals and gemstones are important to the economy of Botswana, and include resources such as uranium, gold, diamonds, copper, and, to a lesser extent, gold. The combination of a low population (1.8 million people), an impressive supply of high-quality wood, oil, uranium and manganese ore made Gabon one of the most prosperous states on the continent. However, income inequality is also rampant. Seychelles, Botswana, Cabo Verde, Rwanda, Namibia and Mauritius are among the transparent nations in the world.. Most of the revenue of the Libyan economy comes from the petroleum sector, which accounts for 95% of all exports and 60% of the total GDP. South Africa has a nominal GDP of 376.679 billion dollars and is currently the second richest country in Africa according to GDP. Here’s an updated list of the richest countries in Africa 2020 by GDP (PPP) per capita. The Magical Simi: Reviewing the new Ladipoe single shaking things up, Top 10 Most Beautiful Korean Actresses 2020, Vigro Deep ft. Kamo Mphela – Gegedla Lyrics (Lyric Video), Richest Countries in Europe 2020: Top 10 Richest European Countries by GDP Per Capita, Top 10 Richest K-Pop Idols 2020 And Net Worth K-Pop Groups, Stars & Family. 1) Nigeria – Richest Country in Africa. Minerals account for the majority of GDP, where Diamond mining is most prominent. Some 80% of the people are working within agriculture, although it only represents 3% of the GDP. The single largest industry in the Namibian economy is diamond mining which accounts for nearly 10% of the country’s GDP. The island nation has become quite famous as a honeymoon destination, and there are several luxurious resorts attracting tourists from all over the world. Furthermore, its the richest country in Africa per capita gdp in 2020. Africa's Richest 2020: Steady State With Some Volatility On The Margins Forbes Africa | February 2020 Like elsewhere in the world, fortunes in Africa can be volatile, thanks to changes like a new currency. Seychelles is an archipelago in the Indian Ocean with an estimated population of 99,944 denizens. Tourism is one of the biggest revenue generating industries in South Africa. Tourism remains an important part of the local economy as well. The sizeable GDP is mainly driven by finance, transport, infrastructure, tourism, … Africa is known for being home to some of the poorest countries in the world, and there are still several countries which suffer from civil wars and corruption. As of the end of 2019, Nigeria holds the position of the richest country in Africa, with a GDP of almost $600B USD. We hope that you also read about the currencies that are used in Africa right now. 25. The revolt has favoured Tunisia and categorized it among the efficient African economies. The main exports from Egypt are crude oil and petroleum products, cotton, textiles, metal products, chemicals, and agricultural goods. Wealth can be measured in many ways, but one of the most commonly used techniques to accomplish this complex measurement is to use GDP (PPP) per capita. My name is Alex, and I’m a Professional Travel Blogger and Photographer from Sweden. Global statistics about mineral production reveal that Namibia constitutes the world’s biggest producers of uranium. A list of 10 ⭐RICHEST CITIES IN AFRICA⭐ by the wealth held by individuals. Spread the love. Algeria, the largest country in Africa by land area, is located in the Northern part of the continent. Notably, the countries on this list of richest African countries are ranked based on GDP Per Capita. The country is home to a highly sophisticated banking system and a low level of foreign debt. France, Italy, and Germany are the main export partners to Tunisia, and the main export goods are clothing, agricultural products, phosphates, and chemicals as well as hydrocarbons and electrical equipment. Which is the richest country in Africa 2020? Niger Republic; Niger Republic is a West African country that is rich in uranium, coal, cement, and gold. As of the end of 2019, Nigeria holds the position of the richest country in Africa, with a GDP of almost $600B USD. Seychelles drives its economy through tourism and has managed to maintain considerable growth within the last decade. Seychelles ranks amongst others as one of the richest African country in 2020. The main focus of the economy in Seychelles is tourism and fishing. Despite being one of Africa’s most populous country, Egypt maintains its sustainable GDP per capita. Want to know which is the richest African country? Meanwhile, the Namibian government earns the lion share of its revenue from mineral extractiton and exportation. The country is a host of over 300,000 refugees. This type of measurement also uses the GDP numbers by the IMF but isn’t divided by the country’s population. This country primarily depends on livestock and agriculture, which is why it reached the high place in our richest country in Africa rating. This is the measure adopted by most economists when comparing living conditions or the use of resources across countries. Altogether, the continent’s 20 billionaires are worth a combined $73.4 billion, up from $68.7 billion a year ago. Large oil reserves were found in 1996, and since then the country has become one of the largest oil producers in Sub-Saharan Africa. Find out which cities have the wealthiest people in the entire continent as of 2020. During the earliest period of the Arab Spring, precisely in January 2011, there was a significant revolt which resulted in the dismissal of the then Tunisian President –Zine al-Abidine Ben Ali.