The African continent is on the rise and it is now home to some of the richest countries in the world, in part due to its oil-rich soil and human capital. Below are the top 10 richest countries in Africa according to statistics from International Monetary Fund (IMF) and IT News Africa.
GDP – $594.257 billion (Sh59.43 trillion)
The most populous nation in Africa is a major contender on this list, with its manufacturing sector being the third largest in Africa while it contributes a considerable share to the world’s oil reserves. Taking into account this country’s population of 170 million, Nigeria is on track to becoming one of the 20 largest economies in the world by 2020.
2. South Africa
GDP – $341.216 billion (Sh34.13 trillion)
South Africa is popularly known for its mineral resources such as gold and diamonds. There are more things to look forward to in South Africa besides its jewels. Major cities like Johannesburg and Cape Town offer unique experiences that can offer scenic routes to mountain ranges by the ocean.
GDP – $284.860 billion (Sh28.49 trillion)
Egypt has one of the longest histories of any modern country, arising in the 10th millennium BC as one of the world’s first nation states.
GDP – $227.802 billion (Sh22.78 trillion)
Oil and gas exports have placed Algeria on this list. Much of its wealth is received from oil deposits deep within the North African soil. Also rich in natural minerals, it is suggested that the ancient Romans collected stones and marbles from quarries in what is now known as Algeria.
You can find onyx, red and white marbles, iron, lead, and zinc in large quantities. It’s capital city, Algiers offers rare beauty in the intricate architecture of its most famous buildings.
GDP – $131.4 billion (Sh13.14 trillion)
Angola has a large deposit of oil and gas resources, diamonds, and bountiful agricultural land. Still recovering from the 27-year civil war of 1975-2002, Angola has made efforts to revive its economy with heavy oil and agricultural exports. Cities like Luanda are undergoing major reconstruction to make Angola a top African destination.
GDP – $112.552 billion (Sh11.36 trillion)
Morocco was named the first most competitive economy in North Africa. Tourism, telecoms, textiles and agriculture are Morocco’s biggest money pullers.
GDP – $73 billion (Sh7.3 trillion)
More than once, we have mentioned oil and gas as the main source of income for countries on this list. Sudan also falls into that category but in a more diverse way. It depends on oil but with a third of its GDP contributed by agriculture. Cotton and peanuts constitute its major agricultural exports.
You may not notice a “Made in Sudan” tag on the shirt you buy in Khartoum but cotton from Sudan has fuelled the textile industry in many parts of the world.
GDP – $55.3 billion (Sh5.3 trillion)
The capital, Nairobi, is a regional commercial hub. The economy of Kenya is the largest by GDP in Southeast and Central Africa. Agriculture is a major employer; the country traditionally exports tea and coffee and has more recently begun to export fresh flowers to Europe.
The service industry is also a major economic driver. Kenya is a member of the East African Community. Compared to other African countries, Kenya enjoys relatively high political and social stability.
GDP – $49.341 billion (Sh4.94 trillion)
Libya’s economy depends primarily on revenues from the oil sector, which accounts for 80 per cent of GDP and 97 per cent of exports. Libya holds the largest proven oil reserves in Africa and is an important contributor to the global supply of light, sweet crude.
Apart from petroleum, the other natural resources are natural gas and gypsum. The International Monetary Fund estimated Libya’s real GDP growth at 122 per cent in 2012 and 16.7 per cent in 2013, after a 60 per cent plunge in 2011.
GDP – $49.122 billion (Sh4.91 trillion)
Oil, tourism and car manufacturing parts are the name of the game in Tunisia. It is one of the wealthiest countries in Africa so you won’t wander too far into its cities like Tunis before finding a pleasant spot to relax. The city is covered with bits of opulence from as far back as the 12th century. Year-round sunshine and the affordable Tunisian lifestyle have drawn tourists here who now call this place home.