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Richest African country - top 10 list

What is 10 top list of the richest African countries? Is Nigeria in it? Find out now.

People tend to compare things to find the creme de la creme. That is what they do with countries, too. For many hundreds of years Africa has been considered as a needy and “emerging” continent, lagging behind Europe, America or Asia. However, today Africa is the home of some of the wealthiest countries on the globe. Let’s get the 10 top list of the richest African countries and find our winner.

Richest african country - top 10 list

This continent and its states are rich with oil and other natural resource, as well as with human resources.

1. Nigeria
Over the past 15 years the GDP (PPP) of Nigeria has grown three times. This is the official data, while unofficial numbers rise up to over 630 billion dollars. This mean its GDP has increased 4.5 times since the year 2000.

GDP (nominal):

$522 billion

GDP per capita (PPP):

$6 200

GDP by sector:

  • Oil and gas
  • Services
  • Agriculture
  • Manufacturing

14.4%

52%

22%

6.8%

Inflation (CPI):

9%

Despite such a rapid growth over 30 % of Nigerian populace live on the breadline. 2012 has become the year with the peak of unemployment (over 23%). Yet, over the last few years the authorities gained better control of the situation and in 2015 the level of unemployment reach only 6.4%.

rich nigeria

At this, currently the leading portion of its work force is involved in farming, fishing and forestry. The second largest employment sector is retail, services and maintenance (almost 25%) and only 11+% of people work in manufacturing. This sector undermines the overall pace of financial expansion of the state. There are several new quickly growing economy sectors, such as Nigerian cinema industry and telecommunications. They amount to 1.8% of the overall GDP.

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2 Egypt

The expected growth of GDP for 2015 is around 3%. It used to be much higher 2004-2009 (around 8%), but the rapid drop down of foreign exchange funds in this state has led to the growth slowing down.

GDP (nominal):

$234 billion

GDP per capita (PPP):

$11 194

GDP by sector:
 

  • Industry
  • Agriculture
  • Services
     

37.5%

14.5%

48%

Inflation (CPI):

13.5%

One of the chief complications for this country now is the high level of joblessness. It is anticipated to attain 13.5% in 2015, setting a new record. Over 47% of the labor force of Egypt is engaged in Services. The second largest employment area is agriculture (29%).

rich Egypt

Tourism along with Textiles, Chemicals and Chemical production are the leading industries of the country. Unfortunately high GDP (PPP) per capita did not translate into higher level of income for the population of the state and more than 26% of people live below the line of poverty.

3.South Africa

Comparing year by year the South African market has experienced a slight growth in 2015. However, comparing quarterly we see a rapid drop in growth. Manufacturing is one of the principal industries with over 7% growth.

GDP (nominal):

$232 billion

GDP per capita (PPP):

$13 200

GDP by sector:
 

  • Manufacturing
  • Automotive
  • Agriculture
  • Mining

13%

12%

16.6%

10.2%

Inflation (CPI):

4.7%

The nation has a very high level of joblessness, which estimably will amount to 25% in 2015. It is a bit lower than in 2015 (26.4%), but significantly higher, if you compare it with the 2003 (12%). 

rich South Africa

Inflation is somewhat lower in 2015 and it keeps going down. Despite the high per capita GDP over 27 million individuals in South Africa live below the poverty line. This number is huge, as it counts for almost 50% percent of the total country population.

4. Algeria

Algeria’s economy experiences slow, but steady growth. Over the last five-year period it has been raised from 2% to over 4% per year. As the major country’s source of income is its gas and oil sector.

GDP (nominal):

$227 billion

GDP per capita (PPP):

$14 200

GDP by sector:

  • Oil and gas
     

70%

Inflation (CPI):

4.5%

The largest part of its inhabitants is occupied in mining and oil and gas industries with the unemployment rate reaching 10.6%. 23% of the country’s population lives under the breadline. Most riches and high per capita GDP do not get evenly spread.

rich Algeria

Even though Algeria is one of the largest countries on the globe by its territory, large portions of it is just desert. High GDP per capita in this country does not translate into the top level of income to ordinary people residing in it.

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5 Morocco

Not only the GDP growth tempo in this country amounts to 4.3%, but the overall business climate becomes more and more positive. At this the level of inflation is low and gets even lower. It is predicted to come down to 2.18% by the start of fall.

GDP (nominal):

$109 billion

GDP per capita (PPP):

$7 600

GDP by sector:

  • Services
  • Agriculture
  • Industry

55.8%

14.6%

29.6%

Inflation (CPI):

2.4%

Such a combination opens up great prospective for Morocco. The unemployment rate reaches up to 9.7%, but its levels among youth is significantly higher (20%).

rich Morocco

6. Angola

This country has one of the uppermost GDP growth indexes not only in Africa, but in the world as well. For two years (2005-2007) is amounted to 20% and then dropped to over 11%. Of late it has established major trading relationships with China. Angola exports oil and diamonds and imports machinery, electronics, building materials, etc.

GDP (nominal):

$129 billion

GDP per capita (PPP):

$6 400

GDP by sector:
 

  • Diamonds and Oil

60%

Inflation (CPI):

1.35%

Formerly Angola’s economy experienced rapid growth, however, for the upcoming 4 years it is bound to get much lower and remain around 5-6% per year. Currently over quarter of its populace is unemployed.

rich Angola

This is not the highest unemployment index for the country, though. Over the past decade at times it reached over 35 percent. Over 40% of individuals living in this country are below the poverty line. At this, Angola is the home to some of the richest people in Africa.

7. Kenya

Over 70 percent of Kenyan population are employed in agricultural sector. At this, for a number of years this sector has been underperforming and producing little less than a quarter of the total county GDP. 18 percent of people in Kenyan survive living on less than $1.25 a day.

GDP (nominal):

$70 billion

GDP per capita (PPP):

$3 100

GDP by sector:
 

  • Tourism
  • Agriculture
  • Manufacturing and services

61%

22%

25%

Inflation (CPI):

6.6%

The GDP (PPP) growth rate for this year is expected on the level of 5%. Agricultural sector also experiences a significant growth compared with previous years. Some of the other quickly developing sectors are telecommunications and services.

rich Kenya

Analytics predict fast progress for the economy of this state for upcoming years (2016-2019). Still most professional range this country among emerging market and one of the least developed countries.

8. Ethiopia

The estimated GDP growth for 2015 is around 8%. It has been consistent for the past few years (2012-2015), but previously it has been somewhat higher (around 12%). The unemployment rate in Ethiopia is over 17 percent.

GDP (nominal):

$51 billion

GDP per capita (PPP):

$1 455

GDP by sector:
 

  • Agriculture
  • Services
  • Industry

47%

42%

11%

Inflation (CPI):

11.9%

Inflation has dropped by half over the last years. Still despite the growth of economy per capita GDP of this country remains one of the lowest in the world. The population of this country is gradually growing and establishing new business and opening new jobs does not keep up with its growth pace.

rich Ethiopia

9. Tunisia

Traditionally the unemployment rate in this country is not high – around 15 percent with the highest ever of 18 percent. However, it is accompanied by the low GDP growth of only 0.7% with the highest of 7%.

GDP (nominal):

$45 billion

GDP per capita (PPP):

$9 700

GDP by sector:
 

  • Tourism
  • Agriculture

7%

13%

Inflation (CPI):

5.3%

A large share of the country’s population is involved in seasonal employment related to tourism sector of its economy. Most trading activity is done with Europe. Only little over 4 percent of the population in this country lives under the poverty line.

Tunisia

10. Ghana

This country endowed with a variety of resources and it is the 7th largest producer of gold in the world. The level of GDP growth for 2015 is predicted to amount to 4+ percent. The unemployment rate has dropped to 5.2% from almost 6% in 2010.

GDP (nominal):

$38 billion

GDP per capita (PPP):

$4 120

GDP by sector:
 

  • Services
  • Agriculture
  • Industry

48%

21%

28%

Inflation (CPI):

17.9%

Ghana has good chance of becoming one of the developed countries by 2020. This country becomes a home to prominent digital developers of the world and starts exporting technologies along with natural resources, such as minerals, oil and gas.

rich Ghana

Now you know the richest African countries with the highest GDP and GDP (PPP) per capita. As you may see, some of these countries share the richest they obtain with the larger portion of inhabitants. While some countries still remains on both lists: the richest and the ones with the largest number of people living under the poverty line.

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Expert
1 comments

Hello to all readers of this interesting web site! I love to reread your articles and news! Very interesting, helpful and informative! Valid in the world there are many rich countries! Some are even unknown to us! But the trouble is that most of the world - a poor, destitute! Some residents, especially children some African cities do not even know what's good to eat and get dressed! Therefore, in my opinion, is to assist all rich countries, especially small, which there is no bread crumbs!Then we save the life of children and the world!

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Answered 11 months ago.
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