Fun facts- do you know that Africa has 54 sovereign countries, the most on any continent and is the second largest continent in terms of both land area and population?
Also, Africa is bounded by the Mediterranean Sea to the north, by the Atlantic Ocean to the west, by the Red Sea to the northeast, and by the Indian Ocean to the southeast. Tanzania’s Mount Kilimanjaro is the world’s tallest free-standing mountain at 5,890m (19,340 ft). Djibouti’s Lake Assal is the second lowest point on Earth, the saltiest lake outside Antarctica, and one of the hottest places on Earth.
Here we discuss the top five richest countries in Africa . All figures are from the 2017 International Monetary Fund data. Currently, Equatorial Guinea is the richest country in Africa, with a per capita income of $34,865.
Equatorial Guinea – $34,865
Equatorial Guinea is a country located in Central Africa. It is relatively small, covering only around 10,830 square miles. The population measures at around 1,222,245. It is partly this low population that helps the GDP to remain relatively high. It comes in first place with a GDP per capita of $34,865. It is difficult to determine what exactly the median income for those living in Equatorial Guinea would be, as access to the country is still rather limited. Although the country’s GDP is very high, it has been noted that many residents of Equatorial Guinea lack basic rights such as access to clean water.
Seychelles – $28,172
Seychelles is also an island country found in the Indian Ocean. It is actually made up of around 115 small islands. With a population of only 92,000, it has the tiniest population of any country in Africa. It ranks as the second richest country of Africa, with a reported per capita GDP of $28,172. Seychelles is characterized as a highly developed country. However, income inequality is also rampant. The country’s economy is largely based on tourism, by an overwhelming margin. Fishing and the processing of natural resources such as coconut also play a part. Before tourists began to visit the country, plantations used to drive the economy of Seychelles. In recent decades, the government has tried to come up with initiatives of how they can reduce their dependence on tourism.
Mauritius – $21,628
Mauritius is an island country located in the Indian Ocean off of the southeast coast of the African continent. Throughout its history, the country has been at times a Dutch colony, a French colony, and a British colony. It has been independent since 1968 and has a population of around 1.3 million. It is the third richest country in Africa with a GDP per capita of $21,628. The economy of Mauritius is greatly centered around tourism. The World Bank refers to Mauritius as an “upper middle income economy”. It has been applauded for its free economy. Tourists are drawn to Mauritius for its pleasant climate, beautiful beaches, and warm ocean water.
Gabon – $19,266
A Central African country, Gabon is located on the west African coast and is bordered by Equatorial Guinea, Cameroon, and the Republic of the Congo. Libreville is the capital and biggest city of the country. It ranks fourth on this list with an average GDP of $19,266. The economy of Gabon centers around oil. However, over recent decades, oil production in Gabon has been declining, with some experts predicting that it is soon to run out. The Gabonese government has been accused of overspending. Again, it is important to note that income inequality is not taken into consideration when per capita GDP is reported. A low population of 1,475,000 and a high amount of oil revenue explains Gabon’s position on the list of richest countries. However, many of its residents continue to live in poverty.
Botswana – $18,146
Botswana is located in southern Africa. The country is known for its reputation as a stable democracy. It has a population of around 2.1 million, and a land area of around 224,610 square miles.
The economy of Botswana grew very quickly. It is considered to be a middle-income country. The country is also home to a highly sophisticated banking system and a low level of foregn debt. 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.
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Olatorera Consultancy Limited provides business development services to high net-worth individuals and companies looking to grow, enter or do business in Africa. Olatorera Consultancy Limited is headquartered in Oniru Royal Estate, Lagos, Nigeria.
