The continent comprises 54 countries, with over 1.3 billion people, producing $2.2 trillion in nominal GDP. The largest drivers of the economy are agriculture, natural resources, and trade. In 2017, Africa was one of the fastest growing continents in the world and today, remains a topmost powerhouse of resources, ideas, and innovation despite significant leadership challenges.
TOP 5 RICHEST AFRICAN COUNTRIES, RANKED BY GDP & PRIMARY EXPORTS:
1. Nigeria (GDP $446.543 Billion )
A country with a population of over 200 million citizens, makes up a key part of the African economy. With GDP just under $450 billion, Nigeria holds the position of the richest country in Africa. Nigeria’s basic exports are Petroleum (crude, refined, and gas), Cocoa Beans, Rough woods, Chemicals, Vehicles and Aircraft Parts.
Breakdown
GDP: $446.543 Billion (nominal, 2019 est.)
Global Ranking: 27th
Population: 195,874,740
GDP per capita: $2,222 (nominal, 2019 est.)
Country group: developing lower-middle income economy
Value of exports: $46.68 billion (2018)
Current account balance: $10.38 billion
Currency: Nigerian Naira (NGN, ₦)
2. South Africa (GDP $358.839 Billion)
This southernmost country in Africa is another significant player on the continent as the second richest African country. With a highly developed economy, advanced infrastructure, and a GDP of over $350 billion, the country is considered one of the fastest-developing countries in the world. South Africa’s primary sources are gold, diamonds, platinum, coal, iron ore, other metals and minerals machinery and equipment, motor cars,agricultural foodstuff, wine.
Breakdown
GDP: $358.839 Billion (nominal, 2019 est.)
Global Ranking: 35th
Population: 58,775,022
GDP per capita: $6,100 (nominal, 2019 est.)
Country group: developing upper-middle income economy
Value of exports: $108 billion (2017)
Current account balance: −$8.584 billion (2017 est.)
Currency: South African Rand
3. Egypt (GDP $302.256 Billion)
This ancient land in Northern Africa held the spot of the richest country in Africa for many years. However, the economy suffered severely and foreign exchange reserves tumbled following the 2011 revolution during the Arab uprising. With the most recent GDP of over $300 billion, Egypt now holds the third spot on this rich list. Egypt’s primary source is crude oil and petroleum products, cotton, textiles, agricultural goods and metal products
chemicals.
Breakdown
GDP: $302.256 Billion (nominal, 2019 est.)
Global Ranking: 40th
Population: 100,000,000
GDP per capita: $3,046 (nominal, 2019 est.)
Country group: developing lower-middle income economy
Value of exports: $23.3 billion (2017 est.)
Current account balance: −$14.92 billion (2017 est.)
Currency: Egyptian Pound (EGP, E£)
4. Algeria(GDP $172.781 Billion)
The largest country on the continent found in the north, Algeria comes in at fourth place on this list of wealthiest countries in Africa. Boasting a significant economy and available infrastructure and a GDP of over $170 Billion, the county achieved a notable achievement of reducing poverty by 20% within the last 20 years. Algeria’s basic exports are petroleum, natural gas, petroleum products, ammonia.
Breakdown
GDP: $172.781 Billion (nominal, 2019 est.)
Global Ranking: 53rd
Population: 42,972,878
GDP per capita: $3,980 (nominal, 2019 est.)
Country group: developing upper-middle income economy
Value of exports: $34.37 billion (2017 est.)
Current account balance: −$22.1 billion
Currency: Algerian dinar
5. Morocco (GDP $119,04 Billion)
With a GDP of almost $120 Billion, Morocco comes in at number 5 on this list of richest countries in Africa. The economy of this country in North Africa is versatile and stable, experiencing growth in a number of industries over the last decade. It is the second-richest non-oil-producing African country. Morocco’s primary exports are clothing and textiles, automobiles, aircraft parts, electric components, inorganic chemicals, crude minerals, fertilizers, petroleum products, citrus fruits, vegetables, fish.
Breakdown
GDP: $119,04 Billion (nominal, 2019 est.)
Global Ranking: 58th
Population: 36,029,138
GDP per capita: $3,345 (nominal, 2019 est.)
Country group: developing lower-middle income economy
Value of exports: $24,5 billion (2017)
Current account balance: −$3.92 billion (2017 est.)
Currency: Moroccan dirham (MAD)