Africa as a continent is endowed with valuable minerals, good agricultural soil and beautiful wildlife.
While some countries in Africa are considered the poorest in the world, some of them are in fact very rich. This post will give you the list of the top ten richest countries in Africa. You can check whether yours is included in the list.
But before I give you the list, there is something I want to clarify.
The “richness” of a country is usually given by a certain factor known as the GDP (Gross Domestic Product). Investopedia defines GDP as the total monetary value of all finished goods and services within a country’s border, usually on an annual basis.
For comparison purpose I will be using nominal GDP as provided by the latest report from International Monetary Fund (IMF).
Let’s dive in.
Richest Countries in Africa
1. Nigeria
Nigeria tops our list of the richest countries in Africa. After all, it isn’t called the Giant of Africa for nothing.
It has a nominal GDP of 504.2 billion USD, the highest in Africa. Its major exports include crude oil, petroleum gas and sea vessels.
Lagos, Port Harcourt, Abuja and other major cities contribute to its richness. However, areas such as the North East remain largely underdeveloped due to security issues.
2. Egypt
Linking North Africa to the Middle East, Egypt dates back to the time of the Pharaohs.
It is the second richest country in Africa with a GDP of 469.1 billion USD.
Its major export includes petroleum, raw cotton and textiles.
3. South Africa
Officially the Republic of South Africa (RSA), South Africa is considered the third-richest country in Africa.
It has a nominal GDP of 411.5 billion USD.
South Africa’s major exports include gold, platinum, coal and vehicles.
4. Algeria
Algeria is best known for its traditional hospitality, its warm Mediterranean climate and the Sahara Desert.
Algeria has a GDP of 187.2 billion USD.
The oil and gas sector generates the country over 70% of its wealth.
5. Morocco
Morocco, the first African and Arab country to reach the world cup semifinals. Incidentally, it closes our top five richest countries in Africa.
Its nominal GDP is 142.9 billion USD.
The three leading exports of Morocco is agricultural produce, semi processed goods and phosphate products.
6. Angola
Located in Southwest Africa, Angola is the sixth richest country in Africa with a GDP of 124.8 billion USD.
The country mainly relies on oil, gas and diamonds exports.
Luanda is considered the financial center of Angola.
7. Kenya
Kenya is the seventh richest country in Africa according to GDP. It has a nominal GDP of over 114.9 billion USD.
Kenya’s major export include tea, coffee, cut flowers and vegetables.
8. Ethiopia
Ethiopia, a landlocked country found at the Horn of Africa, is the eighth richest country in Africa.
Coffee, livestock and leather products makes up the majority of Ethiopia’s exports.
It has a GDP of 111.2 billion USD per year.
9. Tanzania
Tanzania, the land of Swahili language. It is the ninth richest country in Africa.
It has a nominal GDP 76.58 billion USD. Its major exports include gold, coconuts, Brazil nuts and cashews.
10. Ghana
Ghana closes our top ten list of the richest countries in Africa.
It is best known for exporting cocoa, gold and oil. Ghana main export markets include China, India and Switzerland.
Ghana has a nominal GDP of 75.996 billion USD.
Final Word
You have just read the top ten list of African richest countries. While GDP is not a reliable metric for determining the “richness” of a country, it is the most used.
So, was your country included or not. Mention it in the comments below if you believe that your country is richer than any of the ones mentioned in the article.