RICHEST (DEVELOPED) COUNTRIES IN AFRICA
According to the UN, the African continent has 54 independent states . The largest country by area is Algeria, and by population is Nigeria, with about 215 million people. Africa is a very beautiful part of the world with diverse nature, minerals, climate, culture, ethnic composition, and languages.
In recent decades, some African regions have demonstrated stable economic growth and technological development, and in terms of quality of life have approached and even surpassed some countries in Asia and Europe. South Africa, in particular, is one such country.
Unfortunately, many resource-rich countries in Africa experience a number of difficulties related to poor ecology, long-lasting military conflicts, ineffective governance of authoritarian regimes, widespread corruption and crime rates. All this hampers economic development and forces the local population to live in extreme poverty.
For example, the Central African Republic has vast deposits of natural resources, including diamonds and oil, yet it is the poorest country in the world in 2022. The situation is similar in Niger and Guinea. The most objective criterion for determining the wealth of a country is the GDP per capita, which indicates the economic development and standard of living.
Given the official indicators of GDP (PPP) per capita, let’s identify the richest (developed) countries in Africa in 2022.
LIST OF RICHEST (DEVELOPED) COUNTRIES IN AFRICA
TOP 10 RICHEST (DEVELOPED) COUNTRIES IN AFRICA
The richest country in Africa in 2022 is Equatorial Guinea. A small state with a population of about 1.5 million people, it is located between Gabon and Cameroon in the central part of the continent (west coast). Since the mid-1990s, oil and gas fields have been actively exploited in Equatorial Guinea, which contributes to economic growth and the development of the state as a whole. The country is the third largest oil producer in Africa (after Nigeria and Angola), but given the small number of inhabitants, the GDP per capita in Equatorial Guinea is the highest.
The Republic of Seychelles is an archipelago in the Indian Ocean northeast of Madagascar, consisting of 115 islands. The total population is only 99.3 thousand. Tourism and fisheries are key contributors to the budget and job generators. Thanks to the support of international financial institutions and structural reforms of the government, the Seychelles has successfully transitioned to a market economy, becoming one of the most successful countries in Africa. For example, Seychelles ranks first on the continent on the Human Development Index.
Like the previous ranking participant, Mauritius is an Indian Ocean island located in southern Africa with a population of just under 1.3 million people. But unlike Seychelles, the country manages to maintain a relatively high standard of living not only due to the tourism sector. Information technology and the market of financial services, clothing and sugar are developed here. Many experts call Mauritius the most favorable country in Africa for business and investment. In recent decades, the country has seen a marked increase in life expectancy, a decrease in infant mortality and a transformation of its infrastructure.
Gabon is located in the central part of the African continent on the Atlantic coast. It has a population of 2.1 million. The country has vast reserves of natural resources, especially oil, manganese, uranium and timber, which account for about 75% of GDP and provide an acceptable standard of living. But even the presence of rich mineral resources does not save the state from a wide range of problems associated with income inequality, poverty, unemployment, water shortages and power outages. Nevertheless, Gabon is one of the richest countries in Africa.
The top 5 richest and most developed countries in Africa are rounded out by Botswana, a small landlocked country located in the southern part of the continent. Its population is 2.4 million people. The economic prosperity is ensured by vast diamond deposits, tourist industry and cattle breeding. Unlike many other African countries, Botswana has well-developed democratic institutions, low level of corruption and effective system of state management. The main problem is a high level of HIV infection.
Algeria is the largest state in Africa by area with a population of about 45 million people, located in the north of the continent. It is washed by the Mediterranean Sea, and the Sahara Desert occupies the lion’s share of the territory. While the five most developed countries in Africa are leaders largely because of their small population, Algeria is on the list only because of its huge mineral deposits, particularly oil and gas. The export of hydrocarbons maintains macroeconomic stability and provides jobs in Algeria for hundreds of thousands of local specialists.
The Republic of South Africa is located in the south of the continent. It has a population of 60.5 million people. Taken together, South Africa is the most developed country in Africa. That is, if you consider not only the level of GDP per capita and the availability of minerals, but also the diversity of the economy and development of the country as a whole. For example, in 2010 South Africa hosted the FIFA World Cup. It is also home to the largest number of African dollar billionaires. In addition to the export of natural wealth, the government pays attention to the financial, medical, legal, telecommunications, energy and transport sectors. The country has the largest stock exchange and is building a good infrastructure.
Egypt has a strong economy and is deservedly among the richest countries in Africa. The state is home to more than 105 million people, but the GDP per capita is very high. It is a very beautiful country in the north of the continent with an ancient history, culture and traditions. Well-maintained resorts and majestic architecture attract millions of tourists to Egyptian cities. In addition, the tourism industry provides jobs in Egypt both locals and a large number of migrant workers. Unfortunately, the country has security problems and terrorist attacks are not uncommon.
The population of Tunisia is about 12 million people. The state is located in the northern part of Africa and is washed by the Mediterranean Sea, which contributes to the development of tourism. However, violent terrorist attacks against tourists in 2015 somewhat reduced the inflow of foreigners to local resorts. Nevertheless, Tunisia is actively increasing its trade relations with EU member states, and as a result, the economy is growing dynamically and new jobs are being created. Exports include textiles, clothing, food, petroleum products, chemicals and phosphates.
The top 10 richest countries in Africa is Namibia. The state is located in the southwestern part of the African continent and is washed by the waters of the Atlantic Ocean. Its population is 2.6 million people. Namibia is one of the largest producers of uranium in the world. In addition, foreign exchange earnings of the country are provided by exports of diamonds, zinc, gold and copper. Today the local government is trying to diversify the economy and support the development of small and medium-sized businesses, because despite the impressive level of GDP per capita, income inequality in Namibia remains one of the highest in the world.
In conclusion, we note that almost all of the above-mentioned African states occupy leading positions on the continent on such an indicator as the Human Development Index, which in addition to economic factors takes into account the health of citizens, life expectancy and level of education. That is why the rating includes not only the richest, but also the most developed countries in Africa.
Interesting facts about Africa’s richest country that you did not know
Most people associate Africa with tribes, hot sun, Sahara and starving children. Perhaps so, because the peculiarity of African countries is that even if a country has a high level of GDP, which usually evaluates the wealth of the country, it does not correspond to the level of well-being of its inhabitants. But there are still leaders here.
The country where the average salary is $1,000
The richest country in Africa is considered to be the Republic of Equatorial Guinea. The level of GDP here is really high: according to the UN International Monetary Fund, the state is in 24th place. Incidentally, by this indicator it has even overtaken Italy, France, Britain, Israel, Spain, Russia and many, many more countries. So, in the country’s gross domestic product per capita is more than 43 thousand dollars. The average salary in Equatorial Guinea is a thousand dollars, so thousands of people from other African countries come here to work.
In Equatorial Guinea, there are slightly more than 1.2 million people, of which about 200 thousand live in the capital – Malabo.
The country that got rich off of oil
Equatorial Guinea became rich on the export of oil, which it has been actively producing since the 1990s. It is due to this that the country’s GDP per capita has risen to the leading position among other states in continental Africa.
In addition to oil, diamonds, gas and gold are extracted here. Also in Equatorial Guinea coffee, cocoa, bananas, coconuts and rice are grown and sold to foreign markets.
A country that has bloody soil.
The Republic is quite attractive to tourists. The capital is on an island, there are many interesting sights. Just look at the local land red, almost bloody, color: it’s such a feature of the soil) is just perfect for the movies about Mars.
And what to say, the state is very colorful with its customs and habits. Even if we mention religion, most Guineans consider themselves Catholics, but they also still practice pagan rituals.
When traveling, remember this: Despite the fact that Equatorial Guinea is quite a developed country and is ahead of many countries in terms of GDP, the people here are not so sweet. Income from oil production is distributed very unevenly, and this does not improve the life of the population: almost half of the country is still below the poverty line.
In addition, much of the population simply does not have access to clean water, and there is a very high infant mortality rate: according to statistics, 20% of children born do not live up to five years. And according to the human development index, the country is in 138th place.
And some more interesting facts about Equatorial Guinea
Fact #1 . The country has three official languages: Spanish (spoken by about 65% of the population), French (spoken by a third of the population) and Portuguese. In addition, there are many local dialects.
Fact #2 . Equatorial Guineans have two names: Spanish and African.
Fact #3 . The Republic is the fourth most infected with various infections.
Fact #4 . The knowledge of Microsoft Office is equal to the level of higher education. This is enough to get a good job here (can we go to work? ))))).
Fact #5 . For those who love oranges, the country is a paradise: they sell them without peels. They are juicy and the perfect thirst quencher.
Fact #6 . From 1968 to 1979 the country was ruled by the dictator Francisco Macias Nguema. He was one of the toughest and craziest presidents. In 1975, for example, 150 of his opponents were shot on Christmas Day. The execution was carried out by soldiers dressed up in Santa Claus costumes to the song “Those Were the Days” by Mary Hopkin.
Fact #7 . Francisco Macias Nguema was deposed in 1979. He was accused of killing 80,000 people and sentenced to be shot. However, the locals believed he was a sorcerer, so no one dared to carry out the sentence. So a platoon of Moroccan mercenaries was invited to carry out the execution.
Fact #8 . Guineans dry their clothes by spreading them on the ground or on the roof of houses.
Fact #9 . Without a yellow fever shot you will not be allowed into the country.
Fact #10 . You can buy gasoline not only at gas stations, but even in one-liter bottles. And it is red, and the octane number and degree of purification is not known to anyone.
The top three
It is worth saying a few words about other African countries, which are among the top three in terms of GDP. Botswana is in second place, and Gabon is in third place. Botswana has a 25% official unemployment rate and one of the highest rates of HIV infection in the world. In Gabon, even though per capita GDP is over $18,000, one-third of the population is chronically undernourished.
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