Africa is one of the biggest continents in the world and regarded to be one of the poorest. Africa has 54 sovereign states namely; Morocco, Algeria, Nigeria, Tunisia, Egypt, Togo, Zimbabwe, Kenya, Tanzania, South Africa, Mozambique, Rwanda, Burundi, DR Congo, Central African Republic, Congo Brazzaville, Sierra Leon, South Sudan, Sudan, Namibia, Botswana, Ethiopia, Cameroon, Chad, Mauritian, Libya, Niger, Senegal, Liberia, Guinea, Ghana, Benini, Liberia, Malawi, Zambia, Angola, Gabon, Swaziland, Burkina Faso, Ivory coast, Comoros, Djibouti, Equatorial Guinea, Eritrea, Cabo Verde, Gambia, Guinea-Bissau, Lesotho, Mali, Mauritania, Mauritius, Sao Tome and Principe and Seychelles, not forgetting Uganda, the true pearl of Africa and a home to half of the World’s remaining population of the mountain gorillas.
Although the continent is regarded as the poorest, there are some progressing economies that are quiet wealthy.
This article reflects Gross Domestic Product (GDP) per capita, or total market value of commodities produces by the national economy during the previous year, in regards to each and every person in the state.
Below is the latest list of the top ten (10) richest African states ranked by GDP per capita as of 2015.
10) Algeria (US$7500 – GDP per capita)
In the 10th position we have Algeria, the 2nd largest producer of Oil in Africa and this contributes much to the country’s economy generating up to 70% of the total budget receipts. Secondly, Algeria is gifted with numerous mineral such as Mercury, Iron, Zinc, Copper and lead, all which contribute much to the country’s GPD per capita.
9) Namibia – (US$8200 GPD per capita)
In the 9th position we have Namibia. However, the country’s income is unevenly distributed with half of the total population living below poverty line. Much of Namibia’s income comes from Minerals and this is one of world’s producers of high quality diamonds.
8) Tunisia – (US$9900 GDP per capita)
Mining, Manufacturing and tourism dominate Tunisian economy which portrays the diverse economic market within Tunisia. Also the different cultural experience is another factor and this has seen an influx of tourists from the western world interested in experiencing a vibrant, yet different culture.
7) Libya – (11497 GDP per capita)
Libya is in 7th position among the most prosperous states in Africa and this is mainly because of 2 factors; first of all, Libya earns huge revenues from oil, coupled with a small population as compared to its rivals! This implies high Gross Domestic Product per person compared to the rest of Africa. Like South Africa, Libya is regarded a an upper-middle economy by South Africa.
6) South Africa – (US$11914 GDP per capita)
South African economy is the 2nd largest in Africa, and ranked 28th in the world, leading to its rank as an upper-middle income economy by the World Bank. However, this contrary to the fact that at least a quarter of population in South Africa is not employed and spend less than US$1.25 per day.
5) Mauritius – (US$16,100 GPD per capita)
Mauritius position on this list owes much to its government attitude. Since 1968 when the country got independence, governments’ successions have implemented free-market economics, and this has in turn created a highly competitive market. Mauritius has no resources to exploit, and its prosperity is heavily based on information technology, Tourism and financial services. Mauritius’s booming economy has also attracted many foreign investors, looking at the World Bank rank it as a middle income economy.
4) Botswana – (US$17,101 per capita)
Botswana has one of the highest economic growth rates in the world since it got its independence in 1966, and this has changed the country from the poorest states in the world to a competent middle income economy. Botswana’s prosperity is based on diamond mining, tourism, strong farming and financial services. Although Botswana is in a rude financial health, they still have a long way to go in dealing with HIV/AIDS within the country, having the 2nd highest adult prevalence rate in the world.
3) Gabon – (US$20,612 GDP per capita)
Gabon is in the 5th position as one of the largest producers of oil in the Sub-Saharan Africa although it has declining oil production. The country has been relying on Oil for the past 40 years which has fueled the development and advancement of the Education system in Gabon. However, the maintenance of education system in Gabon is starting to suffer because Oil reserves are running low without alternative funding yet found.
2) Equatorial Guinea – (US$23,370 GDP per capita)
Equatorial Guinea’s position on this list is due to a small population of only 736,296 that also helped it to rank as 32nd in the world in terms of GDP per capita. The country has a small population with enormous oil reserves. This is one of Africa’s largest Oil producers. However, there is income inequality for government officials are very corrupt. This implies that though Equatorial Guinea ranks high on this list, majority of the population live under poverty line.
1) Seychelles – (US$25,229 GDP per capita)
Seychelles is ranked as the richest country in Africa with the highest GDP per capita. Seychelles is made up of 116 small islands with a small population of only 92,000 (as of 2013). Seychelles has the best beaches in Africa, and therefore attracts many tourists. Secondly, Seychelles has been known as a getaway for the rich and famous, thus leading to many shopping resorts and hotels. Seychelles also earns from Shipments and fishing because of a plethora of coastline.