South Africa is NOT the richest country in Africa. It is the 3rd-richest. The richest is Equatorial Guinea and the 2nd-richest is Mauritius. Equatorial Guinea is also the world's 2nd-richest country.
Here are the ten richest countries in Africa, from 10th to 1st -
10. Cape Verde – GPD per capital: $6,200
This group of islands has one of the most stable democratic governments in Africa. This has however not stopped a significant amount of the population from emigrating, especially in the late part of the last century when a series of drought caused a lot of hardship for the population. Thus there is now has a larger expatriate population than a domestic one (70% of which reside in rural areas) and they account for about 20% of the country’s GDP through remittances they send back home. It runs a mainly service-based economy, accounting for 66% of the GDP, while agriculture accounts for another 12%.
9. Gabon – GDP per capita: $6,800
Ruled by one of the longest serving heads of states in the World, El Hadj Omar Bongo Ondimba, Gabon has a small population. This along with significant foreign support and abundant resources has helped to make Gabon one of the more prosperous nations in Africa. However there is a major gap between the rich and poor, with majority of its population living in poverty. Local industry, especially the oil and gas industry, account for more than 60% of the GDP.
8. Namibia – GDP per capita: $7,000
Despite only getting its independence in 1990 and having an economy heavily linked to its neighbour, South Africa, Namibia finds itself in the 8th position. However this hides the fact that Namibia has one of the worst distributions of wealth in the world with half of the population depends on subsistence agriculture for its livelihood. One of the world leading exporters of nonfuel minerals in Africa and a great source for high quality diamonds.
7. Algeria – GDP per capita: $7,200
A nation plagues with many social and infrastructure problems; its economy is heavily reliant on the petroleum industry. High energy prices have helped the economy with 60% of the dependent of the sale of the petroleum, which also accounts of 95% of its exports. Despites the government’s efforts to diversify the economy and increase foreign investments, unemployment still remain high.
6. Tunisia – GDP per capita: $8,300
This moderate North African country has a diverse economy with major agricultural, mining, energy, tourism, and manufacturing interests. Although still a mainly a government controlled economy, there has been increasing privatization which is expected to increase foreign investments.
5. Botswana – GDP per capita: $10,500
Forty years of uninterrupted civilian governments, progressive social policies, and considerable capital investment have created one of the most dynamic economies in Africa. These factors, along with fiscal discipline and sound management, have helped Botswana to have one of the fastest growing economies in the world since its independence in 1966 and transformed it from one of the poorest nations in the world to a middle income one.
4. Libya – GDP per capita: $11,400
Libya has been ruled by one man since 1969, Muammar Abu Minyar al-Qadhafi, who has promoted his own political system, the Third Universal Theory. Despite 4 years of UN sanctions following the Lockerbie bombings, Libya still has one of the highest GDP per capita in Africa. However this has failed to transcend to people in the lower end of society despite the small population. The economy is heavily reliant on oil and gas, which account for 95% of its exports and 25% of the GDP.
3. South Africa – GDP per capita: $12,000
Africa’s largest economy has an abundant supply of natural resources with well-developed financial, legal, communications, energy, and transport sectors. Despite the black empowerment movement started in the 1990s, South Africa still has a high unemployment rate, and daunting economic problems which remain from the apartheid era, particularly poverty and lack of economic empowerment among the underprivileged groups.
2. Mauritius – GDP per capita: $13,100
Significant foreign investments brought about by a stable democracy has help Mauritius into the number 2 spot. It has developed a middle-income diversified economy with growing industrial, financial, and tourist sectors from it early post independence days of a low-income, agriculturally based economy.
1. Equatorial Guinea – GDP per capita: $ 50,200
Africa’s wealthiest country goes to Equatorial Guinea by a long mile. It also happens to been the second wealthiest nation in the World, second only to Luxembourg, which had a GDP per capita of $55, 600 in 2005. Equatorial Guinea experienced rapid economic growth since the discovery of large offshore oil reserves, and within the last decade has risen to become third largest oil exporter in Sub-Saharan Africa. Despite its high GDP per capita, majority of the population still live in sub standard conditions.
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