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| Office buildings in Durban City, South Africa |
World Ranking - Africa is always synonymous with a place that is arid, desert, forest, backward, hungry, and far from civilization. But apart from that, Africa also has several places that are modern, beautiful, and busy. Even from some countries in Africa there are those that fall into the level of rich countries with high GDP gains.
The main components of the African economy come from the trade, agriculture, human resources, and industry sectors. And Africa is an area that has abundant natural resources. But because of decades of exploitation, many people have been hit by poverty and hunger. Very rampant income differences that are expected to hinder the distribution of wealth among people on the African continent. And now, there are some countries in the continent of Africa that are among the poorest countries in the world, while others even have the fastest economic growth in the world.
The following are top 10 of the richest countries in Africa in 2019:
10. Namibia - $11,516
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| Windhoek City, the capital and largest city of Namibia |
Namibia is located in the southern Africa region and has its capital in Windhouk City. The main drivers of Namibia's economy are in the mining, agriculture, manufacturing and tourism sectors. Although Namibia is ranked tenth as the richest country in Africa, the cost of living in Namibia is still relatively high because goods consumed domestically are still dominated by imported goods. The unemployment rate in Namibia is also still relatively high.
- GDP per capita (PPP): USD 11,516 (Dec 2018)
- GDP Sector: agriculture (6.3%), industry (26.3%), services (67%)
- Unemployment rate: 33.4% (Dec 2018)
- Human Development Index: 0.647 (2017)
- Population below poverty line: 17.4% (2015)
- Main industries: meatpacking, fish processing, dairy products, pasta, beverages, mining (diamonds, lead, zinc, tin, silver, tungsten, uranium, copper)
9. Tunisia - $12,371
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| Tunis, the capital and largest city of Tunisia |
Tunisia is a country located on the northern African continent. Tunisia's economic growth has historically depended on oil, phosphate, agricultural products, manufacturing of vehicle parts and tourism.
- GDP per capita (PPP): USD 12,371 (Dec 2018)
- GDP sector: agriculture (10.1%), industry (26.2%), services (63.8%)
- Unemployment rate: 15.3% (Mar 2019)
- Human Development Index: 0.735 (2017)
- Population below poverty line: 15.5% (2015)
- Main industries: petroleum, mining (especially phosphate, iron ore),
tourism, textiles, footwear, agribusiness, food and beverages, motorized
vehicle parts
8. Egypt - $13,366
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| Cairo, the capital and financial center of Egypt |
Egypt is a transcontinental country stretching from the northeastern corner of Africa to the southwestern corner of Asia across the Sinai Peninsula. Most of its territory is located in North Africa, and some others include the Sinai Peninsula as part of Southwest Asia. The Egyptian economy depends on the agricultural sector, tourism, natural gas, petroleum, human resources, and income from the Suez Canal.
- GDP per capita (PPP): USD 13,366 (Dec 2018)
- GDP sector: agriculture (11.7%), industry (34.3%), services (54%)
- Unemployment rate: 8.1% (Mar 2019)
- Human Development Index: 0.696 (2017)
- Population below poverty line: 27.8% (2016)
- Main industries: textiles, food processing, tourism, chemicals,
pharmaceuticals, hydrocarbons, construction, cement, metals, light
manufactures
7. South Africa - $13,675
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| Johannesburg, the biggest city and financial center of South Africa |
South Africa is a country located on the southernmost part of the African continent. This country has a relatively high GDP and is ranked seventh as the richest country in Africa. But despite all that, South Africa has a high level of unemployment and poverty. Tourism is one of the main economic driving sectors in this country.
- GDP per capita (PPP): USD 13,675 (Dec 2018)
- GDP sector: agriculture (2.8%), industry (29.7%), services (67.5%)
- Unemployment rate: 27.6% (Mar 2019)
- Human Development Index: 0.699 (2017)
- Population below poverty line: 16.6% (2016)
- Main industries: mining (world's largest producer of platinum), gold, chromium, automobile manufacturing, metalworking, machinery, textiles, iron and steel, chemicals, fertiliser, foodstuffs, commercial ship repair
6. Algeria - $15,439
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| Algiers, the capital and most populous city of Algeria |
Algeria has abundant oil and natural gas reserves. With that foreign exchange reserves, Algeria has a big opportunity to continue to drive its economic growth. But until now the unemployment rate in this country is still quite high. Therefore, the national strategic option is to revitalize the process intended to diversify the economy starting with the non-oil sector while deepening the reforms needed for economic structural transformation.
- GDP per capita (PPP): USD 15,439 (Dec 2018)
- GDP sector: agriculture (13.3%), industry (39.3%), services (47.4%)
- Unemployment rate: 11.7% (Sep 2018)
- Human Development Index: 0.754 (2017)
- Population below poverty line: N / A
- Main industries: petroleum, natural gas, light industry, mining, electricity, petrochemicals, food processing
5. Gabon - $18,648
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| Libreville, the capital and biggest city of Gabon |
Gabon is located on the west coast of Central Africa. The capital of Gabon is Libreville city, which is also the financial center and largest city in this country. Gabon has abundant oil reserves which accounts for around 50% of GDP and 80% of exports. Until now the economy of Gabon is still very dependent on the results of natural resources extraction which are reported to have been able to releasing much of its population from extreme poverty. Nevertheless, economic inequality remains unavoidable. Many people still live in poverty and the unemployment rate is still quite high.
- GDP per capita (PPP): USD 18,648 (Dec 2018)
- GDP sector: agriculture (4.5%), industry (62.7%), services (32.8%)
- Unemployment rate: 19.6% (Dec 2017)
- Human Development Index: 0.702 (2017)
- Population below poverty line: N / A
- Main industries: petroleum extraction and refining, manganese, gold, chemicals, ship repair, food and beverages, textiles, lumbering and plywood, cement
4. Botswana - $18,843
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| Gaborone, the capital and largest city of Botswana |
Botswana is located in southern Africa and is a landlocked country. The capital of Botswana, Gaborone is one of the fastest growing cities in the world. Botswana's economy is growing very fast and is a country that capable of sustaining one of the world's longest economic booms. The Botswana Government has consistently maintained a budget surplus since the 1960s. This is because Botswana has benefited from a wealth of abundant mining resources, such as metals, gemstones, uranium, gold, diamonds, and copper.
- GDP per capita (PPP): USD 18,843 (Dec 2018)
- GDP sector: agriculture (1.8%), industry (27.5%), services (70.6%)
- Unemployment rate: 18.1% (Dec 2017)
- Human Development Index: 0.717 (2017)
- Population below poverty line: 16.3% (2016)
- Main industries: diamonds, copper, nickel, salt, soda ash, potash, coal, iron ore, silver, beef processing, textiles
3. Equatorial Guinea - $22,710
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| Malabo City, the capital of Equatorial Guinea |
Equatorial Guinea is a small country located on the west coast of Central Africa. This country is only 28,000 square kilometers (11,000 square miles) with a population of around 1.2 million. And thanks to the discovery of large oil reserves and significant exploitation in the 1990s, the country experienced rapid economic growth and contributed to high per capita GDP. But extreme income inequality is still found in this country. In fact, there are still many residents who have not received basic rights such as the availability of clean water.
- GDP per capita (PPP): USD 22,710 (Dec 2018)
- GDP sector: agriculture (4.6%), industry (87.3%), services (8.1%)
- Unemployment rate: 6.9% (Dec 2017)
- Human Development Index: 0.591 (2017)
- Population below the poverty line: N / A
- Main industries: petroleum, fishing, saw-milling, natural gas
2. Mauritius - $23,699
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| Port Louis, the capital of Mauritius |
Mauritius is an archipelago located off the southeast coast of the African continent with the capital and its largest city is Port Louis. Mauritius is growing rapidly from a country with a low income economy to a country that has a middle income. The main drivers of Mauritius's economy are from tourism, finance, ICT, and agriculture.
- GDP per capita (PPP): USD 23,699 (Dec 2018)
- GDP sector: agriculture (8%), industry (29.8%), services (62.6%)
- Unemployment rate: 6.9% (Mar 2019)
- Human Development Index: 0.790 (2017)
- Population below poverty line: 8% (2006)
- Main industries: food processing (largely sugar milling), textiles, clothing, mining, chemicals, metal products, transport equipment, nonelectrical machinery, tourism
1. Seychelles - $30,486
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| Victoria City, the capital and largest city of Seychelles |
Like Mauritius, Seychelles is also an archipelago located in the Indian Ocean. Seychelles is also the country with the smallest population of any country in Africa, which is only around 92 thousand. The economy of Seychelles mostly comes from the tourism sector as the largest contributor of GDP in this country, then followed by the fisheries, agriculture, shipbuilding, printing, furniture and beverage sectors.
- GDP per capita (PPP): USD 30,486 (Dec 2018)
- GDP sector: agriculture (3%), industry (23%), services (74%)
- Unemployment rate: 4.1% (Dec 2017)
- Human Development Index: 0.797 (2017)
- Population below poverty line: N / A
- Main industries: fisheries, tourism, coconut and vanilla processing,
coir (coconut fiber) rope, boat building, printing, furniture, beverages
Source: Wikipedia, Trading Economics, and International Monetary Fund (IMF) official website.
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