Many of the world’s poorest nations are in Africa. Most economies are unstable and poverty is widespread. There are, however, some African countries have the fastest- growing economies in the world.
components of the African economy are
agriculture, trade, and natural resources and the
African economy is expected to reach a GDP of
$29 trillion by 2050.
While there are several ways to compare the
wealth of a nation, one of the best ways to
measure is by taking a look at the purchasing
gross domestic product – or GDP – of a
nation. This is the value of the goods and
services that come from a nation for a period
of one year. GDP does not consider the
difference in the cost of living and inflation
rates between countries as GDP per capita at
purchasing power parity (PPP) does.
GDP from Services
To determine the wealthiest African countries,
information from the 2017 International
Monetary Fund data was used to determine
each country’s GDP.
The top five wealthiest
African countries are:
- Equatorial Guinea($34,865)
- Mauritius ($21,628)
- Gabon ($19,266)
- Botswana ($18,146)
Equatorial Guinea has the highest GDP per
capita in Africa of $34,865, 56.50% of which
comes from industry and 45.00% comes from
services. With a relatively low population of 1.2
million, the GDP remains relatively high.
However, income inequality is extreme in
Equatorial Guinea. Despite Equatorial Guinea’s
economic growth, the country is ranked 138
out of 188 countries based on the Human
Development Index by the United Nations.
South Africa’s GDP per capita is $13,403 and
the South Africa GDP is $358.8 billion. The
sectors of the South African economy are
service, tourism, manufacturing, natural
resources, agriculture and food processing, and
business processing outsourcing.
When determining which countries are the most
developed, the Human Development Index
(HDI) is used by quantifying their development,
such as life expectancy, healthcare, and
education, and setting it on a scale of 0 to 1.
HDI is set on a scale that ranges from 0 to 1,
with four different classifications of low human
developed (0-.55), medium human
development (.55-.70), high human
development (.70-80), and very high human
The most developed countries in Africa, based
on their Human Development Index score, are:
Unsurprisingly, four of the five countries with
the highest GDPs in Africa are among the most
developed countries in Africa.
The richest man in Africa is Aliko Dangote, who
has a net worth of $14.1 billion. When he was
21, Dangote borrowed $3,000 from his uncle to
start his business of importing and selling
agricultural goods in Nigeria. His business
empire, Dangote Group, is a multinational
industrial conglomerate, the largest in West
Africa, and is one of the largest private-sector
employers in Nigeria with over 30,000