20 Richest African Countries 2015

Africa is one of the largest continents in the world in terms of land mass. But when it comes to monetary wealth, Africa has most of the poorest countries in the world. However, not all African countries are poor; there are equally some wealthy countries in Africa but the number is far less than that of the poor ones. The ranking of richest African countries is based on the Gross Domestic Product (Purchasing Power Parity) GDP (PPP) which gives the value of all the final goods and services produced within a country in any given specific year.

A nation’s GDP at purchasing power parity (PPP) exchange rates is the sum value for all goods and services produced in the country in any given year assessed based on prevailing prices of the same products in the United States. This is the measure adopted by most economists when comparing living conditions or use of resources across countries.

Top 20 Richest Countries In Africa

20. Namibia

GDP: $15,743 Billion

Foreign Exchange Reserve: $2, 267 Million

The Namibian economy has a modern market sector, which produces most of the country’s wealth, and a traditional subsistence sector. While Namibia is quite wealthy, its wealth is not evenly distributed among the citizens and as a result, over a half of the population are living below poverty line. The economy is sustained by the production of minerals like diamonds.

19. Mauritius

GDP: $19,270 Billion

Foreign Exchange Reserve: $3, 919 Million

The growth of the economy of Mauritius is all thanks to the kind of government it has. The free-market economics that has been followed by the successive governments, created a highly competitive market with ample room for growth. With no natural resources to explore, the economy o Mauritius has relied heavily on tourism, ICT and financial services. 

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3. Nigeria

GDP:  $521. 8 Billion

Foreign Exchange Reserve: $32, 386 Million

Nigeria is third among the richest countries of Africa with the most recent GDP figures standing at $444.3 billion. The 160-million people Nigerian market is seen as one of Africa’s largest market but this is more of a consumer market that practically buys more than it sells. Crude oil accounts for more than 85% of all foreign exchange and revenue generation by the giant country hence, is tied to fluctuations in the price of crude. The government has not made strong effort to diversify the economy to some other sectors like services and industries.

2. Egypt

GDP:  $534.1 Billion

Foreign Exchange Reserve: $14, 877 Million

Egypt has enjoyed quite a stable economy and continuous growth since the past quarter-century averaging 4%–5% however, the lack of transparency and freedom has not allowed growth to get to the expected levels. There is still no doubt that Egypt is among the richest countries in Africa with a well-developed energy sector that is based on coal, oil, natural gas, and hydro power.

1. South Africa

GDP: $576.1 Billion

Foreign Exchange Reserve: $47, 190 Million

South Africa is the richest country in Africa and one of the fastest developing nation in the world. It is endowed with lots of natural resources including gold, diamond, platinum to name a few. It is classified as a middle emerging market and unlike most other countries in Africa that depends on a single source for revenue, South Africa is diversified. The country’s stock exchange is rated the 18th Largest in the world.

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About King Angela Uyi

I am Angela Uyi aka Mama Naija|Two time Social Media Personality Winner| A smooth talker| Humanitaria| Ghost Writer| CopyWriter |Twitter:@Angelauyi |