RICHEST (DEVELOPED) COUNTRIES IN AFRICA

According to the UN, the African continent has 54 independent states. The largest country in terms of area is Algeria, and in terms of population – Nigeria, which is home to about 220 million people. Africa is a very beautiful part of the world with diverse nature, minerals, climate, culture, ethnic composition and languages.

In recent decades, some African regions have demonstrated stable economic growth and technological development, and in terms of quality of life have approached and even surpassed some countries in Asia and Europe. South Africa, in particular, is one such country.

Unfortunately, many mineral-rich countries in Africa experience a number of difficulties related to poor ecology, long-lasting military conflicts, ineffective governance of authoritarian regimes, widespread corruption and crime rates. All this hampers economic development and forces the local population to live in extreme poverty.

For example, the Central African Republic has vast deposits of natural resources, including diamonds and oil, yet it is one of the poorest countries in the world in 2023. The situation is similar in Niger and Guinea. The most objective criterion for determining the wealth of a state is the value of GDP per capita, which indicates the economic development and standard of living.

Considering the official indicators of GDP (PPP) per capita, let us highlight the richest (developed) countries in Africa in 2023.

LIST OF RICHEST (DEVELOPED) COUNTRIES IN AFRICA

COUNTRY
1. Seychelles
2. Mauritius
3. Equatorial Guinea
4. Botswana
5. Libya
6. Gabon
7. Egypt
8. Republic of South Africa
9. Algeria
10. Tunisia

TOP 10 RICHEST (DEVELOPED) COUNTRIES IN AFRICA

1.SEYCHELLES

Seychelles

The richest country in Africa in 2023 is the Republic of the Seychelles, which is an archipelago in the Indian Ocean northeast of Madagascar, including 115 islands. The total population is only 100 thousand. Tourism and fisheries are key contributors to the budget and job generators. Thanks to the support of international financial institutions and structural reforms of the government, the Seychelles has successfully transitioned to a market economy, becoming one of the most successful countries in Africa. For example, Seychelles ranks first on the continent on the Human Development Index.

2. MAURITIUS

Mauritius

Like the previous ranking participant, Mauritius is an island in the Indian Ocean, located in southern Africa, with a population of just under 1.3 million people. But unlike Seychelles, the country manages to maintain a relatively high standard of living not only due to the tourism sector. Information technology and the market of financial services, clothing and sugar are developed here. Many experts call Mauritius the most favorable country in Africa for business and investment. In recent decades, the country has seen a marked increase in life expectancy, a decrease in infant mortality and a transformation of its infrastructure.

3.EQUATORIAL GUINEA

Equatorial Guinea

Equatorial Guinea is a small state with a population of about 1.5 million people located between Gabon and Cameroon in the central part of the continent (west coast). Since the mid-1990s, oil and gas fields have been actively exploited in Equatorial Guinea, which contributes to economic growth and the development of the state as a whole. The country is the third largest oil producer in Africa (after Nigeria and Angola), but given the small number of inhabitants, the GDP per capita in Equatorial Guinea is the highest.

4.BOTSWANA

Botswana

The list of Africa's richest and most developed countries includes a small landlocked state located in the southern part of the continent, Botswana. Its population is 2.5 million people. The economic prosperity is ensured by vast diamond deposits, tourist industry and cattle breeding. Unlike many other African countries, Botswana has well-developed democratic institutions, low level of corruption and effective system of state management. The main problem of the country is the high rate of HIV infection.

5.LIBYA

Libya

The ranking of the top five richest countries in Africa is followed by Libya. The state is located in North Africa on the Mediterranean coast between Egypt, Tunisia and Algeria. Its population is 7.1 million people. Oil revenues are Libya's main source of income, which provides foreign exchange earnings for the country. Today, local authorities are trying to diversify the economy and support the development of small and medium-sized businesses, because despite the impressive level of GDP per capita, income inequality in Libya remains one of the highest in the world.

6.GABON

Gabon

Gabon is located in the central part of the African continent on the Atlantic coast. Its population is 2.4 million. The country has vast reserves of natural resources, especially oil, manganese, uranium and timber, which account for about 75% of GDP and provide an acceptable standard of living. But even the presence of rich mineral resources does not save the state from a wide range of problems associated with income inequality, poverty, unemployment, water shortages and power outages. Nevertheless, Gabon is one of the richest countries in Africa.

7.EGYPT

Egypt

Egypt has a strong economy and is deservedly among the richest countries in Africa. The state has more than 107 million people, but the GDP per capita is very high. It is a very beautiful country in the north of the continent with an ancient history, culture and traditions. Well-maintained resorts and majestic architecture attract millions of tourists to Egyptian cities. In addition, the tourism industry provides jobs in Egypt both locals and a large number of migrant workers. Unfortunately, the country has security problems and terrorist attacks are not uncommon.

8.SOUTH AFRICA

South Africa

The Republic of South Africa is located in the south of the continent. Its population is 61.3 million people. Taken together, South Africa is the most developed country in Africa. That is, if you consider not only the level of GDP per capita and the availability of minerals, but also the diversity of the economy and development of the country as a whole. For example, in 2010 South Africa hosted the FIFA World Cup. It is also home to the largest number of African dollar billionaires. In addition to the export of natural wealth, the government pays attention to the financial, medical, legal, telecommunications, energy and transport sectors. The country has the largest stock exchange and is building a good infrastructure.

9.ALGERIA

Algeria

Algeria is the largest state in Africa by area, with a population of about 45 million people, located in the north of the continent. It is washed by the Mediterranean Sea, and the Sahara Desert occupies the lion's share of the territory. While six of the previous eight most developed countries in Africa hold leading positions largely due to a small population, Algeria makes the list only because of its huge deposits of minerals, particularly oil and gas. The export of hydrocarbons maintains macroeconomic stability and provides jobs for hundreds of thousands of local professionals in Algeria.

10. TUNISIA

Tunisia

Tunisia has a population of about 12 million people. The state is located in the northern part of Africa and is washed by the Mediterranean Sea, which contributes to the development of tourism. However, violent terrorist attacks against tourists in 2015 somewhat reduced the influx of foreigners to local resorts. Nevertheless, Tunisia is actively increasing its trade relations with EU member states, and as a result, the economy is growing dynamically and new jobs are being created. Exports include textiles, clothing, food, petroleum products, chemicals and phosphates.

In conclusion, we note that almost all of the above-mentioned African countries are leaders on the continent on such an indicator as the Human Development Index, which in addition to economic factors takes into account the health of citizens, life expectancy and level of education. That is why the rating includes not only the richest, but also the most developed countries in Africa.

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