Africa is the second-largest continent and it comprises over 50 independent countries.

Africa is suppose to constitutes the poorest countries but to contradict this notion, we have come up with the list Top 20 Richest Countries in Africa 2020 (By GDP Per Capita). In economic analysis, it is important to clarify that real GDP is slightly different from GDP per capita because the former measures economic growth while the latter [GDP per capita] measures economic development as it facilitates a country’s standard of living.

The countries in this list are ranked based on GDP per capita. And to determine a country’s GDP per capita for a target year, we have to divide the GDP for that year by the corresponding population.

Below are the top 20 richest African countries in terms of GDP per capita.

20. Equatorial Guinea GDP: $26.147 Billion

Foreign Exchange Reserve: $2 Billion

Equatorial Guinea is one of the African countries with insignificant land areas and meagre populace estimates. Its people is estimated below 1 million inhabitants and as an East African territory, it borders upon Gabon and Cameroon. Despite the certainty that it experiences a distinguished incidence of corruption, Equatorial Guinea is one of the oil- rich African countries that made good use of their resources.

19. Gabon GDP: $20.081 Billion

Foreign Exchange Reserve: $1 Billion

The government of Gabon makes the largest part of its revenue from oil production, making Gabon one of the biggest oil producers in Africa. Gabon is an East African realm with a vast oil reserve and low population density which makes it convenient for individuals to maintain sustainable standards of living. With the GDP per capita of $20,081, Gabon is regarded as Africa’s 19th richest country.

18 Uganda GDP: $22.053 Billion

Foreign Exchange Reserve: $3 Billion

Uganda most certainly has come a long way from its economic turmoil. It is on record that the 2009/10 fiscal year of Uganda was declared with the poverty rate of 24.5% butthis figure reduced to 22.2% in the 2012/13 fiscal year. As at then, GDP growth was estimated at 5.2 percent in the sameperiod. This was mainly achieved through stringent fiscal discipline and proper management of the country’s resources by the government. Botswana is rich in diamond but also in strong farming, tourism and financial servicing.Currently, Uganda’s GDP is valued at $22.053 billion.

17 Zambia GDP: $23.416 Billion

Foreign Exchange Reserve: $2 Billion

Because of the great decline of Zambia’s agricultural produce in 2013, there has been a great reduction in the country’s real GDP by 6.5 percent. Apart from agriculture which is a key sector that generates good revenue for the government, it’s Copper accounts for 70% of Zambia’s revenue from exports. Currently, Zambia stands at the 17th position on the list of Largest Economies in Africa with an estimated GDP of $23.416 Billion.

16. Cameroon GDP: $48.14 Billion

Foreign Exchange Rate: $2.89 Billion

Cameroon has come a long way in terms of economy of from what it used to be, even though the people are still largely farmers, the country’s natural resources are being put to very good use in improving the lives of the citizens. The southern rainforest has vast timber reserves, estimated to cover 37% of Cameroon’s total land area.

15 Ivory Coast GDP: $32 Billion

Foreign Exchange Reserve: $4.6 Billion

Due to the significant infrastructural (edit) projects, Ivory Coast gain an 8.8 percent growth rate in 2013. Meanwhile, the country’s economy was boosted by some of the key sectors. Based on the forecast, the growth rate of Ivory Coast is likely to stand at 9% due to the country’s economic futures which are considered bright and auspicious. Currently, the overall GDP of Ivory Coast stands at $32 billion.

14 Tanzania GDP: $36.6 Billion

Foreign Exchange Rate: $4.174 Billion

The United Republic of Tanzania is the second largest economy in the East African Community and the 12th largest in Africa. The country Mainly depend on agriculture for employment, accounting for about half of the employed workforce. Even though Tanzanian is a rich country, an estimated 34 percent of Tanzanians currently live in poverty. The economy has been transitioning from a command economy to a market economy since 1985. Although total GDP has increased since these reforms began, GDP per capita dropped sharply at first, and only exceeded the pre-transition figure in around 2007.

13 The Democratic Republic of Congo
GDP: $38.8 Billion

Foreign Exchange Rate: $5.239 Million

The economy of the Republic of the Congo is a mixture of agriculture and subsistence hunting, an industrial sector based largely on petroleum extraction and support services, and a government spending, characterized by budget problems and overstaffing. Petroleum has supplanted forestry as the mainstay of the economy, providing a major share of government revenues and exports. Nowadays the country is increasingly converting natural gas to electricity rather than burning it, greatly improving energy prospects.

12 Tunisia GDP: $45.611 billion

Foreign Exchange Reserve: $5.699 Billion

Currently, Tunisia is known as one of the best economies in North Africa. In fact, it is the second-richest country in the region. During the earliest phase of the Arab Spring, precisely in January 2011, there was a significant revolt which resulted in the Removal of the then Tunisian President –Zine al-Abidine Ben Ali. Meanwhile, the revolt has favoured Tunisia and categorized it among the efficient African economies.

11 Ghana GDP: $50 Billion

Foreign Exchange Reserve: $7.308 Billion

Ghana’s growing economy is mainly accomplished through years of sound management, positively competitive business environment, and sustained reductions in poverty levels. Ghana’s economy is built on a diverse and rich resource base, not only relying on natural resources (Gold, cocoa, timber, bauxite and more recently, crude oil) which it has in abundance but on other sectors like services which accounts for 50% of GDP.

10 Ethiopia GDP: $51 Billion

Foreign Exchange Reserve: $3.147 Billion

Ethiopia is one of the non-oil producing African countries with the fastest growing economies and has managed to maintain a high single digit annual growth rate since 2004 and is estimated to expand by 11.3 percent in the 2012/13 budget year. Agriculture contributes to almost half of Ethiopia’s GDP and offers about 85% of all employment in the country. Ethiopia’s GDP stood at $103.1 billion as at 2012. The government has invested in ways to privatize and restructure her policies which are beginning to attract foreign investments in the country. However, it’s GDP has dropped a lot to $51 billion considering previous years.

9 Kenya GDP: $53.40 Billion

Foreign Exchange Reserve: $9.698 Billion

The capital, Nairobi, is a regional commercial hub. The economy of Kenya is the largest by GDP in Southeast and Central Africa. Agriculture is a major employer; the country locally exports tea and coffee and has more recently begun to export fresh flowers to Europe. The service industry is also a major economic driver. Kenya is a member of the East African Community. When Compared to other African countries, Kenya enjoys relatively high political and social stability.

8 Sudan GDP: $63 billion

Foreign Exchange Reserve: $50.9 Million

Sudan also falls into the oil section but in a more diverse way. It depends on oil but with a third of its GDP contributed by agriculture. Cotton and peanuts constitute its major agricultural exports. You may not notice a “Made in Sudan” tag on the shirt you buy in Khartoum but cotton from Sudan has fueled the textile industry in many parts of the world.

7 Libya GDP: $76.52 Billion

Foreign Exchange Reserve: $69.35 Billion

Libya is largely dependent on its oil reserve and petroleum products for most of its revenue and just about 20% of all of Libya’s GDP comes from the service and construction sectors. The small number of population with a large amount of revenue from oil suggests the reason Libya has been described as an “Upper Middle Economy” by the world bank. Since 2000, Libya has recorded favourable growth rates with an estimated 10.6% growth of GDP in 2010 and 76.3% in 2012 after plummeting in 2011.

6 Morocco GDP: $114.7 Billion

Foreign Exchange Reserve: $22.97 Billion

Morocco’s GDP (PPP) is $168.9 billion, making it the 6th among the richest countries in Africa. Morocco is largely dependent on agriculture and its proximity to Europe is part of what is influencing Morocco’s market and economy which itbhas capitalized on to build a diverse, open market-oriented economy. Apart from phosphorus for which the country is the world’s third-largest producer, there are also revenues coming from tourism, textiles, apparel and overall, Morocco is the second richest non-oil-producing country in Africa after Egypt.

5 Angola GDP: $129.785 billion

Foreign Exchange Reserve: $23.63 Billion

The country enjoys an extensive reserve of oil and gas resources, hydroelectric power, diamonds, and rich agricultural land but still remains a fairly weak economy. Part of the reason is not far from poor management of resources and extreme corruption. According to Transparency International, Angola is rated Angola among the 10 most corrupt countries in Africa and 157 out of 174 countries rated. Being the second largest producer of crude oil in Africa following Nigeria, oil production contributes a very large percentage of foreign exchange.Angola is fifth among the richest countries in Africa with GDP of $129.785 billion.

4 Algeria GDP: $219.453 billion

Foreign Exchange Reserve: $114.653 Billion

The economy of Algeria is mainly dependent on the energy industry which produces massive amounts of fossil fuels. At the same time, the energy industry gives more than 95% of Algeria’s export revenue. In addition, it makes up 30% and 60% of the country’s GDP and budget earnings respectively. Algeria is located in the Northern region of Africa and it is unarguably one of the best economies in the region. Algeria is Africa’s fourth richest country as well as the richest North African country.

3 Egypt GDP: $275.748 Billion

Foreign Exchange Reserve: $38.210 Billion

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 hydropower.

2 South Africa GDP: $341.216 billion

Foreign Exchange Reserve: $50.501 Billion

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 depend on a single source for revenue, South Africa is diversified. The country’s stock exchange is rated the 18th Largest in the world.South Africa is the second richest country in Africa and one of the fastest developing nation in the world

1. Nigeria GDP: $594.257 Billion

Foreign Exchange Reserve: $40.560 Billion

Nigeria is richest and the most populated country in Africa with the most recent GDP figures standing at $594.257 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.

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