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.
See Also: Top 20 Richest People of All Time
The 20 Richest Countries in Africa
- Namibia – GDP: $15.743 Billion (Foreign Exchange Reserve: $2,267Million)
- Mauritieus – GDP: $19.270 Billion (Foreign Exchange Reserve: $3,919 Million)
- Gabon – GDP: $24.571 Billion (Foreign Exchange Reserve: $2,470Million)
- Equatorial Guinea – GDP: $26.147 Billion (Foreign Exchange Reserve:$4,027 Million)
- Botswana – GDP: $29.707 Billion (Foreign Exchange Reserve: $7,993 Million)
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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.
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.
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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.
GDP: 24,571 Billion
Foreign Exchange Reserve: $2,470 Million
With the declining state of oil production in Gabon, it is still one of the highest producers of oil in sub Saharan Africa. Over the last forty years, the country has been quite dependent on oil to sustain its economy. But more recently, it is trying to diversify and branch out into many other areas so as to have a diversified economy.