Although Africa is has many natural resources including diamonds, sugar, salt, gold, iron, cobalt, uranium, copper, bauxite, silver, petroleum, and cocoa beans, tropical timber and tropical fruit, Africa is still one of the poorest continents in the world. Although Africa discovered oil reserves that have significantly increased the importance of the commodity on African economies, this hasn't really made a difference.
Many of the world's poorest nations are in Africa. Most economies in Africa are unstable, and poverty is widespread. There are, however, some African countries that have the fastest-growing economies in the world. The largest 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 a nation's wealth, 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 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.
Richest African Countries by GDP
GDP information from the International Monetary Fund was used to determine the wealthiest African countries. Six African countries have GDPs of over $100 billion.
The top ten wealthiest African countries are:
1. Nigeria - $514.05 billion
Nigeria is the richest and most populous country in Africa. The country's large population of 211 million is a likely contributor to its large GDP. Nigeria is a middle-income, mixed economy and emerging market with growing financial, service, communications, and technology sectors.
2. Egypt - $394.28 billion
Egypt, the second-richest country in Africa, is the third-most populous country with 104 million people. Egypt is also a mixed economy with an emerging information and communications technology sector.
3. South Africa - $329.53 billion
South Africa is a country on the southernmost tip of the African continent, marked by several distinct ecosystems. Inland safari destination Kruger National Park is populated by big game. The Western Cape offers beaches, lush winelands around Stellenbosch and Paarl, craggy cliffs at the Cape of Good Hope, forest and lagoons along the Garden Route, and the city of Cape Town, beneath flat-topped Table Mountain.
4. Algeria - $151.46 billion
Algeria is a North African country with a Mediterranean coastline and a Saharan desert interior. Many empires have left legacies here, such as the ancient Roman ruins in seaside Tipaza. In the capital, Algiers, Ottoman landmarks like circa-1612 Ketchaoua Mosque line the hillside Casbah quarter, with its narrow alleys and stairways. The city’s Neo-Byzantine basilica Notre Dame d’Afrique dates to French colonial rule.
5. Morocco - $124 billion
Morocco, a North African country bordering the Atlantic Ocean and Mediterranean Sea, is distinguished by its Berber, Arabian and European cultural influences. Marrakesh’s medina, a mazelike medieval quarter, offers entertainment in its Djemaa el-Fna square and souks (marketplaces) selling ceramics, jewelry and metal lanterns. The capital Rabat’s Kasbah of the Udayas is a 12th-century royal fort overlooking the water.
6. Kenya - $106.04 billion
Kenya is a country in East Africa with coastline on the Indian Ocean. It encompasses savannah, lakelands, the dramatic Great Rift Valley and mountain highlands. It's also home to wildlife like lions, elephants and rhinos. From Nairobi, the capital, safaris visit the Maasai Mara Reserve, known for its annual wildebeest migrations, and Amboseli National Park, offering views of Tanzania's 5,895m Mt. Kilimanjaro.
7. Ethiopia - $93.97 billion
Ethiopia, in the Horn of Africa, is a rugged, landlocked country split by the Great Rift Valley. With archaeological finds dating back more than 3 million years, it’s a place of ancient culture. Among its important sites are Lalibela with its rock-cut Christian churches from the 12th–13th centuries. Aksum is the ruins of an ancient city with obelisks, tombs, castles and Our Lady Mary of Zion church.
8. Ghana - $74.26 billion
Ghana, officially the Republic of Ghana, is a country in West Africa. It spans the Gulf of Guinea and the Atlantic Ocean to the south, sharing borders with the Ivory Coast in the west, Burkina Faso in the north, and Togo in the east. Ghana boasts of natural resources like gold, diamond, timber and bauxite.
9. Ivory Coast - $70.99 billion
Côte d'Ivoire is a West African country with beach resorts, rainforests and a French-colonial legacy. Abidjan, on the Atlantic coast, is the country’s major urban center. Its modern landmarks include zigguratlike, concrete La Pyramide and St. Paul's Cathedral, a swooping structure tethered to a massive cross. North of the central business district, Banco National Park is a rainforest preserve with hiking trails.
10. Angola - $66.49 billion
Angola is a Southern African nation whose varied terrain encompasses tropical Atlantic beaches, a labyrinthine system of rivers and Sub-Saharan desert that extends across the border into Namibia. The country's colonial history is reflected in its Portuguese-influenced cuisine and its landmarks including Fortaleza de São Miguel, a fortress built by the Portuguese in 1576 to defend the capital, Luanda.
Yes, Africa has rich nations amidst the poverty striken ones.
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