Africa is both rich in natural resources and wealth. However, none of the countries in Africa has appeared in the top ten wealthiest countries in the world.
The Africa continent is the most gifted continent on the planet in terms of minerals, with 30% of the world’s mineral reserves. It is also rich in oil and available farmland, making it highly prized, especially from Gulf and emerging countries like India and China, which buy land on the continent.
It has many countries that have wealth in terms of raw materials, infrastructure, and finances.
Here are the 10 wealthiest countries on the African continent
This country, located to the west, in the Gulf of Guinea, is the most populous on the continent, with more than 219 million inhabitants. The country is also the continent’s leading economic power, with a GDP of 448 billion dollars.
2. South Africa
Located at the southern end of the continent, the country has 58 million inhabitants. It is a benchmark power for the continent, with one of the most developed economies and modern infrastructure covering the whole country. It is the second economic power in Africa because it also characterizes by significant mineral wealth (gold, diamonds, coal, etc.). It has a GDP equivalent to $351.4 billion.
Located in the northeast of the continent, Egypt is the third most populous country in Africa, with more than 106 million inhabitants. Its primary economic resources are oil and natural gas, income from the Suez Canal, tourism, metals, and agriculture, in particular cotton. Its GDP is equal to 303 billion dollars.
North African country part of the Maghreb, its resident population reaches 44 million inhabitants. With its vast area, it is the largest country in Africa, the Arab world, and the Mediterranean basin at the same time. Algeria is a major producer and exporter of natural gas and oil, its primary income sources. The country also has substantial iron deposits in the southwest and gold, uranium, and zinc in the extreme south, making it the 4th most considerable economic power on the African continent. It has a GDP of $169.9 billion.
Also located in North Africa, the country has a population of over 36 million. Morocco is the fifth industrial power in Africa. The government has seen its economy evolve and has recorded one of the highest growth rates on the continent in recent years. It has a GDP of 118.72 billion dollars.
Being on the Horn of Africa, it is the second country of the continent in terms of population, with more than 110 million inhabitants. With an area of over one million square kilometers, Ethiopia has 65% of arable land. It is a very rich herd, made up of 27 million cattle, 18 million goats, and 24 million sheep, places the country at the continent’s forefront. The geological resources are gold, natural gas, iron, tin, lignite, and potassium. There are also gemstones, rare metals, and industrial ores. This exceptionally dynamic country has tripled its GDP since 2011, which stands at $ 96 billion today.
With a population of more than 47 million people, this East African country has the potential to become a leading producer in the field of geothermal energy. Ideally located for the harness of geothermal energy, the government aims to position itself as a significant player in this field on the African continent. Also, Kenya has a ray of solid annual sunshine that is therefore favorable for solar energy development. In ten years, the GDP has more than doubled to reach the sum of $95.5 billion today.
This state in southwestern Africa with more than 32 million inhabitants is a producer of raw materials, especially hydrocarbons and precious stones. Therefore, the country is very dependent on the exploitation and export of natural materials such as oil and minerals, particularly the leading producer of black gold on the continent. It has experienced tremendous economic growth with a rate that has risen sharply. It currently has a GDP of $ 94.6 billion.
This West African country located on the Gulf of Guinea has a population of over 29 million. Like many African countries, Ghana is rich in raw materials, especially minerals and oil. Its economy, however, remains essentially based on agriculture. Ghana was for a long time the world’s largest producer of cocoa (over 1.6 million hectares of village plantations) before falling to second. GDP is $66.9 billion.
East African country, its population is around 62 million inhabitants. Its economy mainly focuses on agriculture and mining. Tourism is also a significant and growing source of foreign currency. But the country is also very different from most African countries, with an Arab and Persian merchant presence on its coasts which greatly benefits it. It should note that Tanzania has doubled its GDP in ten years, which has now risen to 63.18 billion dollars.