The Richest Countries On The African Continent
It might surprise you to know that there are countries in Africa that are actually richer than we believed. Read on to know them all.
When it comes to global news, the continent of Africa seldom makes headlines for its thriving economics. Instead, attention is generally paid to the worst-off countries on the continent. Here in this article, we will take a look at some of Africa’s richest individuals and metropolises.
Seychelles, an archipelago of 115 islets in the western Indian Ocean off Africa’s east coast, has the highest GDP per capita of any African country. Economically, Seychelles has flourished since its 1976 declaration of autonomy from the United Kingdom. Around 30% of the population of Seychelles is directly or indirectly employed in the tourist business, which accounts for much of the country’s economic growth. Natural attractions like beaches, coral reefs, & parks are quite popular with visitors.
With its newfound freedom, Mauritius has rapidly developed a thriving, multifaceted economy. At the moment, tourism, textiles, sugarcane, and financial services are the country’s most important industries. The island nation is home to both breathtaking coastlines and lush interior national parks. Due to its rapid economic development after gaining independence, Mauritius has been called “the success of Africa” and “the Mauritian Miracle.”
Gabon is the only country on this list whose economy is primarily reliant on its oil deposits, as opposed to the first two countries. Around 43% of the GDP & 81% of exports come from oil sales in this country. While this does help the economy overall, there remains a wide gap in personal fortunes. Almost 90% of all income in the country goes to the top 20% of earners.
To a large extent, the oil deposits found in Equatorial Guinea in 1996 are responsible for the country’s relatively robust economy. Around 52% of the working population of Equatorial Guinea is engaged in agriculture. Unfortunately, the nation is known to have the poorest records when it comes to protecting human rights.
It wasn’t always the case that Botswana is now one of the wealthiest African countries. It was one of the world’s poorest countries when it gained independence, but its GDP per capita has increased dramatically since then. This expansion is the result of the country’s efforts to institutionalize the extraction of its valuable resources, such as gems and metals.
South Africa’s energy, tourism, & mining sectors all contribute significantly to the country’s GDP. South Africa is the only country in Africa with a nuclear power plant, and it is also the continent’s greatest generator of energy. The abundance of national parks and a wide variety of species attracts many visitors. South Africa’s mining industry is vital to the country’s economy since it produces so many precious metals and stones.