Richest Countries in Africa
Africa is home to many of the world’s poorest countries. Several African economies are in shambles, poverty is pervasive, and the continent’s recovery from the COVID-19 pandemic is being slowed by a lack of vaccines. Furthermore, many African countries, such as Cameroon, Chad, Nigeria, and Somalia, are currently at war, either with terrorist insurgents or with one another, putting further burden on their economies.
Despite these challenges, the world’s fastest-growing economies also include 54 Africa countries. Agriculture, trade, and natural resources are predicted to propel Africa’s economy to a GDP of $29 trillion by 2050.
With 20 million new job seekers per year in Sub-Saharan Africa alone, the region offers a receptive and growing workforce. In terms of technology, Africans are beginning to catch up with the rest of the world: Every day, almost 90,000 people in Sub-Saharan Africa become the first in their families to use the internet. Even the richest African countries fall far behind the world’s richest countries, yet Africa’s potential is immense and obvious.
Using the gross domestic product (GDP) to measure Richest Countries in Africa
While there are a number of ways to compare the wealth of different countries, one of the most effective is to assess each country’s gross domestic product, or GDP. This is the total worth of a country’s goods and services generated in a particular year. GDP is frequently adjusted for Purchasing Power Parity (PPP), which adjusts each country’s GDP relative to local prices, and expressed in a fictional currency called international dollars to make country-to-country comparisons more precise (INT).
The four top Richest Countries in African, according to the International Monetary Fund, have GDPs of more over $500 billion (INT) in 2021:
Top 10 Richest Countries in Africa by Overall GDP (INT$ at PPP — International Monetary Fund 2021)
|Rank||Country||GDP||GDP per Capita|
|3.||South Africa||$329.53 Bn||$12,440|
|9.||Ivory Coast||$70.99 Bn||$5,640|
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