Notably, the countries on this list (of richest African countries) are ranked based on GDP per capita. And to determine a country’s GDP per capita for a specified year, we have to divide the GDP for that year by the corresponding population.
TOP 10 RICHEST COUNTRIES IN AFRICA 2018 BY GDP PER CAPITA
1. Equatorial Guinea
GDP per capita: $40,718.8
Equatorial Guinea is one of the African countries with small land areas and meagre population estimates. Its population is estimated below 1 million inhabitants and as an East African territory, it borders upon Gabon and Cameroon. Despite the certainty that it experiences a high incidence of corruption, Equatorial Guinea is one of the oil-rich African countries that have made good use of their mineral potentials.
Considered the richest African country in terms of GDP per capita, Equatorial Guinea maintains the GDP (PPP) per capita of $40,718.8. Meanwhile, the country enjoys favourable economic standards under the influence of low population and vast deposit of oil.
GDP per capita: $27,177.2
Seychelles Richest Countries In Africa 2018
Seychelles is the second richest African country in terms of GDP per capita. This is quite easy to believe because the country’s population is far below a million inhabitants while the GDP hovers around $2.4 billion. The territory of Seychelles is an island surrounded by the Indian Ocean adjoining the Eastern region of Africa. With regard to this, tourism and industrial fishing have become the major sources of wealth for Seychellois citizens.
Seychelles’ population is close to 100,000 inhabitants and this meager population gives the country high GDP per capita of $27,177.2. Besides, the country’s low unemployment rate of just 1% indicates a favourable standard of living.
GDP per capita: $20,085.2
Mauritius Flag – Wealthiest African Countries
Like Seychelles, the territory of Mauritius is an island surrounded by the Indian Ocean. Meanwhile, Mauritius maintains a high standard of living under the influence of a properly-diversified economy concerned with the production of apparel, textile manufacturing, tourism, and sugar production. Besides, the country benefits largely from vibrant financial services. Mauritius’ GDP per capita of $20,085.2 is an indication that it is Africa’s third richest country. Above that, the United Nations once issued a report implying that Mauritius is Africa’s most developed country.
GDP per capita: $20,081
The government of Gabon makes the largest part of its revenue from oil production, making Gabon one of the biggest oil producers in Africa. Gabon is an East African nation with a vast oil reserve and low population density which makes it convenient for individuals to maintain sustainable standards of living. With the GDP per capita of $20,081, Gabon is regarded as Africa’s fourth richest country.
GDP per capita: $15,893.93
Botswana – Top 20 Richest Countries In Africa 2018
With its population estimated fairly above 2 million inhabitants, Botswana is unarguably one of the least populous African countries. In addition to its low population, Botswana’s diamond-rich land is considered a mid-sized territory. Precisely, the best part of Botswana’s wealth can be attributed to its massive production of diamonds, making it the world’s second-biggest producer of diamonds. In previous times, Botswana was ranked as part of the world’s poorest nations, but today, it constitutes the fastest-growing economies across the globe. In terms of GDP per capita, Botswana maintains the total of $15,893.93.