The 10 Richest Countries In Africa 2023

natural resources raw materials precious metals and lush land are all abundant in the stunning continent of africa with 54 nations and approximately 1.3 billion inhabitants africa has a nominal gdp of 2.2 trillion dollars agriculture natural resources and trade are the main economic movers it continued to be a hub for resources innovations and ideas in 2013 when it experienced the fastest growth by 2050 it is predicted that the african economy would have expanded steadily and will have a gdp of 29 trillion dollars playing a significant role in the world economy within the next 10 years the majority of the continents nations are predicted by the world bank to achieve middle income status defined as having a gdp per capita of at least one thousand dollars africa's economic development varies greatly by nation and by region with the variation going beyond culture and trade to include things like historical development global relations and substantial resources so we decided to bring you the top 10 countries where the bulk of this growth is focused here are the wealthiest countries in africa in 2022 but before we proceed we'd love it if you take a few seconds of your time to hit the like button have you done that number 10 ghana ghana a beautiful west african nation is known for its resource-rich and diverse economy the nation was the first in sub-saharan africa to achieve both the goal of having extreme poverty and its freedom from colonial authority due to its generally favorable business environment the country has attracted international investments and has seen economic growth of little over six percent during the last two years nearly 30 percent of ghana's workforce is employed in the service sector which accounts for about 50 percent of the country's gdp agriculture comes in second with a contribution to gdp of little less than 25 natural resources are abundant in ghana contributing to the country's economic growth the primary export of the nation is gold this is followed by petroleum and together they make up 50 percent of the country's foreign exchange other major exports include cocoa beans timber and gold ghana has a gdp of 74 billion dollars number nine tanzania tanzania which is ranked ninth on this list of the richest nations on the african continent recently made the cut with a gdp of over 75 billion dollars the nation has a lower middle mixed income economy and is known as the location of some of the most well-known national parks on the continent including kilimanjaro agriculture accounts for roughly 25 of the gdp and 50 of employment in the nation which is primarily dependent on it industries that make up about 30 of gdp includes mining manufacturing construction electricity natural gas and water delivery are developing sectors of the economy gold coffee cashew nuts and cotton are the principal exports tanzania's economy has grown at a rate of 5.6 over the past few years which is relatively high but it does not appear to be slowing down the real gdp is expected to expand 5.8 percent in 2022 as a result of the reopening of trade routes and improved tourism sector performance the medium-term economic prognosis is favorable underpinned by significant infrastructure spending the total number of individuals living in poverty has stayed constant over the past few years despite economic progress and a decline in the poverty rate if you are still watching this video it means you love content about the african continent and you would love to see africa grow even better why not take out a second and hit the like button number eight ethiopia ethiopia a landlocked nation in the horn of africa divided by the great rift valley is the eighth richest nation in africa this ancient region is renowned for being the birthplace of the coffee peen with archaeological artifacts reaching back more than three million years the country produces the most coffee and honey in africa which contributes significantly to the country's foreign exchange legumes fatty seeds and cut flowers are some more exports agriculture building manufacturing tourism food processing resources and energy all contribute to the more than 100 billion dollars of gdp the most potential resource in the area is agriculture which accounts for more than forty percent of the gdp sixty percent of exports and more than eighty percent of all jobs since 2008 the average annual growth rate for ethiopia's economy has been 9.9 percent few african countries have been able to maintain constant annual growth but it has started to draw a global investment to further open up the economy and drive change the administration started an extensive economic reform in 2018 by 2015 the country's poverty rate has decreased to 31 percent and by 2025 it aims to have a middle income economy but there are several things to watch out for like excessive consumer inflation sociopolitical unrest and a weak private sector number 7. kenya with a gdp of over 114 billion dollars kenya an east african nation renowned for its expansive landscapes and animals is the next richest nation in africa this country is the wealthiest in the southeast and central africa due to its stable living conditions well-established coffee and tea industries and fast expanding agricultural sector the region's commerce hub was formerly home to several strategically important ports for asian and arabian traders along its coastline kenya's economy doesn't rely on the oil industry like so many other nations on our list but it nevertheless grows in a variety of ways with a gdp growth of 5.7 percent in 2019 kenny has become one of the sub-saharan african countries with the fastest growing economies this is due to increased investor confidence a favorable macroeconomic environment a stable political environment and a clear corporate objective nearly half of the gdp is contributed by the industrial sector the primary agricultural products are coffee teat and maize which account for 35 of the gdp while petroleum accounts for a sizeable portion of its foreign exchange other sectors with rapid growth include tourism financial services and technology number six angola one of africa's largest reserves of raw minerals is in the nation of angola in essence it could rank higher on this list of the richest countries in africa however the country's economy has suffered as a result of inefficient resource management and internal corruption it ranks sixth on this list with a gdp of more than 124 billion dollars large natural gas and oil reserves which account for more than one-third of angola's gdp underpin the country's economy significant amounts of foreign exchange are generated through the production and export of crude oil in actuality the sale of crude oil accounts for 90 of the country's export-related income diamonds and cargo ships are two additional notable exports future economic growth is also anticipated to make agriculture a significant sector in 2002 angola's civil war came to an end since then constructive actions have been done in the direction of stability and economic growth alongside the imf and the world bank work has been done on both political and structural changes morocco morocco is the third largest producer of phosphorus in the world and is strongly dependent on its agricultural sector the nation has reaped significant benefits from its diverse exports which also include automobiles parts for automobiles and electrical equipment the telecom and textile sectors also contribute significantly to the economy however domestic issues have stifled morocco's economic growth which resulted in real gdp growth of only 2.7 in 2019 falling short of the world bank's forecast of 2.9 percent number four algeria algeria the largest nation in africa is located in the north and is ranked forth on our list of the richest nations in africa with a gdp of over 190 billion dollars a sizable economy and readily available infrastructure the county has made substantial progress in reducing poverty by 20 percent over the past 20 years this quickly developing industrial nation has benefited from the recent discovery of additional crude oil reserves algeria's other economic sectors are agriculture industrial production financial services and construction the nation is also one of africa's major sources of ammonia it is important to note that the country's foreign exchange reserves have decreased as a result of the recent recession and volatility in oil prices algeria's economic growth has also slowed down due to political unrest and scandals in the oil sector number three south africa as the third richest nation in africa this continent's most southern nation is an important actor the nation is regarded as one of the fastest developing nations in the world with a highly developed economy cutting edge infrastructure and a gdp of over 400 billion dollars one of the only nations on this list that is not dependent on a single source of income is south africa also known as the rainbow nation mining manufacturing financial services and tourism are all well represented in the nation additionally it exports a lot of raw materials including coal iron ore gold diamonds and platinum for instance it exports more gold and platinum than any other country in the world the nation is well known throughout the world as a top travel destination and heavily relies on tourism to support its economy number two egypt for many years this historic region of northern africa was the richest nation in the continent however during the 2011 upheaval during the arab uprising the economy suffered greatly as foreign exchange reserves plummeted egypt is now ranked second on this list of wealthy african nations with a most recent gdp of more than 430 billion dollars over the past 10 years economic activity has increased and stabilized resulting in good economic growth the government and imf recently completed a program of economic reform aimed at strengthening and reforming the economy from 5.3 percent in 2018 real gdp growth increased to 5.6 in 2019 falling unemployment rates improved foreign exchange reserves increased exports of products and services and strengthened tourism industry have all helped the nation thrive number one nigeria with a population of more than 200 million this west african nation is vital to the continent's economy nigeria is the richest nation in africa with a gdp of little over 510 billion dollars finance transportation infrastructure tourism and an abundance of crude oil all contribute significantly to the sizable gdp according to opec the nation exports the most crude oil in africa with a daily average of almost 1.6 million barrels over 80 percent of the money made by the export sector comes from these petroleum exports which account for 10 percent of the entire gdp nigeria has a plethora of natural resources and raw materials in addition to petroleum which adds to the prosperity of the area these include niobium iron ore coal limestone zinc lead and tin additionally there is enough fertile terrain to support agriculture which generates more than 20 percent of the country's gross domestic product and produces rubber and cocoa nigeria is now africa's top consumer retailer thanks in part to its vast population which is also benefited the country's rapidly expanding tech sector nigeria's gdp expanded by seven percent annually between 2000 and 2014 one of the fastest rates in africa according to the world bank political unrest social reasons and shocks to the oil and production industries have all contributed to this slowing to two percent in recent years in an effort to reduce its dependency on oil refineries and processing facilities the nation has placed a high priority on conserving its natural resources nigeria the continent's top gdp producer and wealthiest nation is well known for its strong cultural legacy numerous ethnic groups stunning natural surroundings and sizable population those were the richest nations in africa if you enjoy this video please don't forget to leave a like and also subscribe to our channel so you don't miss out on any of our upcoming content thanks for watching and see you in another one

Channel: The New Tourist

Views: 126,915

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Id: _en85lmXMUk

Length: 13min 7sec (787 seconds)

Published: Mon Jun 27 2022