Africa is the wealthiest continent in non-renewable natural resources, like gold and diamonds. Yet, it is still perceived as one of the “poorest” in the world. Economists declare this by calculating African countries’ Gross Domestic Product (GDP), which is the value of everything a country produces and sells, including food, weapons, and natural resources. With 54 countries and a population of 1.4 billion people, does Africa’s low GDP give a complete picture of the continent? With common misconceptions about the continent and its people, the answer is evidently no. Despite facing various economic and social challenges, Africa in fact has many countries experiencing strong economic growth and development. By 2050, Africa’s GDP will likely climb to $29 trillion.
With this list of the wealthiest countries in Africa, experience the exotic beauty of the African continent and its riches that go far beyond monetary wealth.
The Continent of Africa
Africa is the second-largest continent in the world after Asia. It has a land area of approximately 30.2 million square kilometers, equivalent to 11.7 million square miles. To put it into perspective, Africa is larger than the United States, China, India, and most of Europe combined. Its size and diverse geography make it home to various cultures, languages, and wildlife.
Wealth is generally not associated with the continent of Africa as it has a long history with enslavement, poverty, war, and other harsh factors that have shaped its history. Africa being one of the least wealthy nations can arguably be explained by its colonialization by the Europeans.
According to British organization, Revealing Histories, African countries had their own thriving political, economic and societal structures way before the 440 year long European rule of the Africa throughout the transatlantic slave trade. However, the brutal history that took place in the continent changed its landscape literally and figuratively, and still affects the African countries to this day.
Revealing Histories wrote, “this relationship of exploitation has been a common feature of the European intervention in Africa. It started with the arrival of the missionaries, and continued with the arrival of European merchants and mercenaries, and most lately, with the western multinational corporations.”
There is still significant wealth produced on the continent of Africa. It shows the resilience of its people despite its ongoing history of setbacks.
Calculating The Wealth Of African Countries
While GDP measures the value of the goods a country produces and sells, Gross National Income(GNI) measures the total income residents acquire by creating those goods and services, including income from abroad. Using this metric, the wealthiest country in Africa is Seychelles. While still smaller than the North American GNI of $68,599, the Seychelles GNI is higher than the 2021 worldwide average GNI of $12,023. GNI is an indicator of a country’s wealth as related to its ability to provide a good standard of living. A good standard of living can include public safety and security, a robust banking system and stock market, media freedom, and the presence of High Net Worth Individuals (HNWI).
Richest Countries In Africa By GNI Per Capita (Atlas method, current US$ — World Bank):
- Seychelles: $14,540
- Mauritius: $9,920
- Libya: $8,700
- South Africa: $6,530
- Gabon: $6,440
- Botswana: $6,430
- Equatorial Guinea: $5,150
- Namibia: $4,650
- Algeria: $3,660
- Eswatini: $3,650
Regarding HNWI, South Africa is the highest-ranking African country if measuring the number of millionaires that reside there. The other countries on this list also have a high volume of millionaires.
Wealthiest African Countries by HNWI
- South Africa: 37,800
- Egypt: 16,100
- Nigeria: 9,800
- Kenya: 7,700
- Morocco: 5,800
- Mauritius: 4,900
- Algeria: 2,800
- Ethiopia: 2,700
- Ghana: 2,600
- Tanzania: 2,400
Wealthy Countries In Africa
There are several advantages to having many high-net-worth individuals (HNWIs) in a society. One of the main advantages is that HNWI can contribute a significant amount of money to the economy through investments and philanthropy. Economic investing can create new businesses and job opportunities and fund essential social programs and charitable organizations.
In addition, HNWIs often have a great deal of influence in their communities and can use their wealth to drive political change. They may support political candidates who share their values or advocate for causes they believe in. This advocacy can increase social and environmental awareness and public engagement on essential issues.
Overall, having many HNWIs can be a significant asset for society. While wealth inequality is undoubtedly concerning, it is crucial to recognize the positive contributions that HNWIs can make with the wise and responsible use of their resources.
Reasons To Visit The Wealthiest Countries In Africa
South Africa
South Africa is located at the southern tip of the African continent, known for its diverse wildlife, stunning beaches, and vibrant cities. Some popular points of interest include Kruger National Park, Table Mountain in Cape Town, Robben Island (where Nelson Mandela was imprisoned), and the scenic Garden Route. Other noteworthy attractions include the Apartheid Museum in Johannesburg, the historic Zulu battlefields, and the beautiful Kirstenbosch Botanical Gardens.
Whether you’re interested in history, nature, or simply enjoying the local culture, South Africa is a destination with many points of interest for travelers to explore.
Egypt
Egypt is a country in North Africa known for its rich history and iconic landmarks like the Great Pyramids of Giza and the Sphinx. It’s also home to the famous Nile River and has a vibrant culture that includes traditional music, dance, and cuisine. Egypt offers an array of reasons to visit. One of the top attractions is the ancient city of Luxor which is home to many temples and tombs from the time of the pharaohs, making it a must-see destination for history enthusiasts. The Red Sea coast is also stunning, offering crystal-clear waters and colorful marine life for snorkeling and diving. The bustling city of Cairo is another popular destination, with its markets, museums, and iconic landmarks. For those looking for a more relaxing vacation, the Sinai Peninsula offers beautiful beaches and a laid-back atmosphere.
Nigeria
Nigeria, located in West Africa, boasts various attractions, ranging from breathtaking national parks like Yankari National Park to culturally significant sites like the Osun-Osogbo Sacred Grove. From iconic landmarks like Zuma Rock to historic sites like the Oba’s Palace in Benin City, there’s something for everyone to enjoy in Nigeria.
Kenya
Kenya is a well-known country in East Africa. There are many exciting things to do in Kenya. Some famous tourist attractions include visiting Maasai Mara National Reserve to see the incredible wildlife, hiking Mount Kenya for stunning views, exploring Lake Nakuru National Park, and relaxing on the beautiful beaches of Mombasa. Additionally, if seeing exotic animals is on your bucket list, Kenya is home to the Big 5 (rhino, buffalo, lion, leopard, rhino), making it an extraordinary wildlife safari destination. This country has great weather year round so it is always an opportune time to go and experience the most exotic of earth’s creatures.
Morocco
Morocco is a beautiful country with many points of interest in North Africa. Some famous tourist attractions include visiting the Hassan II Mosque in Casablanca, exploring the historic medina of Marrakesh, hiking in the Atlas Mountains, and visiting the blue city of Chefchaouen. Additionally, because of its location just under the Mediterranean Sea, it’s cuisine in similar to that of Spain, Italy or Greece, giving it a unique flair that is different from other countries on the continent. Additionally, one of its biggest attractions is the beautiful shoreline. If you’re interested in more magnificence inland, visit Mosque Hassan II in Casablanca which is actually the largest one in all of Africa and the fifth largest in the world, regarded for its size and architectural beauty.
