Economics
Africa

Which country is the richest in Africa?

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Wiki User
April 28, 2016 6:53PM

It is safe to say that South Africa is the richest country in Africa. It is the leading country in Africa in terms of economic or political policy. It has the biggest economy in Africa, followed by Egypt and then Nigeria, meaning South Africa the richest country in terms of GDP, with $357 Billion as of 2010, compared to Egypt's $218 Billion and Nigeria's $216 Billion.

If you use a web search, you'll find that South Africa is by far the richest African country, followed at a distance by Algeria and then Egypt. Mauritius has the highest per capita income, but its GDP is comparatively small.

SA might not be the richest country in terms of GDP per capita but that is not a measurement of a its total wealth. Mauritius is the richest country in Africa only in terms of GDP per capita, but it has a very small economy because it has relatively few people and no meaningful natural reserves.

Some users believe that Nigeria is the richest country in Africa due to is oil wealth. Although Nigeria is very rich in natural resources, such as oil, it does not come close to the resource wealth of South Africa which is sitting on nearly 40% of the worlds platinum reserves. In fact, according to Citigroup, South Africa is the richest country in the world in terms of natural metal reserves, with 2.5 trillion dollars worth of metal resources, followed by Russia and then Australia.

None of the listings of GDP per capita have Nigeria on the top 10 list. For example the CIA government site has this list, referring to African countries: 1. Mauritius 2. South Africa 3. Botswana 4. Seychelles 5. Namibia

Also the country with the highest total oil reserves in Africa is Libya, not Nigeria, with 47 billion barrels of proven reserves, followed by Nigeria with 37.5 billion barrels. Furthermore since late 2008 Angola is currently producing more oil than Nigeria. It is important to note as well that recourse wealth is not the only measure of wealth and this shows when you consider that almost 70% of Nigerians live below the poverty line and that the profits from the oil of Nigeria is split between the government and large international corporations such as Royal Dutch Shell.

Case for Nigeria:

Nigeria is the richest in Africa, there is no doubt about that. It's GDP is a little above 32 billion dollars annually. Though it might not have the highest standard of living in Africa but it's economy is sure the biggest.

Case for Mauritius:

Mauritius is the richest and wealthiest country in Africa. This country is the dynamo of Africa, it has a strong economy and has the highest GDP in Africa. Nigeria could have a strong economy but the standard of living for the Nigerians should also be taken into account.

Mauritius is the richest country in Africa! I think Botswana is the richest African continent. even though the country has a small economy it can sustain its people by providing them with free education from primary to tertiary level. how many African countries can afford to do that?