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Top 10 Richest Countries in Africa

28-SEP-2018 17:10
    Top 10 Richest Countries in Africa

    Africa is the world's second largest and second most-populous continent after Asia in both categories. It covers 6% of Earth's total surface area and 20% of its land area. It has abundant natural resources but unfortunately remains the world's poorest and most underdeveloped continent.

    Top 10 Richest Countries in Africa

    The list of the Richest Countries in Africa is drafted on the basis of report given by the International Monetary Fund assessments on the basis of the report given by the United Nation Organisation and CIA “World Fact Book” on the world population by gender and female to male ratio are given below:

    10. Ethiopia

    GDP: $51 Billion

    Foreign Exchange Reserve: $3.147 Billion

    It is popularly known as the 'Horn of Africa'. It shares borders with Eritrea to the north and northeast, Djibouti and Somalia to the east, Sudan and South Sudan to the west, and Kenya to the south. As per the IMF, It is one of the fastest growing economies in the world.

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    9. Kenya

    GDP:  $53.40 Billion

    Foreign Exchange Reserve: $9.698 Billion

    It is located in the eastern part of Africa. It has the most powerful economy of East Africa and is also a middle income country with a fast growing middle class.

    8. Sudan

    GDP: $63 billion

    Foreign Exchange Reserve: $504.9 Million

    It is also known as North Sudan since South Sudan's independence and officially the Republic of the Sudan is located in the Northeast part of Africa. It is bordered by Egypt to the north, the Red Sea, Eritrea and Ethiopia to the east, South Sudan to the south, the Central African Republic to the southwest, Chad to the west, and Libya to the northwest.

    7. Libya

    GDP: $76.52 Billion

    Foreign Exchange Reserve: $69.35 Billion

    It is located in the North part of Africa, bordered by the Mediterranean Sea to the north, Egypt to the east, Sudan to the southeast, Chad and Niger to the south and Algeria and Tunisia to the west. The economy of this country is depended primarily upon the revenues from the oil sector, which account for over half of GDP and 97% of exports.

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    6. Morocco

    GDP: $114.7 Billion

    Foreign Exchange Reserve: $22.97 Billion

    It is a unitary sovereign state located in Northwest Africa. It has liberal economy governed by the law of supply and demand.

    5. Angola

    GDP: $129.785 billion

    Foreign Exchange Reserve: $23.63 Billion

    It is located in the west-coast of south-central Africa. It is the seventh-largest country in Africa, bordered by Namibia to the south, the Democratic Republic of the Congo to the north, Zambia to the east, and the Atlantic Ocean to the west.

    4. Algeria

    GDP: $219.453 billion

    Foreign Exchange Reserve: $114.653 Billion

    It is located in the Northern part of Africa on the Mediterranean coast. It is classified as an upper middle income country by the World Bank.

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    3. Egypt

    GDP: $275.748 Billion

    Foreign Exchange Reserve: $38.210 Billion

    It is located in the northeast corner of Africa and southwest corner of Asia by a land bridge formed by the Sinai Peninsula. The economy of this country is dependent upon agriculture, media, petroleum imports, natural gas, and tourism.

    2. South Africa

    GDP: $341.216 billion

    Foreign Exchange Reserve: $50.501 Billion

    It is located in the southernmost of Africa and stretching along the South Atlantic and Indian Oceans; to the north by the neighbouring countries of Namibia, Botswana, and Zimbabwe; and to the east and northeast by Mozambique and Swaziland; and it surrounds the kingdom of Lesotho. It has mixed economy and also ranked in the top 10 countries in the world for income inequality, measured by the Gini coefficient.

    1. Nigeria

    GDP: $594.257 Billion

    Foreign Exchange Reserve: $40.560 Billion

    It is located in the West part of Africa and bordering Benin in the west, Chad and Cameroon in the east, and Niger in the north. It is classified as a mixed economy emerging market. It is the United States' largest trading partner in sub-Saharan Africa and supplies a fifth of its oil (11% of oil imports).

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    Top 10 Richest Countries in Africa

    Country (Rank)

    Description of GDP & Foreign Exchange Reserve

    1. Nigeria

    GDP: $594.257 Billion

    Foreign Exchange Reserve: $40.560 Billion

    2. South Africa

    GDP: $341.216 billion

    Foreign Exchange Reserve: $50.501 Billion

    3. Egypt

    GDP: $275.748 Billion

    Foreign Exchange Reserve: $38.210 Billion

    4. Algeria

    GDP: $219.453 billion

    Foreign Exchange Reserve: $114.653 Billion

    5. Angola

    GDP: $129.785 billion

    Foreign Exchange Reserve: $23.63 Billion

    6. Morocco

    GDP: $114.7 Billion

    Foreign Exchange Reserve: $22.97 Billion

    7. Libya

    GDP: $76.52 Billion

    Foreign Exchange Reserve: $69.35 Billion

    8. Sudan

    GDP: $63 billion

    Foreign Exchange Reserve: $504.9 Million

    9. Kenya

    GDP:  $53.40 Billion

    Foreign Exchange Reserve: $9.698 Billion

    10. Ethiopia

    GDP: $51 Billion

    Foreign Exchange Reserve: $3.147 Billion

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    DISCLAIMER: JPL and its affiliates shall have no liability for any views, thoughts and comments expressed on this article.

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