Top 24 Richest And Poorest Countries Of Africa – 2020 Editio

Top 24 Richest And Poorest Countries Of Africa – 2020 Edition

By Stephanie Rheingold Last updated Mar 18, 2020

Listing and ranking richness of countries is always a challenge. Between social-economic status, commerce, economics shifts, natural disasters, many years of colonialism, poverty and inequality, and government corruption – there are most definitely many challenges in economic growth and maintaining a healthy, wealthy and productive society.

There are 1.33 billion people living across Africa, in 54 different countries, that produces $2.2 trillion in nominal GDP thanks to trade, agriculture and harvesting various sources of energy (oil being the dominant one in certain countries). Not too long ago, in 2013, Africa was the world’s fastest-growing continent at 5.6% a year. Nowadays, the African Development Bank predicts an increase of 4.3% in yearly growth across the continent. World Bank expects most of the African countries to reach a GDP per capita of at least $1,000 (ranking those as “middle income”) by 2025.
All nominal data in this article are based on World Bank latest reports.

How would Nigeria’s oil export affect its ranking? Does the government domination on the economy in Kenya helps its rank? How do countries like Ghana and Zimbabwe rank in comparison to Zambia and Uganda? Does South Africa’s complex social history hurt its economic growth? Which other countries occupy the top and bottom of this list?
Click “Next Page” To Find Out

Angola

Credit: United Nations Photos

With a total GDP of $124.6 billion and a staggering GDP per capita of $4,101, Angola takes 5th place in the richest countries on the continent. Angola is largely dependent on their natural oil and gas reserves, along with hydroelectricity, diamonds, and agriculture.

Angola has a population of 32.9 million people, most of whom are still highly influenced by European culture due to Portuguese colonialism in the country. The official language of Angola is still Portuguese.
In 2019, President João Manuel Gonçalves Lourenço has focused a lot on diversifying the economy to focus less on oil dependency, and those efforts are slowly paying off. Angola continues to trend upwards in several sectors they had very little presence in previously.