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Encompassing an area of approximately 30,221,532 km2, including all adjacent islands, Africa comprises 20.4% of Earth's total land area, ranking as the third-largest continent globally after Asia and the Americas. In terms of population, Africa is home to 800 million people across 54 countries, representing about 1/7 of the world's population. Despite being home to some of the world's poorest individuals, recent years have witnessed relative political stability and economic growth, enabling African nations to gradually overcome challenges and foster economic development.
Tanzania
The United Republic of Tanzania is a country located on the East African coast and ranks among the wealthiest nations in Africa. The economy relies primarily on agriculture, constituting 50% of the GDP and employing 90% of the workforce. Agriculture serves as the main source of income, accounting for 85% of the total export volume. However, Tanzania's agriculture sector remains underdeveloped, with low productivity necessitating annual food imports. Despite the emphasis on tourism and mining sectors in recent years due to favorable climate and diversity, mechanization is limited to foreign-owned estates and farms. Tanzanian companies importing rice from Vietnam recognize Vietnamese rice for its quality and affordability. Despite the increasing significance of tourism and mining sectors, agriculture continues to play a vital role in the economy, contributing significantly to comprehensive growth, exports, employment, and other sectors. Agriculture contributes 54% to the GDP, 70% to foreign exchange earnings, and employs 80% of the country's workforce. Therefore, the government has set a target to maintain at least 10% agricultural growth due to its impact on poverty alleviation and hunger eradication. With the 'Vision 2025' plan aimed at improving people's livelihoods, enhancing legal frameworks, and increasing the efficiency of leadership structures to create a competitive and export-oriented economy, Tanzania aims to reduce reliance on foreign aid. In line with Vision 2025, Tanzania will undertake major projects such as building a bridge from Tanzania to Mozambique, expanding the scale of the Dar Es Salaam gateway port, constructing a power grid connecting Zambia to Kenya, and developing the Mtwara economic development corridor.
Tanzania
Kenya
Kenya ranks 9th among the wealthiest countries in Africa. Agriculture plays a pivotal role in the nation's economy, with 85% of the population engaged in farming. Key agricultural products include wheat, maize, potatoes, coffee, bananas, and more. Additionally, Kenya's industrial sector is relatively developed, with key industries including food processing, petroleum, electricity, and construction materials. Moreover, the country's tourism industry has flourished due to its 18 national parks and robust nature conservation efforts, contributing around 25% of the national income. Kenya's economy has seen significant growth since 2002, under the leadership of incumbent President Kibaki, with robust anti-corruption campaigns. The IMF has provided Kenya with a series of loans to implement economic reform programs, land management, poverty alleviation, and hunger eradication initiatives. As a result, the GDP grew by over 5% in 2005, reaching approximately 16.11 billion USD, with a per capita GDP of around 464 USD per year.
Kenya's industrial sector is relatively advanced in Africa. Key industries include food processing, petroleum refining (Kenya imports crude oil for refining), electricity, and construction materials. Kenya's main trading partners include the United States, Japan, India, the United Arab Emirates (UAE), South Africa, China, the Netherlands, Tanzania, and Uganda. Currently, the UK is the largest investor in Kenya, with approximately 1.5 billion USD invested. The tourism sector has developed thanks to its 18 national parks and strict nature conservation efforts (particularly in combating elephant ivory trade), contributing about 25% of the national income. Moreover, Kenya benefits from trade preferences with the EU (under the Everything But Arms agreement), the US (under the African Growth and Opportunity Act, AGOA), and others.
Kenya
Sudan
Sudan, the largest country in Africa by land area, surprisingly ranks 8th among the wealthiest nations in Africa. The economy of this country primarily relies on agriculture, employing 80% of the workforce, mainly engaged in cultivating staple crops such as millet, sweet potatoes, cassava, and livestock farming including cattle, sheep, goats, and camels in the northern and southern regions. Sudan's primary export commodity is cotton. Additionally, the country's mineral and energy resources remain largely untapped, despite owning numerous large oil fields. Oil exploitation only commenced in 1999. In 2010, Sudan was considered the 17th fastest-growing economy globally, mainly driven by oil profits even amidst international sanctions imposed in 2006.
Despite oil profits, even before the secession of South Sudan, Sudan still grappled with significant economic challenges, and its development trajectory remained uncertain. Nevertheless, Sudan's economy has seen growth over the past decade, with the World Bank reporting a GDP growth rate of 5.2% in 2010 compared to 4.2% in 2009. This growth was sustained even amidst the Darfur crisis and South Sudan's quest for independence. With ambitions to join the WTO, South Sudan has endeavored to boost demand for other products, including coffee. While this African nation only exported coffee for the first time in 2015, forecasts suggest that coffee could become South Sudan's second-largest export after oil.
Sudan
Ethiopia
Ethiopia's economy ranks among the wealthiest in Africa with a per capita GDP of 739 USD. It is renowned as the cradle of humankind and boasts the most stable and impressive economic growth rate in Africa. The industrial sector accounts for 12%, agriculture 50%, and services 33% of GDP. The country's economy is largely dependent on agriculture, with coffee being the highest revenue-generating product. Ethiopia operates as a mixed and transitional economy with a large public sector. The Ethiopian government is in the process of privatizing many state-owned enterprises and transitioning to a market economy. It is one of the fastest-growing economies globally and the second-most populous country in Africa. Many assets formerly owned by the government in the previous regime have been privatized or are undergoing privatization. However, sectors like telecommunications, finance and insurance services, air transportation services, land, and retail are considered strategic and are expected to remain under state control in the near future. Nearly 50% of Ethiopia's population is under 18 years old, and despite increased enrollment in primary and tertiary education, job creation has not kept pace with the growing number of graduates. The country needs to create hundreds of thousands of jobs every year just to keep up with population growth.
Ethiopia
Morocco
Morocco
Morocco
Angola
The Republic of Angola, located on the Atlantic coast, shares borders with Namibia, Congo, and Zambia. With an area of 1,246,700 km2 and a population of around 19 million, Angola has experienced significant development despite numerous challenges. It is one of the wealthiest countries in Africa. Although relatively unfamiliar to Vietnamese tourists, Angola offers beautiful destinations with impressive attractions waiting to be explored. Thousands of visitors come to the country each year to admire the beauty of the Atlantic Ocean coastline and explore the pristine nature in national parks. Angola ranks fifth among the wealthiest countries in Africa, with a per capita GDP of 3,150 USD. Its economy is one of the fastest-growing in the world but is still in the recovery phase from past civil conflicts.
This country boasts abundant mineral resources, oil, and diamonds, ranking among the highest in the world. Despite its wealth in natural resources, including oil, diamonds, and iron, only 40% of the extraction areas have been explored, contributing just 40% to the total GDP. The pristine nature along the Atlantic Ocean coastline, mountainous regions, and national parks in the east offer visitors unforgettable experiences. Currently, Angola's economy still relies mainly on agriculture (with 85% of the population engaged in agriculture), but the agricultural sector remains underdeveloped.
Angola
Algeria
Algeria is one of the wealthiest countries in Africa, with a per capita GDP of around 4,082 USD. Its main source of revenue comes from oil exports, contributing 70% to the total GDP and accounting for 97% of exports. Despite its potential in tourism, Algeria's tourism sector has been relatively neglected, contributing only about 1% to the country's GDP. Thanks to reform policies supported by the International Monetary Fund and debt restructuring by the Paris Club, Algeria's financial and economic indicators have improved. The government is striving to diversify the economy by attracting domestic and foreign investments to reduce unemployment and improve living standards. Petroleum and natural gas are the main export products and the foundation of the country's most important industries.
Algeria's financial situation in 2000 and 2001 saw improvement due to rising oil prices and the government's strict tax policies, resulting in strong growth, trade surplus, record high foreign exchange reserves, and significant reduction in external debt. However, subsequent efforts by the government to diversify the economy by attracting domestic and foreign investments in non-oil sectors have had limited success in reducing high unemployment rates and improving living standards. Electricity production reached 18.4 billion kWh, with thermal power accounting for nearly 99%, and electricity exports nearing half a billion kWh. Exports amounted to 14 billion USD, imports to 8.5 billion USD; external debt stood at 31.4 billion USD.
Algeria
Egypt
Egypt is not only famous for its enduring pyramids but also one of the most developed economies in Africa. With a per capita income of 3,740 USD, Egypt ranks among the wealthiest countries in Africa. The Nile River Valley in northeastern Egypt is the focal point of most economic activities in the country. Furthermore, with focused economic reforms, the Egyptian government has propelled the country's economy to unprecedented heights. Additionally, thanks to its numerous tourist attractions, Egypt has a thriving tourism industry, contributing approximately 10% of GDP annually. Egypt relies primarily on agriculture, intermediation, oil exports, and tourism; over 5 million Egyptians work abroad, mainly in Saudi Arabia, the Gulf States such as the UAE, and Europe. The United States also hosts a significant Egyptian immigrant population.
Egypt boasts a GDP per capita of 5,800 USD, ranking 133rd globally. Moreover, Egypt currently supplies about 55% of the world's cotton production. With a rapidly growing population (the most populous in the Arab world), constraints on arable land, and dependence on the Nile River, Egypt's resources and economy face significant pressures. The government has vigorously pursued economic development in the new millennium through economic reforms and massive investments in telecommunications and infrastructure, with the majority of financial resources coming from U.S. foreign aid (since 1979, approximately $2.2 billion annually). Egypt is the third-largest recipient of U.S. aid after the Iraq War. Economic conditions are showing signs of improvement following a period of stagnation due to the government's economic liberalization policies, as well as increased revenue from tourism and the booming stock market. In its annual report, the IMF ranks Egypt as one of the world leaders in economic reform.
Egypt
Nigeria
Nigeria is home to the largest oil reserves in Africa and is a member of the Organization of the Petroleum Exporting Countries (OPEC). Thanks to oil exports, Nigeria's economy has begun to develop in recent years but still faces many significant challenges. In 1960, Nigeria became a member of the United Nations, also participating in other organizations such as the African Union and the Commonwealth of Nations. With a GDP per capita of 2,929 USD, Nigeria is one of the wealthiest countries in Africa. It is the most populous country and the leading oil producer on the continent. Nigeria supplies about 10% of U.S. oil imports, making a significant contribution to economic development. New sectors and industries such as telecommunications and the film industry have emerged and developed rapidly, contributing to economic growth. However, agriculture remains the dominant sector of the economy, with Nigeria's agricultural output topping the list of developing agricultural economies in Africa.
Nigeria's economic growth significantly surpasses that of South Africa (forecasted at 6.6% in 2012 compared to 2.5%). The West African nation is poised to outpace its South African counterpart in the coming years if this trend continues. Nigeria's economic expansion is primarily fueled by soaring oil prices and a boom in the mobile phone sector. Agriculture contributes 40% to Nigeria's GDP, and efforts are underway to increase production in this sector. However, Nigerian economist Bismarck Rewane points out that Nigeria has a population of 160 million, compared to South Africa's 52 million. Therefore, Nigeria's GDP must triple that of South Africa's for Nigeria to catch up with its competitor in terms of per capita income. Currently, the economy relies heavily on revenue from the oil industry, which accounts for 80% of total revenue. With abundant resources, improving financial, legal, communication, and transportation systems, Nigeria is hopeful to become the leading economy in Africa.
Nigeria
South Africa
South Africa is renowned as the economic hub of Africa and the wealthiest country in Africa with a GDP of 576.4 billion USD (2006), recording a growth rate of 4.5% in 2006. Agriculture contributes 2.6%, industry 30.3%, and services 67.1% to its GDP. The country possesses abundant valuable resources, including rare and economically significant minerals such as coal, gold, and diamonds. Alongside modern infrastructure and efficient distribution support, the economy has witnessed growth, reduced unemployment rates, and narrowed wealth disparities. However, this development is primarily concentrated in Cape Town, Port Elizabeth, Durban, and Pretoria/Johannesburg. Additionally, the tourism industry in this country also significantly contributes to economic development due to its diversity and attractiveness, with famous destinations such as Johannesburg – the largest city in South Africa, Sun City, Cape Town, the capital Pretoria, Pilanesberg National Park, and the friendly port city of Port Elizabeth.
South Africa is among 17 countries worldwide considered highly ecologically diverse, with over 20,000 different plant species, accounting for 10% of all plant species globally. It ranks as the third most ecologically diverse country globally, following Brazil and Indonesia. Mineral resources are abundant and diverse, with developed infrastructure making mining easily profitable, particularly in the late 19th century colonial period. South Africa is ethnically and racially diverse, and the struggle over race between the white minority and the majority of color has always been a hot issue in its history and political life. South Africa is also emerging as a major supplier of natural resources, financial services, telecommunications, energy, and transportation, with a booming stock market ranking 10th globally and modern infrastructure significantly aiding efficient distribution to major urban centers in each region.
South Africa
The World Bank has recently released data on global wealth based on Gross Domestic Product (GDP). According to the latest ranking of the strongest economies in Africa, overall, African countries with natural resources such as oil, minerals, etc., are in the best positions. Hopefully, the information in this article helps you understand to some extent the economies of Africa as well as the wealthiest countries on the continent.
Posted by: Thai Son Nguyen Hong
Top 10 Wealthiest Countries in Africa
