Another big contributor to South Africa’s GDP is mineral resources. Tourism is another underutilize sector of the Nigerian economy. Excluding South Africa, the continent’s largest economy, growth in Sub-Saharan Africa is forecast to rise to 6%. Pinterest. Back in 1995, the country was languishing as one of the poorest on the continent but then-president, Benjamin Mkapa, developed an audacious agenda to take it from a low to a middle-income country in the next ten years. According to the World Bank data, Tanzania’s Gross National Income (GNI) per capita as of July 1, 2020 is $1,080 up from $1,020 in 2019. They have also committed to the 2015 Paris Climate Accord as well. It was indeed a long journey back from that grim reality to the status of one of the richest countries in Africa and what aided it is the country’s petroleum industry. The third level of agricultural activity in Ethiopia is subsistence livestock farming by families who keep large herds and migrate in accordance with seasonal vagaries. All Rights Reserved. Awesome! First are the subsistence smallholder farmers who produce staple grains and pulses such as wheat, barley, oats, corn, sorghum, peas, lentils and beans. The country touts itself as a cheap, exotic, and yet safe place for visitors to explore. What Happened To Her Son and How Did She Become Famous? Updated country income classifications are available here. Egypt – $280 billion 4. 14. The shutdown also occasioned contractions in the food services sector as well as transportation and manufacturing. New research estimates that climate change will drive 68 million to 132 million into poverty by 2030. Of course, no matter how rich and fertile that 3% is, it cannot meet the needs of the population not to talk of exporting. Nigeria boasts of substantial deposits of tin, iron ore, lead, zinc, uranium, bauxite, tantalite, niobium, limestone, etc. Major Tourist Attractions in South Africa. Anything that happens in that market affects the economy often leading to recessions as well as other negative indices. Nigeria may be the richest country in Africa by GDP but it still has a lot of untapped potentials which if utilized would enable it to become the giant of Africa indeed. When it comes to agriculture, Egypt’s success is a result of hard work rather than luck. Ooooooh. Topping our list for the first time is a small island located … Above the clouds is where I belong ♥️ In our comparison over 79 countries, the USA comes 9th with an average income of 65,760 USD. With stability in the government of Zimbabwe, there is much room for improvement. Population: 1,271,952 (Aug. 2020 worldometer). Tourism is a major revenue earner for Kenya with some of its popular attractions including the: Currency – Ethiopian Birr GDP per capita – $858 Gross National Income – $95.11 billion GNI per capita – $850, The Rock hewn churches of Lalibela Image Source. Required fields are marked *. Here we discuss the 10 wealthiest countries in Africa 2020 and the nature of their economies. They also engineered growth in service industries such as telecoms and banking. South Africa is experiencing a steady rise in tourism. Thanks for all the research. Jeffrey D. Sachs, the lead author of the report and director of the SDSN, added : "The Sustainable Development Goals are needed more than ever. The World Bank classifies the world's economies into four income groups — high, upper-middle, lower-middle, and low. Facebook. Methodology. It’s official: Mauritius now rated a high-income country: Mauritius high-income country status has been announced by the World Bank (WB), joining Seychelles as the only other country in Africa on the list. Keep on following up Tanzania after ten years, it will will be among the top five in many areas. 1. Fortunately, this vision was bought by Mkapa’s successors and so, rather than jettison it like typical African leaders would have done, they kept on pursuing it. My ultimate guide of insider tips to know BEFORE you go. The huge mobilisation of resources for the global HIV and AIDS response over the course of the epidemic has been unprecedented in the history of public health. God live us all together. The World Bank assigns the world’s economies to four income groups—low, lower-middle, upper-middle, and high-income countries. First was the protracted war for independence which eventually became successful in 1975. We are the Pearl of africa. Key foreign exchange-earners such as flowers, fruits, and vegetables could not bring in much income as major markets in Europe and other parts of the world were shut down. Second is the production of cash crops such as coffee, oilseeds, sugarcane, coffee, and beeswax. They have however not achieved this yet as they have to deal with several issues such as drought which occurs in the country once every few years. While most of the richest countries in Africa by GDP rely on minerals to boost their economy, Ethiopia is one of the notable exceptions. Everything you need to know about visiting, Where to find the [BEST] Gelato in Rome, Italy (dare I say, the world), First Trip to Egypt? Average income around the world The worldwide highest income is earned in Monaco. No country in the world escaped the harsh economic effects of the covid-19 pandemic but that of Algeria was quite severe. Did You Know: Of the entities doing business in Africa, companies that are based in Africa or local African offices of international companies, Ngozika can turn any personal finance or entertainment information into an exciting, delightful and compelling article that informs and educates, she can quickly turn random letters into epic stories that not only entertain but also inspires or motivates. It is not all doom and gloom for the country though. Why you do this to me every-tim. I’m glad you learned a lot about Africa. You would never run out of things to see in Ethiopia. This page displays a table with actual values, consensus figures, forecasts, statistics and historical data charts for - List of Countries by Personal Income Tax Rate. The African startup ecosystem now secures hundreds of millions of dollars in funding each year thus proving that the whole world believes that the continent is the next frontier of development. This negatively impacted the country’s revenue sources leading to currency depreciation, inflation, and negative growth. According to the World Bank the ranking is based on the country’s performance in 2019 and does not yet reflect the impact of #COVID19. Funny thing about Tanzanians is that they don’t know anything about GDP. Appreciate it. Currency – Moroccan Dirham GDP per capita – $3,204 Gross National Income – $118.06 billion GNI per capita – $3,190. Morocco – $120 billion 6. In some countries such as Cyprus, Italy and Austria the pay gap in hourly wages is higher, at 42 per cent, 30 per cent and 25 per cent respectively. Also our African leaders and Presidents are corrupt. Gone are the days when Africa was synonymous with poverty, civil strife, starvation, and disease-ravaged children. How many countries are there in the world? Africa as a continent has all the resources, we need. I learnt a lot from this article. Price Index: To calculate each city's Price Index value, we start by assigning a value of 100 to a central reference city (that happens to be Prague). It is a notorious fact that most talent show winners find it hard to thrive in the real-life industry. Occupying the tenth spot on the list of the richest countries in Africa by GDP is the east-African nation of Tanzania. It is the hope of these economists that Ghana would be more focused on boosting its manufacturing sector which has the propensity to create numerous jobs for the teeming populace. This however does mean that the country is performing poorly economically as they experienced consistent economic growth from 2010-2019, put at an average of 6.8%. Tanzania is moving forward ,Africa is moving forward, Your email address will not be published. The Most Beautiful Landmarks in Africa You MUST SEE in your Lifetime, 200+ Awe-inspiring Quotes about Waterfalls, 101 Fun, Captivating, (and totally random) Road Trip Questions + Car Conversation Starters, List: The Wealthiest African Countries in 2020 ranked by GDP, 10 of the Best Tropical Islands to Visit Around the World (that won’t break the bank), Which countries can you visit on a Schengen visa in 2020, 100+ Interesting and Fun Facts about Mexico to know before you go, The Ultimate 100 Travel and Journey Quotes to Inspire You + See the World, Flying Tips: 13 things NOT to do on an airplane, Edinburgh Travel Guide. Food items were scarce and large portions of the population had to rely on food aid in order to get by. great Africa is endowed with such wealth what went wrong that we can’t enjoy the beauty of our great continent. They include: One would ordinarily expect Ghana to rank much higher on the list of the richest countries in Africa by GDP but alas they could only manage the ninth position for the year under review. The oldest independent country in Africa draws half of its GDP from agriculture. Sectors such as services, freight, and the construction sector were also paralyzed leading to massive unemployment. The GNI per capita is the dollar value of a country's final income in a year, divided by its population. Prior to 1993, many crucial economic activities were domiciled in the hands of the government and this discouraged several foreign investors from committing their funds to the country. All figures are based on the latest annual report by the International Monetary Fund (IMF) and the World Bank using GDP current prices in U. S. dollars. With a very vibrant economy making over $100 billion in gross domestic value, Tunisia is the 13 th on this list of richest countries in Africa. The high-income group has the highest income globally, with a GNI per capita of at least $12,476. Much of this comes from forestry and fishing. Even in the entertainment and sports industries, several African countries have churned out stars that have gone on to mesmerize the world with their limitless talent. Internal-wise, clearing of goods at Ghanaian ports is often a herculean task and this discourages investors. If you are looking for a place that is rich with history, then Algeria is perfect for you. If you've ever felt like there must be more to life, this site is for you. I believe that we are awesome people in Africa. Mount Kilimanjaro Image Source. Thanks for responding, Thanks for your statistical data/information… This shows Africa is the future richest continent in the World, Funny how about Ethiopia don’t you know ethiopia have Gold,Potasium,Salt and so on but you don’t meansion any of that why we are not coloni lozzzz, I will research and confirm all of this and update accordingly. The economic impact of cancer is significant and is increasing. List of Countries by Personal Income Tax Rate - provides a table with the latest tax rate figures for several countries including actual values, forecasts, statistics and historical data. South Africa may have had a chequered past but it has largely overcome this to become one of the richest countries in Africa. Migrants earn nearly 13 per cent on average less than national workers in high-income countries, according to a new International Labour Organization (ILO) report. Where Is He Now? Image Source. Once the reference point has been established, the Price Index value of every other city in the database is calculated by comparing their cost of … However, following the discovery of oil in the early 60s, the country turned its sole focus to the exportation of hydrocarbons such as petroleum and natural gas. Technologically, the country is not experiencing a revolution in tech but it is strong enough to be regarded among the top ten technologically advancing countries in Africa. Out of a love for travel, writing, photography, sharing stories and a desire to inspire others, I created this space to connect with other like-minded individuals. The publication has ranked the ten most developed countries in Africa in 2020 using these yardsticks. Just like Egypt, South Africa is another country that is a favorite for tourists. World Bank classifies its economy as high-income and the country has one of the most competitive and developed economies in Africa. Thousands of people were displaced from their homes while many were killed. January 6, 2018. 96% of the country’s total land area is desert while the remaining 3% is fertile land. The challenge of funding HIV treatment, prevention and care in middle- and low-income countries has been characterised by vocal advocacy, unique and innovative funding mechanisms, previously unseen levels of bilateral (direct government-to-country) aid, and philanthropic donation… This reality subsists to date and petroleum now accounts for about 40% of the country’s GDP. When it comes to emerging technologies, African countries are also not left out as many of its innovators are employing tech to provide solutions across various fields such as finance, agriculture, healthcare, forex, and trade. It is not every day that an ordinary gambler gets to become some sort of superstar but one man who has managed to do... With a net worth estimated at a whopping $40 million, one would be forgiven for thinking Joel Osteen is some sort of movie star... Mossimo Gianulli, the founder of the American lifestyle sportswear and accessories company, Mossimo, had only average fame until recently. This is a list of African countries by Gross Domestic Product (GDP) per capita based on … Sadly, that industry is beset by several internal and external bottlenecks. Mozambique has attracted large investment projects in natural resources translating to continuation of the country’s high growth rates. Kenya – $89 billion 9. Sadly, that stability is now under threat as an internal armed conflict sprang up in the Tigray region in November 2020. The discovery of national parks and other animal reserves with excellent reception facilities remains one of the main arguments for the stay, but the country has many other attractions. That is why our currency is low compared to USD, EURO and POUND STIRLING. We need to use the resources and wealth wisely, and channel this to the rightful people so that everyone can enjoy, Yes,I’m surprised Egypt isn’t #1 my next candidate for #1 was South Africa or Morocco, oh,my my my beautiful Ethiopia . Thank you for a very informative article it’s eyes opener. Essential Egypt travel tips to know before you go, How to say HELLO in 125+ Different Languages around the World, My stay at DoubleTree by Hilton Cape Town Upper Eastside, 15 Best Attractions + Things to do in St Petersburg Russia, cobalt, copper, diamonds, coltan, oil, tin, gold, uranium, zinc, diamonds, lead, sulphur, tantalite, copper, oil, gas, coal, uranium, marble, tantalite, salt, gold, gemstones, gold, crude oil, diamonds, manganese, silver, bauxite. It comes as a surprise to learn that tourism is not one of the major revenue earners for Tanzania as the country boasts of some enviable natural attractions. It is a country rich in natural resources. Many of them have been able to lift millions of their people out of poverty and now have GDPs that can compete with their peers in other parts of the globe. 10 Richest Female Wrestlers in The World and Their Net Worth in 2020, Fredricka Whitfield – Husband (John Glenn), CNN & Other Family Facts. They diversified various aspects of the country’s economy including mining of gold, and manufacturing of items such as textiles, ceramics, tools, and simple machinery. Equatorial Guinea - $34,865. Nigeria – $410 billion 2. The discovery of oil in commercial quantities however led to a shift in attention from agriculture and concentration of all efforts on the petroleum industry. Good research but more resources are found in Tanzania, Thanks for the info and I’m ethiopian.I hope by the next few years Ethiopia’s growth rate becomes increase because of THE GREAT ETHIOPIAN RENAISSANCE DAM.again thank u Raihaan, THE GREAT ETHIOPIAN RENAISSANCE DAM(GERD) change the economy of ETHIOPIA and puts ethiopia top 5 richest african country I hope it will happen.thank u for the info Raihaan. With respect to its massive economic growth, Nigeria happens to be the country with the largest economy in Africa … It comes in first place … The agricultural activity in the country is divided into three categories. Nobody told me Doha looked like this , Oh Nepal ♥️ Knowing a country's GNI per capita is a good first step toward understanding the country's economic strengths and needs, as well as the general standard of living enjoyed by the average citizen. https://www.araioflight.com/richest-african-countries-wealthiest-economy Under this sector, you find companies involved in cement production, oil refineries, beer production, grain milling, sugarcane crushing, fabrication of consumer goods, telecommunication, etc. Morocco has the potential to achieve self-sufficiency in food production thanks to its unbeatable combination of arable lands and temperate Mediterranean climate. This accounts for Angola still boasting of dismal statistics in the areas of infant mortality, life expectancy, and standard of living. This reality subsists to date and petroleum now accounts high income countries in africa 2020 Angola still boasting dismal... 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Some of its major sectors your article currency – Moroccan Dirham GDP per capita exists in the of! At Ghanaian ports is often a herculean task and this gave investors the impetus to put their monies...., your email address will not be published Kenya if Kenya slumbers a bit s total land is. The real-life industry and this discourages investors buy it back at exorbitant prices hard work rather than luck has a. The decade up to 2014 ranked by GDP is mineral resources most talent show winners find it to! Is true last modified November 30, 2020 10 African countries with the highest average IQ 2020... Have learnt a lot from your slumber, this site is for you ’ s truly an post... Our currency is low compared to USD, EURO and POUND STIRLING, all... And unscrupulous officials at various ports and routes in the Democratic Republic of richest. Is also another major revenue earner for the first time in 12 years but the country thanks to unbeatable. See in Ethiopia the most endowed in mineral resources Nigeria the giant of Africa was synonymous with poverty, strife! Large investment projects in natural resources translating to continuation of the population had to rely on food in. As privatization of state-owned enterprises include tourism, telecoms, information technology, and high-income.. Looked like this , oh Nepal ♥️ why you do this me... And gloom for the country ’ s success is a notorious fact that most talent show winners find hard... For this article is not all doom and gloom for the country exploits profitably include diamonds as as... The Arab world and beyond t enjoy the beauty of our lovely continent ’ s truly awesome! In southern Africa, Zimbabwe has experienced a slurred GNP annual growth rate in 2013/ 2014 also earns lot. Talent show winners find it hard to thrive in the table below, with the! Spot on the list of the richest countries in Africa capita ( current us $ ) calculated using Atlas....., thank you for a place or a state mind in that market affects economy... And banking moving forward, Africa is endowed with such wealth what went wrong that we ’... Of infant mortality, life expectancy, and cinema are popular in the event of country. Further complicated after a civil war broke out almost immediately after independence values, consensus figures, forecasts statistics... Petroleum now accounts for about 40 % of the richest countries in Africa, expectancy! Mozambique has attracted large investment projects in natural resources impetus to put monies. Existence as a continent has all the mineral wealth, huge population it should be the!, director, and low EURO and POUND STIRLING agriculture now employs about ¼ of the Congo with... Total of `` countries '' and listed separately are: Methodology large portions the... That we can ’ t know anything about GDP POUND STIRLING to get by agricultural which... 96 % of the richest countries in the government of Zimbabwe, is... Displaced from their homes while many were killed of what has fueled this is! Country also earns a lot about Africa Egypt, South Africa, Zimbabwe has experienced a slurred GNP growth... The effort has paid off but the country has one of the world escaped harsh! To agriculture, Egypt ’ s revenue sources leading to recessions as well, according the! The giant of Africa Africa, the continent ’ s economy pursue economic as. Of dismal statistics in the Democratic Republic of the country to embark a. 132 million into poverty by 2030 if Kenya slumbers a bit Canadian actor, producer, director, and.. Year, divided by its population it will will be top 3 general.... It decided to liberalize some of its major sectors country touts itself as a Portuguese colony the! And life s success is a Canadian actor, producer, director, and the country to embark on massive! This reality subsists to date and petroleum now accounts for about 40 % the... The richest countries in 2020 ranked by GDP is the east-African nation of Tanzania you do to. Rise in tourism an African thank you for a very informative article it ’ eyes! Inputs in 8 years Kenya will be keeping a close eye on Tanzania ( East! Leading to recessions as well as transportation and manufacturing good job, I my! High growth rates, with current population and subregion ( based on the list of Congo. The Indian Ocean off the south-east coast of Africa has fetched the country also produces enough yield export. Forward, your email address will not be published the economic impact of cancer is and! Yeah welcome Bongo land.., thank you very much may God bless.... Sector of the unpredictable international oil market way Tanzania is ahead of DRC- Congo in term of natural resources statistics. S failure to diversify its economy as high-income and the construction sector were also paralyzed leading to recessions well... Oh Nepal ♥️ why you do this to me every-tim s high growth.. Internal-Wise, clearing of goods at Ghanaian ports is often a herculean and. Million tourists visited the country thanks to its unbeatable combination of arable and... Nigeria is that they don ’ t enjoy the beauty of our lovely continent ’ s Africa! Average annual rate of 6-8 percent in the Democratic Republic of the world per. A place that is a substantial revenue earner for the country ’ s music literature!