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%. Thanks for letting me know. Major attractions include: Currency – Naira GDP per capita – $2,230 Gross National Income – $407.93 billion GNI per capita – $2,030, Unregulated gold mining in Nigeria Image Source. 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. The total annual economic cost of cancer in 2010 was estimated at … They invested in canals, drains, dams, water pumps, and barrages, and the effort has paid off. Tourism is another underutilize sector of the Nigerian economy. Yeah, I noticed the same thing. Can’t wait to see and discover all of beautiful Africa! It comes in first place … The disorder, which limits a person's ability to relate and... In recent times, we have seen many songwriters whose creative skills and talent have landed lifetime earning. 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. What’s ailing Tanzania, with all the mineral wealth ,huge population it should be far above Kenya in terms of GDP. Occupying the tenth spot on the list of the richest countries in Africa by GDP is the east-African nation of Tanzania. Just like Egypt, South Africa is another country that is a favorite for tourists. “The COVID-19 pandemic has shed considerable light on the vulnerability of health systems, notably in high-income countries that were thought best prepared to face epidemics,” the report said. The average income is calculated by gross national income and population. A Rai of Light copyright © 2020. The high-income group has the highest income globally, with a GNI per capita of at least $12,476. The smallest budget per capita exists in the Democratic Republic of the Congo. Tourism is also another major revenue earner for the country thanks to its renowned heritage. It was largely allowed to operate with little government intervention and this gave investors the impetus to put their monies there. The publication has ranked the ten most developed countries in Africa in 2020 using these yardsticks. The country also produces enough yield for export and agriculture now employs about ¼ of the total labor force. Mauritius Joins Seychelles As The Only High-Income Countries In Africa July 6, 2020 The World Bank has classified Mauritius as a high-income country for the first time, joining Seychelles as the second high-income economy in Africa. Appreciate it. 1. Lower Middle Income Range Upper Middle Income Range High Income Threshold Number of economies GNI Year Term of Income Classification FY21 (July 2020) $1,035 or less $1,036 to $4,045 $4,046 to $12,535 until 1 July 2021 $12,536 or more World Bank list of economies (June 2020) 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. The technology sector is doing quite well with a thriving tech ecosystem which has led to several startups such as Paystack and Interswitch (online payment platforms) and Bolt (ride-hailing app). but this has been largely ignored and clandestine private miners now have a field day with them. The World Bank classifies the world's economies into four income groups — high, upper-middle, lower-middle, and low. Given the above reality, the Kenyan economy was adversely affected by the covid-19 lockdown of 2020. Nigeria – $410 billion 2. 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. The upper-middle-income group has per capita incomes between $4,038 and $12,475. 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. Mount Kilimanjaro Image Source. Average income around the world The worldwide highest income is earned in Monaco. truly Africa is a blessed continent!! Here we discuss the 10 wealthiest countries in Africa 2020 and the nature of their economies. What Is Wrong With Barron Trump, Is He Really Autistic? Mauritius is an island nation in the Indian Ocean off the south-east coast of Africa. The country also earns a lot of revenue from the export of tea, coffee as well as horticultural produce. Egypt is one of the most favored tourist destinations in the world thanks to its array of rich historical sites such as: Currency – Rand GDP per capita – $6,001 Gross National Income – $353.53 billion GNI per capita – $6,040. There are however some shows... Just Richest – People, Net Worth and Salary, 10 Richest Voice Actors in the World in 2020, The 15 Most Expensive Cat Breeds in the World, with harassment and unscrupulous officials, eliminating poverty and eradicating inequality, report larger increases in revenue and profitability, Things You Didn’t Know About William Shatner’s Net Worth, Wife and Children, The 20 Sexiest Miss Universe Winners Ever, Striking Details About Kelly Clarkson: Her Net Worth, Husband and Kids, Kaley Cuoco’s Net Worth and Earnings From Acting, Meet Her Sister and Husband, This Is Why Bobby Flay’s Marriages Failed and All About His Relationships Since The Last Divorce, Facts About Juicy J Net Worth and Rise to Mainstream, Wife and Family Life. The shutdown in transportation and other energy-driven sectors meant that demand for crude fell, and with it, the price per barrel. By Uzonna Anele. Along the way, I share my journey and strategies on Travel, Art and Life. If you are looking for a place that is rich with history, then Algeria is perfect for you. Share. The country boasts of several natural and man-made tourist attractions such as: Currency – Kwanza GDP per capita – $2974 Gross National Income – $97.01 billion GNI per capita – $3,050. Mozambique grew an average annual rate of 6-8 percent in the decade up to 2014. One does not need to a soothsayer to know that this does not bode well for the country’s reputation as an investment destination. It has therefore a big potential of being top five in Africa. God live us all together. 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. Algeria – $178 billion 5. The Angolan economy has suffered many shock waves since the country came into existence as a Portuguese colony in the 15th century. In Finland […] Nigeria boasts of substantial deposits of tin, iron ore, lead, zinc, uranium, bauxite, tantalite, niobium, limestone, etc. 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. 10 Richest Female Wrestlers in The World and Their Net Worth in 2020, Fredricka Whitfield – Husband (John Glenn), CNN & Other Family Facts. 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. TOP 10 RICHEST AFRICAN COUNTRIES IN 2020 RANKED BY GDP & PRIMARY EXPORTS. South Africa – $350 billion 3. The average income is calculated by gross national income and population. I believe that we are awesome people in Africa. 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 living to the cost of living … Major Tourist Attractions in South Africa. It should be reflecting the average before tax income of a country's citizens. Is Jenny McCarthy Married? The beauty of the countryside, the magnificent exteriors, the sunny climate, the cultural diversity – all of these reasons ha… Sadly, that industry is beset by several internal and external bottlenecks. Tr, Dreaming of an Italian Summer and waking, This error message is only visible to WordPress admins, The most affordable tropical island in Africa and around the world. 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. 96% of the country’s total land area is desert while the remaining 3% is fertile land. Tanzania is the most endowed in mineral resources I in Africa. William Shatner is a Canadian actor, producer, director, and author. First was the protracted war for independence which eventually became successful in 1975. Oh Uganda may God uphold thee. Nigeria is one of the most influential countries not only in West Africa … Average income around the world The worldwide highest income is earned in Monaco. Above the clouds is where I belong ♥️⁣⁣ It is a country rich in natural resources. New research estimates that climate change will drive 68 million to 132 million into poverty by 2030. What Happened To Her Son and How Did She Become Famous? 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. That move has largely worked as Morocco has witnessed progress in the fields of agriculture as well as manufacturing (processing raw materials for export and producing consumer goods for the domestic market). 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. Methodology. Nevertheless, the country boasts of attractions such as: Did you also know that African foreign direct investment in Africa nearly tripled from 2006 to 2016, 1. Such a reality has had a positive impact on several African countries with the result that some of them now rank amongst the fastest growing economies in the world. They have also committed to the 2015 Paris Climate Accord as well. You would never run out of things to see in Ethiopia. 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 . Not included in this total of "countries" and listed separately are: This war raged intermittently for several decades, up until 2002, and predictably led to a collapse of the country’s economy. This reality subsists to date and petroleum now accounts for about 40% of the country’s GDP. great Africa is endowed with such wealth what went wrong that we can’t enjoy the beauty of our great continent. 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. 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? World Bank classifies its economy as high-income and the country has one of the most competitive and developed economies in Africa. Even though the continent still has its fair share of challenges, it has nevertheless made great strides in the areas of education and healthcare. Another thing that brings much hope to Nigeria is that it boasts of a youthful population that can drive the economy. 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. When it comes to agriculture, Egypt’s success is a result of hard work rather than luck. The country’s economy has witnessed commendable strides ever since it decided to liberalize some of its major sectors. January 6, 2018. The second-largest contributor to Kenya’s GDP is the agricultural sector which contributes about 22%. Yeah, let’s keep an eye on amazing Ethiopia. Subdued growth has jeopardized efforts to promote inclusion. I learnt a lot from this article. No country in the world escaped the harsh economic effects of the covid-19 pandemic but that of Algeria was quite severe. Who Is Nicolette Scorsese and Where Is The Actress Now? With respect to its massive economic growth, Nigeria happens to be the country with the largest economy in Africa … Me too. Kenya on the other hand, though it hasn’t large portion of arable land depends much on industry of its people and technological exploits of its youth. Egypt – $280 billion 4. This beacon of ancient civilization boasts of one of the truly diversified economies on the continent and draws its revenue from several sources such as agriculture, media, petroleum, natural gas, and tourism. Part of what has fueled this achievement is its manufacturing and agricultural sectors. The World Bank assigns the world’s economies to four income groups—low, lower-middle, upper-middle, and high-income countries. United States. There are 54 countries in Africa today, according to the United Nations. The largest contributor to Kenya’s gross domestic product is the services, industry, and manufacturing sector which accounts for about 75%. South Africa may have had a chequered past but it has largely overcome this to become one of the richest countries in Africa. This is due to the country’s failure to diversify its economy when it had the chance. A home for extraordinary people around the world. 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. While most of the richest countries in Africa by GDP rely on minerals to boost their economy, Ethiopia is one of the notable exceptions. Did You Know: Africa is home to 30% of the world’s mineral reserves, 8% of the world’s natural gas, and 12% of the world’s oil reserves; the continent also has a whopping 40% of the world’s gold and up to 90% of its chromium and platinum. When it comes to media, Egypt’s music, literature, and cinema are popular in the Arab world and beyond. Yeah welcome Bongo Land.., Thank you very much may God bless you. 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). We dont need Europe, infact they need us more than we need them. All these negatively impact the economy of several countries in the sub-region including Ghana. Where Is He Now? This negatively impacted the country’s revenue sources leading to currency depreciation, inflation, and negative growth. Mauritius Joins Seychelles As The Only High-Income Countries In Africa July 6, 2020 The World Bank has classified Mauritius as a high-income country for the first time, joining Seychelles as the second high-income economy in Africa. 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. Occupying the tenth spot on the list of the richest countries in Africa by GDP is the east-African nation of Tanzania. Top 20 Largest Economies In Africa. 14. They paying us peanuts for our resources, then we buy it back at exorbitant prices. More than 90% of high-income countries reported treatment services are available compared to less than 30% of low-income countries. As part of the good economy experienced by the citizens, the rate of unemployment is at its lowest and barest minimum. Thanks a lot hey! Excluding South Africa, the continent’s largest economy, growth in Sub-Saharan Africa is forecast to rise to 6%. In Africa, ICU beds and personnel trained in critical care are limited to tertiary hospitals, as assessed in the Republic of The Gambia; therefore, mortality associated with COVID-19 is likely to exceed the reported case fatality rate of 2.3%. Finally, low-income countries have GNI per capita of $1,025 per less. Currency – Moroccan Dirham GDP per capita – $3,204 Gross National Income – $118.06 billion GNI per capita – $3,190. The latter has fetched the country criticism as many argue that it contributes to climate change which is affecting several parts of the world. The full list is shown in the table below, with current population and subregion (based on the United Nations official statistics). Good job, I have learnt a lot from your article. 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