Hello Displorers, Welcome back to another exciting video presented to you by Displore and thanks for watching, In this video we shall be taking you around the beautiful continent of Africa showing you the Top 10 richest countries on the Continent. Africa is the second largest continent in the world after Asia with a population of about 1.3 billion people scarttered amongst its 55 sovereign countries, Though the continent is home to some of the poorest countries in the world, there are however countries in Africa that stand out and can compete with countries in the west. Over the years there has been a significant increase in the Gross Domestic products of most African countries mainly due to improvement in the Agriculture, Service and Tourism Industries however the GDP of a country is not the only determining factor of how rich or poor a country is, Nigeria for example has the highest GDP on the Continent but many Nigerians live on less a Dollar a day. The per capita income be it nominal or Purchasing power parity(PPP) is the most important factor to determine the riches of a country. So this video we shall look at country with the highest Nominal GDP per capita because the higher the per capita income of a country, the higher the standard of living and overall wellbeing. The per capita income of a country can be gotten by dividing the Population of a country by the country by its GDP.
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Though the richest countries in the world might not be in Africa, Africa however has its own fair share of rich countries, so without further delay and going by the Nominal GDP per capita, here are the Top 10 Richest Countries in Africa in 2020.
10. Eswatini – Nominal GDP Per Capita - $4.131
Starting off at the 10th position we have the southern African country of Eswatini, Formerly called the kingdom of Swaziland,Eswatini is one of the smallest countries in Africa both in surface area and population, however it is amongst the richest countries in Africa. With a population of about 1.1 million people, Ewastini currently has nominal GDP of about 4.6 billion dollars and a nominal per capita income of about 4.131 dollars. Eswatini's economy is diverse, with agriculture, forestry and mining accounting for about 13% of GDP, manufacturing (textiles and sugar-related processing) representing 37% of GDP and services – with government services in the lead – constituting 50% of GDP. Title Deed Lands (TDLs), where the bulk of high value crops are grown (sugar, forestry, and citrus) are characterised by high levels of investment and irrigation, and high productivity.
9. Algeria –Nominal GDP Per Capita - $4.229
Officially the People's Democratic Republic of Algeria, is a country in the Maghreb region of North Africa. The capital and most populous city is Algiers, located in the far north of the country on the Mediterranean coast. With an area of 2,381,741 square kilometres, Algeria is the tenth-largest country in the world, and the largest by area in the African Union and the Arab world. With an estimated population of over 44 million, it is the eighth-most populous country in Africa. Algeria is classified as an upper middle income country by the World Bank. The economy remains dominated by the state, a legacy of the country's socialist post-independence development model. In recent years, the Algerian government has halted the privatization of state-owned industries and imposed restrictions on imports and foreign involvement in its economy. The Nominal GDP of Algeria currently stands at 180.6 Billion and the country has a nominal GDP per capita of about 4.229 dollars.
8. Namibia – Nominal GDP Per Capita - $5.923
Namibia is a country in southern Africa with a population of about 2.7 million people and with a surface area of about 825.615km2, Namibia is the most sparsely populated country in Africa. Namibia's economy is tied closely to South Africa’s due to their shared history. The largest economic sectors are mining (10.4% of the gross domestic product in 2009), agriculture (5.0%), manufacturing (13.5%), and tourism.
Namibia has a highly developed banking sector with modern infrastructure, such as online banking and cellphone banking. The Bank of Namibia (BoN) is the central bank of Namibia responsible for performing all other functions ordinarily performed by a central bank. There are 5 BoN authorised commercial banks in Namibia: Bank Windhoek, First National Bank, Nedbank, Standard Bank and Small and Medium Enterprises Bank. As of 2020, Namibia has a GDP of about 14.1 billion dollars and a Nominal per capita income of about 5.923 dollars making it the 8th richest country in Africa.
7. South Africa – Nominal GDP Per Capita - $6.331
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