Africa is the second-largest and most populous continent in the world. In this article, we narrow down to the most developed country in Africa.
For a nation to fall under the list of richest countries in Africa, it must have a higher gross income per capita, longer lifespan, higher level of education among other key parameters that will be discussed deeply in this article.
Read more to find out the most developed nations on the continent, their GDP, and population.
This article highlights the developed and developing countries in Africa as listed below.
1. Seychelles
Well, the most developed country has to be Seychelles. The nation has achieved all the Millennium Development Goals making it the richest country in Africa.
Seychelles is the 62nd most developed country in the world with a GNI of $26,077 with a life expectancy of 73.7 years to make it the wealthiest country in Africa. The nation has positioned itself as the leading tourist destination making it their primary source of income. However, experts claim the nation needs to rethink about alternative business and investment opportunities. Nevertheless, it is also doing well in other significant sources of income such as fishing, boat building, printing as well as the processing of agricultural products such as coconuts, vanilla, and beverages.
2. Mauritius
The nation comes as number 66 globally. It gained independence in 1968. It has managed to stabilize its economy. It has a 74.9 life expectancy, with an expected 15.1 years of schooling. The country has the GNI per capita of $20,189.
3. Algeria
It is the third-best country in Africa and 85th in the world as well as the biggest country in Africa by land area. It has a life expectancy of 76.3, per capita income of $13,802, and 14.4 expected years in school. It is one of the largest oil producers in the continent, with the industry generating a lot of money for the nation and lots of job opportunities for the youth. Besides hydrocarbons, they also try to venture into other business opportunities such as tourism, communication industries as fuel research. This is to give them an alternative source of income and a competitive edge with other nations.
4. Tunisia
The nation ranks 95th globally with the gross national income (GNI) per capita of $10,275. It has a life expectancy of 75.9 with an expected 15.1 years in school. Their primary source of income is from mining, manufacturing, tourism, and services. It also hosts many world investors who have established their businesses there due to the productive and favourable business environment. This has made it a desirable destination for world investors, thereby boosting their economy in a great way.
5. Botswana
The country gained its independence in 1966. During that time, it was the poorest country in Africa and the entire world. Now the economy is mainly driven by construction, mining, and the service sector. The nation’s economy has grown exponentially thanks to good governance and good policies in place that has offered a conducive business environment. This has enabled them to attract local and international investors to the area boosting their economy in a big way.
6. Libya
The country is number 108 globally with expected 13.4 years in school, 72.1 life expectancy, and the GNI per capita is $11,100. Libya has the largest oil reserves in the continent, giving the economy a significant boost. Oil is a commodity that is heavily used worldwide. When a nation has oil deposits, it becomes a darling to investors.
7. Gabon
The nation’s economy has risen steadily over time thanks to its production of oil and manganese. As their oil reserves face a decline, they are looking for other investment options to avoid depending on the oil sector. It has a GNI per capita of $16,431. By looking for other alternative sources of revenue, they also preserve their oil deposits from exhaustion.
