Africa's Richest Country...You're In For A Surprise!

I was bored so I decided to check out the latest stats on our continent...the last time I did, it was a few years ago when Mauritius topped the list.  According to CIA.gov, Africa's richest country is...

Equatorial Guinea! "Richest" in this sense being GDP Per Capita with a whopping $44'100 (2007 est.).  Imagine the jump from their 2002 est. when their GDP Per Capita was at $2700.

That said, Equatorial Guinea is now also one of the richest countries in the world.

Mauritius is now 6th on the list, with a GDP Per Capita of $11'900 (2007 est).

South Africa is currently at 7th place ($10'600 GDP Per Capita 2007 est.).  Nigeria is 19th place at $2′200 GDP Per Capita (2007 est).  I had to mention both South Africa and Nigeria because most people from these countries somehow always feel they're Africa's #1 (no offence but it's true  ).

interesting topic sabrina.  well equiturial guinea have a lot of oil now.  that's why nigeria and cameroon have been fighting over it. it's such a small place.  they have little over half a million residents. 

interesting place to visit.

Equatorial Guinea doesn't certainly have the best living standards nor the best infrastructure in Africa, which is what GDP per capita is supposed to reflect. The average citizen in Malabo does not have a better quality of life compared to the one in Lagos or nearby Libreville. As ren da pointed out, the high figure is due to the country becoming a major oil exporter in recent year, when you divide that by the tiny population number obviously you get a high number.

High GDP per capita would translate into "Richest" only if there were wealth distribution, but right now the boom that is happening there (as well as Angola) benefits only those in power, the oil companies and the huge crowd of "consultants", which happen to come from Western countries in most cases.

South Africa and Nigeria are still with Egypt I think at the top of Africa in terms of GDP, the total value of products and services produced by a country in a single year, which actually matters more as an economic indication, which is why we hear more about the US, Japan, Germany and China rather than Switzerland, Norway, Denmark etc. countries that have the same or higher GDP per capita.

BTW Equatorial Guinea has been growing at an astonishing 50% y-o-y rate, more than 5 times what we see in China. And still the population is still one of the poorest in the world. Yet another tragedy due to mismanagement in sub-saharian Africa...

It is quite a sudden thing, so let's hope their government puts the money to good use.

As for Nigeria & South Africa; I'm glad the population are seeing the money...but let's not forget that even if a high GDP per capita doesn't necessarily reflect wealth of the general population, a low GDP per capita gives as an idea of the amount of poor people in a country.

Unfortunately Equatorial Guinea government doesn't put the money to good use. I remember just a few months ago when the son of the president Obiang Nguema was involved in a multi-million real estate deal in the US. Obiang Nguema himself is one of the richest men of Africa. The only people who will really benefit from the growth of Equatorial Guinea will be the close family member, uncles etc. many of whom are millionaire now.

I was a little suprised so i checked out this link.

http://www.clickafrique.com/Magazine/ST014/CP0000000224.aspx

The thing about E. Guniea  is that it has a huge per capita GDP that has no bearing on life in the country. A few individuals control and horrifically mismanage the economy. Ordinary Gunieans are by many standards poor.

The country's ruling class have turned it into a little kingdom where they arrogantly snub their noses at the average man.

E. Gunea's ruling elite justify the use of assasinations as a form of political expression! 

Yeah I think it was Obiang's son being interviewed by reporters in Paris showing off his new Lamborghini on a shopping spree. Why can't they create real power and try to make this like an African Brunei or Singapore?

Well, we can always pray huh?

Hmm....oh,well u pointed out soem facts but at da same time. Check the population of those countries. FUnny

Going through most of the forums...i always find myself repeating the name " Sabrina " wonder what it means to me 

interesting topic sabrina.  well equiturial guinea have a lot of oil now.  that's why nigeria and cameroon have been fighting over it. it's such a small place.  they have little over half a million residents. 

interesting place to visit.

Hmmm..Cameroon fighting over E.G? Since when? As far as I know,we have fought over other issues,none of which is not oil cos we got a lot and our "fighting" is not with E.G but with Nigeria over the Bakassi peninsular.Check your facts please

interesting topic sabrina.  well equiturial guinea have a lot of oil now.  that's why nigeria and cameroon have been fighting over it. it's such a small place.  they have little over half a million residents. 

interesting place to visit.

Hmmm..Cameroon fighting over E.G? Since when? As far as I know,we have fought over other issues,none of which is not oil cos we got a lot and our "fighting" is not with E.G but with Nigeria over the Bakassi peninsular.Check your facts please

you're right cyndy.  i meant bakassi.  don't know how i confused the two.  they're no where near each other.