ESWATINI THE 10TH RICHEST COUNTRY IN AFRICA

BY PHUMELELE MKHONTA

MBABANE– Out of 54 countries in Africa, the Kingdom of Eswatini is the 10^th richest.

This is according to the World Bank on the new report ‘The Richest Countries in Africa 2023’, using data which was collected in 2021, which revealed that Eswatini was ranked position 10 among the richest countries in the continent.

According to the report which was published recently by the World Bank, Eswatini is in the 10^th position, following Algeria.

However, Seychelles is ahead of the 2021 global average of $12 023 USD, and several other African countries have the potential to meet and exceed that goal as well.

This calculation, according to the report, was determined by the average of the country’s Gross Domestic Product (GDP), GDP Per Capita and Gross National Income (GNI).

Under GDP Per Capita, Eswatini ranked ninth richest and under GNI the country ranked the 10^th richest.

Speaking to the numbers, an Eswatini-based economist, who spoke on condition of anonymity, said the rankings were good for the economy because it meant the value of goods and services produced in country (GDP) were growing.

“This simply means that the value creation by emaSwati, in and out of Eswatini, is increasing as seen in the gross national income. Our modest population is playing a pivotal role. If one happens to notice look the term per capita- it means each liSwati is producing US$3 978 (E71 929) per year and earning US$3 650 (E65 998),” said the economist.

He further said, however, it was also true that Eswatini is in the top 10 unequal countries in the world (Genie coefficient), meaning the income is highly concentrated in the upper class.

Here are the 10 richest countries in Africa:

1. Seychelles – $14,540
2. Mauritius – $9,920
3. Libya – $8,700
4. South Africa – $6,530
5. Gabon – $6,440
6. Botswana – $6,430
7. Equatorial Guinea – $5,150
8. Namibia – $4,650
9. Algeria – $3,660
10. Eswatini – $3,650

Richest African Countries by GDP per Capita (current US$ – World Bank):

1. Seychelles — $14,653.3
2. Mauritius — $9,106.2
3. Gabon — $8,635.3
4. Equatorial Guinea — $7,506.7
5. South Africa — $7,055.0
6. Botswana — $6,805.2
7. Libya — $6,357.2
8. Namibia — $4,856.6
9. Eswatini — $3,978.4
10. Tunisia — $3,807.1

Richest African Countries by GNI per Capita (Atlas method, current US$ — World Bank):

1. Seychelles — $14,540
2. Mauritius — $9,920
3. Libya — $8,700
4. South Africa — $6,530
5. Gabon — $6,440
6. Botswana — $6,430
7. Equatorial Guinea — $5,150
8. Namibia — $4,650
9. Algeria — $3,660
10. Eswatini — $3,650