Here's the richest country in Africa - No, it's not South Africa or Nigeria

Did you know that the small island nation of Seychelles is the richest country in Africa?

Seychelles has been ranked the richest country in Africa by Global Finance Magazine, ranking 56th out of 193 nations globally in 2023.

Seychelles sometimes called the Seychelles has Africa's highest GDP per capita, at $16.7 billion, according to the World Bank.

This group of 115 islands in the western Indian Ocean, the Seychelles is a dream destination for many people because of its crystal-clear waters, powdery white sandy beaches, green environment, and diverse yet unique biodiversity.

Visitors can enjoy secluded beaches, go for mountain hikes and helicopter rides, or spend all day lounging on the white sandy beaches.

The highly developed country, with a population of 131,219 according to Worldometer's elaboration of the latest United Nations data, has a largely tourism-based economy, with fishing and processing of natural resources like coconut.

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Why is the Seychelles so rich?

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More than 70% of hard currency revenue comes from the tourism industry, which employs 30% of the workforce. Tuna fishing comes in second.

Interestingly, plantation farming was the major source of income for this country before tourism took over.

Per capita output has increased seven times since the Seychelles gained independence in 1976, surpassing the previous level of near-subsistence.

A country’s GDP is a means of determining the wealth of the country.

This figure is arrived at by dividing the total economic output by the population of full-time residents, which is why countries like South Africa, Egypt, and Algeria, African countries with the largest economies, aren't the richest African countries.

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Many of the richest countries globally are also the smallest in size and population, like San Marino, Luxembourg, Switzerland, and Singapore. They benefit from sophisticated financial sectors, attractive tax regimes, and thriving tourism.

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