Top 20 Richest African countries at the moment – See how the giants have fallen!

11. Libya

GDP: $76.52 Billion

Foreign Exchange Reserve: $120, 900 Million

Libya is largely dependent on its oil reserve and petroleum products for most of its revenue and just about 20% of all of Libya’s GDP come from the service and construction sectors. The small number of population with a large amount of revenue from oil suggests the reason Libya has been described as an “Upper Middle Economy” by the world bank. Since 2000, Libya has recorded favorable growth rates with an estimated 10.6% growth of GDP in 2010 and 76.3% in 2012 after plummeting in 2011.