Why is Africa the least wealthy continent per capita?

Africa is the world's second-largest and second-most populous continent, after Asia in both aspects. At about 30.3 million km2 (11.7 million square miles) including adjacent islands, it covers 20% of Earth's land area and 6% of its total surface area.[7] With 1.4 billion people[1][2] as of 2021, it accounts for about 18% of the world's human population. Africa's population is the youngest amongst all the continents;[8][9] the median age in 2012 was 19.7, when the worldwide median age was 30.4.[10] Despite a wide range of natural resources, Africa is the least wealthy continent per capita and second-least wealthy by total wealth, behind Oceania. Scholars have attributed this to different factors including geography, climate, tribalism,[11] colonialism, the Cold War,[12][13] neocolonialism, lack of democracy, and corruption.[11] Despite this low concentration of wealth, recent economic expansion and the large and young population make Africa an important economic market in the broader global context.

Africa is the least wealthy continent per capita due to a variety of factors including: geography, climate, tribalism, colonialism, the Cold War, neocolonialism, lack of democracy, and corruption.