The richest countries in Africa are located in the southern and Eastern regions of the continent, such as Seychelles, Mauritius, and Equatorial Guinea, according to their GNI per Capita. GNI per Capita is a significant indicator of a country’s wealth and ability to provide its citizens with a good standard of living. Based on GDP, Nigeria is the richest country in Africa, with a GDP of $440,834 billion out of the 54 total number of countries in Africa.
Despite the problems faced by a lot of African countries, including unstable economies, widespread poverty, and poor access to vaccines, Africa has some of the world’s fastest-growing economies, expected to reach a GDP of $29 trillion by 2050, fueled by its agriculture, trade, and natural resources sectors. Few of these countries are also among the top 100 richest countries in the world.
In this post, we will look at the the richest countries in Africa, highlighting important information about these countries. We will also examine crucial economic indicators from the International Monetary Fund (IMF) and the World Bank, such as GDP and GNI per Capita, to determine the richest countries in Africa.
Top 10 Richest Countries in Africa According to GDP
- Nigeria — $440.834 billion
- South Africa — $419.015 billion
- Egypt — $404.143 billion
- Algeria — 163.044 billion
- Morocco — $142.866 billion
- Kenya — $110.347 billion
- Ethiopia — $111.271 billion
- Ghana — $77.594 billion
- Ivory Coast — $70.043 billion
- Tanzania — $67.404 billion
Nigeria: (GDP: $440.834 Billion)
GDP per capita: $2,066
GNI per capita: $2,080
Currency: Nigerian Naira (NGN, ₦)
Nigeria, with a GDP of $440,833,600,000 and an annual GDP growth rate of 2.28%, is Africa’s richest country and also the most populated country in Africa.
The country’s wealth is primarily derived from oil exports, which account for around two-thirds of total national income and 9% of GDP. Nigeria also possesses other valuable natural resources such as niobium, limestone, and natural gas. Lagos, the richest state in Nigeria accounts for about 40% of the country’s income and would be among the top 10 richest countries in Africa if it were a country because of its large GDP.
Despite being the best economy in Africa, Nigeria is the 20th richest country in the continent with a GNI per Capita of $2,080, compared to its GDP per Capita of $2,066 based on GNI per capita. The Gross Domestic Product (GDP) in Nigeria was worth 477.39 billion US dollars in 2022, according to official data from the World Bank.
The country faces significant economic challenges, including high levels of poverty and inequality and an unstable business environment. However, Nigeria has made progress in diversifying its economy by expanding non-oil sectors such as agriculture, manufacturing, and services and has a large and growing consumer market. Also, due to its large population, Nigeria has been considered as the best African country to make money, because its large population presents an array of opportunities for investors.
South Africa (GDP: $419.015 Billion)
GDP per capita: $7,055
GNI per capita: $6,530
Currency: South African Rand
South Africa is the second-richest nation in Africa based on the country’s GDP of over $400 billion. The country plays a critical role in the continent’s economy and is considered one of the fastest-growing economies in the world. Compared to other African countries, South Africa does not rely on just one source of income and exports various raw materials, including platinum, gold, and iron ore. The South African rand is one of Africa’s most valuable legal tenders and the most valuable currency in Southern Africa.
The nation has highly developed legal, communication, energy, and transportation sectors. It boasts the largest stock exchange in Africa and the sixteenth-ranked stock exchange globally, making it a developing market economy.
South Africa ranks fourth in Africa based on GNI per Capita, valued at $6,530. Its GDP per Capita is $7,055, and its GDP is $419,015,000,000, making it one of the richest African countries due to its highly developed industrial and service sectors, supported by a well-established infrastructure and a large, skilled workforce. The country is also rich in mineral resources, including gold, diamonds, and platinum, contributing to its economic growth.
The nation faces significant inequality, with the richest South Africans controlling 70.9% of the nation’s total wealth, while the poorest 60% of the population holds just 7%. South Africa is one of only eight economies in Africa with an upper middle-income level and ranks fifth in the world as a diamond producer.
Egypt (GDP: $404.142 Billion)
GDP per capita: $3,699
GNI per capita: $3,350
Currency: Egyptian Pound (EGP, E£)
Egypt, with a GDP of $404.142 billion and a population of 107.4 million, is the third-largest economy in Africa. However, its GDP per Capita is $3,699, lower than some African countries like Seychelles and Mauritius, indicating a need for further economic development.
Egypt’s economy suffered a blow due to the Arab uprising in 2011, causing foreign exchange reserves to decline. However, the country has maintained a relatively stable economy with moderate growth rates and low inflation.
The country’s diverse economy includes natural gas and oil exports, tourism, wholesale and retail trade, and building and real estate. In addition, the economy has become more diversified, with services now accounting for over half of the GDP.
Egypt ranks thirteenth in Africa for GNI per Capita at $3,350 and twelfth for GDP per Capita at $3,699. Its economy is the largest in North Africa and the Middle East, driven by services, manufacturing, and agriculture.
Algeria (GDP: $163.044 Billion)
GDP per capita: $3,691
GNI per capita: $3,660
Currency: Algerian dinar (DZD, دج)
Algeria is the fourth richest nation in Africa, with a GDP of over $163 billion and a GDP per Capita of $3,691. It is also the ninth richest country in Africa in terms of GNI per Capita, which is $3,660. The country has a population of 45,942,917, and its currency is the Algerian dinar.
Algeria has significantly reduced poverty by 20% over the last two decades. The country has a well-developed industrial base, building roads, highways, colleges, hospitals, industries, houses, metros, tramways, and other infrastructure. However, the country’s economy has experienced volatility due to its dependence on oil exports, which account for about 70% of its income.
Apart from oil and gas, Algeria’s economy is also driven by other sectors such as construction, commercial services, industrial activity, and agriculture. The nation is also a significant supplier of ammonia to Africa. Despite its wealth, Algeria faces challenges such as high youth unemployment and a need to diversify its economy.
Politico-economic unrest in Algeria and the current drop in oil prices have hindered the country’s economic expansion. However, Algeria still ranks third on the continent regarding GDP PPP and has made remarkable strides in the last 20 years in reducing poverty.
Morocco (GDP: $142.866 Billion)
GDP per capita: $3,795
GNI per capita: $3,620
Currency: Moroccan dirham (MAD)
Morocco is a North African nation with a diverse and stable economy that has grown in several industries over the past decade and is ranked as the fifth richest country in Africa based on GDP. Morocco is the second-richest non-oil-producing African country and has a GDP of $142.8 billion, making it the sixth-richest country in Africa.
The Moroccan economy is regarded as reasonably open and subject to the rule of supply and demand, with a policy of privatizing specific economic sectors. Morocco’s three main export businesses are phosphates, the agricultural and agri-food sector, and the automobile industry, which accounts for 28.5% of exports. Morocco has had significant effects due to its importation of food and energy through commodity price shocks triggered by the war in Ukraine.
Morocco’s GNI per Capita is $3,620, and its GDP per Capita is $3,795, ranking it eleventh in the world for both indicators. Morocco has emerged as a key player in African economic affairs and has implemented economic reforms to attract foreign investment and improve the business climate.
The country’s major industries include agriculture, tourism, and manufacturing. It has made significant economic and social development progress recently, with poverty rates declining and human development indicators improving. However, the country is still vulnerable to extreme drought, which can devastate its agricultural seasons.
Kenya — (GDP: $110.347 Billion)
GDP per capita: $2,080
GNI per capita: $2,080
Currency: Kenyan shilling (KES)
Kenya, located in East Africa, has a GDP of $110,347 billion and is ranked as Africa’s seventh richest country. However, when ranked by Gross National Income (GNI) per Capita, it comes in at number nineteen with $2,080. Kenya’s economy is relatively diversified, with agriculture, manufacturing, and services as major sectors.
The country is the region’s leading tea and horticultural producer, and its tea industry is a significant export. Additionally, Kenya has a large tourism industry, with wildlife safaris, beaches, and historical sites attracting visitors from around the world. Kenya is also home to several successful startups, including M-Pesa, a mobile payment platform that has revolutionized money transfers in and beyond.
The country also has challenges, including high unemployment, poverty, inequality, political instability, and security threats.
Ethiopia: (GDP: $111.271 Billion)
GDP per capita: $925
GNI per capita: $940
Currency: Ethiopian birr (ETB)
With a GDP of over $111 billion, Ethiopia ranks as the 6th richest country in Africa and has been making significant strides in economic development. Ethiopia is also ranked 35th in the world in terms of GNI per Capita, which stands at $940, while its GDP per Capita of $925 ranks it 35th. The country has a population of over 122 million people and is one of the fastest-growing economies on the continent, with a projected transition to a middle-income country by 2025.
Agriculture remains the backbone of the Ethiopian economy and the largest employer of the population. Ethiopia is also renowned for its coffee, among the best in the world. The country has been diversifying its economy through investments in manufacturing and services in recent years. The government focuses on infrastructure development, such as road and rail networks, to enhance trade and connectivity.
Ethiopia has natural resources, including gold, oil, and hydropower. It has one of Africa’s most significant hydroelectric power potentials and invests in the sector to provide electricity to its population and neighbouring countries. However, Ethiopia faces political instability and ethnic tensions, hampering its economic growth.
Ghana — (GDP: $77.594 Billion)
GDP per capita: $2,363
GNI per capita: $2,280
Currency: Ghanaian Cedi (GHS)
Ghana is the eighth richest country in Africa, with a GDP of $77.594 billion. It has a population of 32,893,251 and a GDP per Capita of $2,363. The country’s GNI per Capita is $2,280, ranking it seventeenth in Africa. Ghana’s economy is diversified, with agriculture, manufacturing, and services contributing to its impressive economic growth.
The agricultural sector, particularly cocoa and gold, accounts for half of the country’s GDP. In addition to these traditional goods, Ghana produces pineapple, cashew nuts, black pepper, yams, cassava, and bananas. The country is a prominent petroleum and natural gas producer with Africa’s sixth-largest crude oil reserves. Gold is the largest commercially exploited resource, accounting for over 95% of the country’s mining earnings. Ghana’s government has implemented several economic changes designed to enhance the business environment and foster the expansion of the private sector.
These measures have contributed to a more competitive and vibrant economy in Ghana. With a strategic focus on promoting sustainable economic growth, Ghana has the potential to become an economic powerhouse in Africa and beyond.
Côte d’Ivoire (Ivory Coast) — (GDP: $70.043 Billion)
GDP per capita: $2,549
GNI per capita: $2,420
Currency: CFA Franc (XOF)
Cote d’Ivoire, formerly Ivory Coast, located in West Africa, is among the richest countries in the region and the 9th richest country in Africa based on GDP. The country’s GDP is $70,043,190,000, with a GDP per Capita of $2,549. Ivory Coast is also ranked 16th globally based on GNI per Capita, which is $2,420.
The country’s economy is diverse, with a mix of agriculture, industry, and services. The services sector is the largest contributor to the economy, accounting for over 50% of GDP, followed by agriculture, which accounts for over 25% of GDP. The country is the world’s leading cocoa producer and produces significant quantities of coffee and palm oil. The industrial sector, including manufacturing and mining, contributes about 20% of GDP.
Côte d’Ivoire’s economic growth can be attributed to various factors, including government efforts to diversify the economy and improve the business climate. The country has also made significant improvements in its infrastructure, such as constructing new roads and bridges, which has boosted trade and made it easier for businesses to operate within the country. The country’s economy has grown steadily over the years, with a GDP growth rate of 7.5% between 2012 till date.
Tanzania — (GDP: $67.404 Billion)
GDP per capita: $1,099
GNI per capita: $1,100
Currency: Tanzanian shilling (TZS)
Tanzania, located in East Africa, is the tenth richest country in Africa, with a GDP of $67,404 billion. However, with a GNI per Capita of $1,100, Tanzania ranks 30th globally.
The agriculture sector is the mainstay of Tanzania’s economy, accounting for about 30% of GDP and providing employment for most of the country’s workforce. Tanzania produces a variety of crops, including coffee, tea, cashew nuts, and cotton. Additionally, Tanzania is a significant producer of livestock and fisheries products.
The mining sector is another crucial contributor to the economy, accounting for about 4% of GDP. Tanzania is rich in mineral resources, including gold, diamonds, and tanzanite. The country is also a major producer of natural gas, which has contributed to the energy sector’s growth. Tourism is a rapidly growing sector in Tanzania, with the country’s wildlife and beautiful landscapes attracting millions of tourists yearly. The industry contributes about 17% of GDP and provides employment opportunities for thousands of people.
Tanzania’s GDP per Capita is $1,099, ranking 31st in Africa. While the country’s GNI per Capita is $1,100, ranking 30th in Africa. Suppose the country continues to sustain its economic growth efforts, particularly in the mining and tourism sectors. In that case, it is projected that Tanzania’s economy will continue to thrive and may rise in the ranking of richest African countries.
Why is Nigeria the Richest Country in Africa?
Nigeria has the highest total GDP in Africa, which is why it is sometimes referred to as the richest country on the continent. As of 2022, Nigeria’s GDP was estimated to be around $440 billion, making it the 27th largest economy in the world.
However, GDP per capita, which measures the wealth of average citizens, is generally a better indicator of a country’s level of prosperity. On that measure, Nigeria does not rank as high. Its GDP per capita is around $2,000, compared to over $8,000 for South Africa and over $3,500 for Egypt.
So in summary – based solely on total GDP, Nigeria is the richest country in Africa. But if you factor in other important economic indicators like GDP per capita, GNI per capita, quality of institutions, and standard of living, other countries like Seychelles, South Africa and Egypt would be considered richer on average due to higher incomes per person.
List of Top 10 Richest African Countries Africa According to Gross National Income (GNI) per Capita (Atlas method, current US$ — World Bank)
Economists compare the wealth of different countries using a final metric called Gross National Income (GNI). It measures the country’s total income through its goods and services, including money that enters or exits the country from international business activities.
While Gross Domestic Product (GDP) only measures the value of goods and services created by a country, GNI accurately represents a country’s economic health. This is because some countries are known to artificially inflate their GDPs through international tax sheltering, which GNI can help avoid.
- Seychelles — $14,540
- Mauritius — $9,920
- Libya — $8,700
- South Africa — $6,530
- Gabon — $6,440
- Botswana — $6,430
- Equatorial Guinea — $5,150
- Namibia — $4,650
- Algeria — $3,660
- Eswatini — $3,650
The latest rankings of the richest countries in Africa show Seychelles maintaining its top position, with Mauritius closely following—Botswana, Libya, Equatorial Guinea, and Gabon trail behind in the list. Despite having the highest GDP on the continent, Nigeria ranks twentieth with a GNI per Capita of $2,080 and a GDP per Capita of $2,066.
Seychelles — (GNI per capita: $14,540)
GDP per capita: $14,653
Currency: Seychellois rupee (SCR)
Seychelles is the richest country in Africal according to its high GNI per Capita of $14,540 and surprisingly the smallest country in Africa. The country has a thriving economy and a high standard of living for its inhabitants. In addition, its Gross Domestic Product (GDP) per Capita stands at $14,653, with a total GDP of $1,454,460,000, making it an economic powerhouse in the region.
Seychelles owes its economic prosperity to some factors, with its thriving tourism industry being a key contributor. The country’s stunning natural beauty, including its turquoise waters and pristine beaches, attracts thousands of visitors annually. Another factor that has contributed to Seychelles’ success is its strong financial sector, which is well-established and regulated. This sector includes offshore banking, which has made the country a hub for international finance.
Additionally, the government has implemented policies to promote economic growth and development, focusing on sustainable development and environmental conservation. The country’s infrastructure is also well-developed, with modern amenities and services readily available to its citizens.
The government has invested heavily in developing transport networks, including airports and seaports, as well as in the construction of housing and other essential services. With its thriving tourism industry, strong financial sector, and well-established infrastructure, Seychelles stands out as one of Africa’s richest countries.
Mauritius — (GNI per capita:$9,920)
GDP per capita: $9,106
Currency: Mauritian Rupee (MUR)
Mauritius, a small island nation located in the Indian Ocean, is considered the second richest country on the continent after Seychelles. One of the primary reasons for Mauritius’ economic success is its highly diversified economy. The country has developed a strong services sector, mainly focusing on finance and tourism. The manufacturing sector has grown steadily in recent years, with textiles, food processing, and electronics being the main focus areas.
The financial services sector, in particular, has been a significant driver of economic growth in Mauritius. The country has established itself for offshore banking and investment, with a highly developed legal and regulatory framework to support this sector. Tourism is another critical sector of the economy, with Mauritius attracting over 1.3 million visitors yearly. The country’s stunning natural beauty, cultural diversity, and high-quality hospitality services have made it a popular destination for tourists worldwide.
The government of Mauritius has pursued pro-business policies, which have contributed significantly to the country’s economic success. The country has also invested heavily in education and skills development, focusing on science, technology, engineering, and mathematics (STEM) fields.
Libya — (GNI per Capita: $8,700)
GDP per capita: $6,357
Currency: Libyan Dinar (LYD)
Libya is the third richest country in Africa, with a Gross National Income (GNI) per Capita of $8,700. It is one of the largest economies in Africa.
The country’s oil and gas reserves are a major driver of its economy, accounting for a significant portion of its GDP. Libya has one of the largest oil reserves in Africa, and its oil production has been a critical driver of economic growth over the years. The country also has a well-established infrastructure, which has helped to support the development of its industrial sector.
Despite political instability and conflict in recent years, Libya has maintained significant economic activity. The country remains a significant player in the global energy markets, and its oil and gas exports generate significant foreign exchange earnings. Libya also has a diverse economy, with various other sectors such as agriculture, tourism, and telecommunications. Libya’s high GNI per Capita, GDP per Capita, and well-developed infrastructure have enabled it to develop a highly industrialized economy driven by its rich oil and gas reserves.
Gabon — (GNI per capita: $6,440)
GDP per capita: $8,635
Currency: Central African CFA franc (XAF)
Gabon is located in Central Africa, the fifth richest country in Africa due to its significant oil reserves after South Africa. Gabon has a Gross National Income (GNI) per Capita of $6,440, its Gross Domestic Product (GDP) per Capita is $8,635, and its total GDP is $20,216,840,000.
Gabon’s economy has traditionally been heavily dependent on oil, accounting for most of the country’s export earnings. However, in recent years, the government has pursued policies to promote economic diversification and reduce dependence on oil.
In addition to oil, Gabon’s other significant industries include mining, forestry, and agriculture. Gabon is home to significant deposits of manganese, iron ore, and gold, essential contributors to the country’s economy. Gabon’s forestry industry is also a significant contributor to the economy, as the country has vast areas of forested land.
To promote economic diversification, Gabon has launched several initiatives to encourage foreign investment in other sectors of the economy. The government has also taken steps to improve the business environment in the country, including streamlining administrative procedures and simplifying the process for registering a business.
Gabon has strongly emphasized human capital development, investing in education and healthcare to improve the quality of life for its citizens. The country has a very high literacy rate and has made progress in reducing infant mortality rates.
Botswana — ( GNI per Capita: $6,430)
GDP per capita: $6,805
Currency: Botswana Pula (BWP)
Based on GNI per Capita, Botswana ranks as the sixth richest country in Africa, with a figure of $6,430. The country has a strong economy, with a GDP per Capita of $6,805 and a total GDP of $17,614,790,000. One of the main contributors to Botswana’s economic success is its diamond industry, which has helped to drive growth over the years.
In addition, Botswana benefits from a stable political environment and well-established infrastructure, which have helped to attract foreign investment. The government also implemented policies to help promote economic diversification, particularly emphasizing the tourism sector.
The estimated population of Botswana as of 2023 is 2,379,000, and the currency exchange rate is 1 USD equals 13.118 Botswana pula.
Equatorial Guinea — (GNI per capita: $5,150)
GDP per capita: $7,507
Currency: Central African Franc (CFA)
With a GNI per Capita of $5,150, Equatorial Guinea is ranked as the seventh richest country in Africa. The country has a GDP per Capita of $7,507 and a total GDP of $12,269,390,000. Equatorial Guinea is known for its significant oil and gas reserves, accounting for most of its export earnings.
The estimated population of Equatorial Guinea is 1,679,172, and its GDP (PPP) is $16,080.10. In terms of nominal GDP, Equatorial Guinea’s total GDP is estimated at $12.269 billion, with a per capita income of $7,507. The country’s HDI rank is 145th, with a score of 0.596 in 2021.
The currency used in Equatorial Guinea is the Central African CFA franc (XAF), and the capital city is Malabo, with another capital city, Ciudad de la Paz, currently under construction. The country covers an area of 28,050 square kilometres and has a population of 1.6 million people. The official languages of Equatorial Guinea are Spanish, French, and Portuguese.
Despite its wealth, a significant portion of the population still lives in poverty. Human rights organizations have described the country’s post-independence leaders as some of the worst abusers in Africa.
Namibia — (GNI per Capita: $4,650)
GDP per capita: $4,866
Currency: Namibian Dollar (NAD)
Namibia is ranked as the eighth richest country in Africa based on its GNI per Capita of $4,650. Its economy heavily relies on mining, specifically diamonds, uranium, and other minerals. With a stable political and legal environment, Namibia has become a very attractive destination for just foreign investments. Namibia’s GDP per Capita is $4,866, and its GDP is $12,310,600,000. Mining is the most critical contributor to the economy, providing 25% of Namibia’s revenue. Namibia is Africa’s fourth-largest exporter of non-fuel minerals and the world’s fourth-largest producer of uranium. Namibia’s diamond mining industry is mainly free of the conflict and violence that have affected other African countries with diamond mines.
Tourism is another major contributor to Namibia’s GDP, employing 18.2% of the population and creating tens of thousands of jobs directly or indirectly. Due to their shared history, Namibia’s economy is closely tied to South Africa’s. The country’s largest economic sectors are mining, agriculture, manufacturing, and tourism. Namibia has a population of 2.55 million people and is a stable multi-party parliamentary democracy. The manufacturing sector in Namibia is comparatively tiny. At the same time, the country’s economy is based on agriculture, tourism, and the mining sector, which includes mining for base metals, gem diamonds, uranium, gold, and silver.
Eswatini — (GNI per Capita: $3,650)
GDP per capita: $3,978
Currency: Swazi Lilangeni (SZL)
Eswatini, with a GNI per Capita of $3,650, ranks as the tenth richest country in Africa after Algeria. The country’s GDP per Capita is $3,978, and its GDP is $4,743,340,000.
Eswatini’s economy is diverse, with agriculture, forestry, and mining accounting for about 13% of GDP, manufacturing representing 37%, and services constituting 50% of GDP. The country’s agriculture sector, specifically sugar, is a significant contributor to the economy, but it also faces challenges such as forced evictions of rural communities and labour exploitation. The manufacturing sector, including textiles and food processing, has attracted foreign investment, while the services sector, with government services in the lead, is the most significant contributor to GDP.
Eswatini has strong economic ties with South Africa, with over 60% of exports going to South Africa and over 80% of imports coming from South Africa. However, the country faces challenges such as weak performance in agriculture, agro-processing subsectors, and persistent uncertainties in the domestic political and social context, contributing to a slowdown in GDP growth.
Eswatini also has economic and social challenges, including high unemployment, inequality, and poverty. The 2021 Labor Force Survey reported an unemployment rate of 33.3%, the highest in over a decade, and an estimated 32% of the population lived below the $2.15/day international poverty line in 2022.
Despite its challenges, Eswatini’s diverse economy and growing manufacturing sector offer continued economic growth and development potential. However, addressing the country’s high unemployment, inequality, and poverty rates will be critical to ensuring that growth benefits all of its citizens.
Top 10 Countries by Overall GDP Based on Current PPP INT$ Data from the World Bank
Gross Domestic Product (GDP) is a critical measure of a country’s economic performance. Purchasing Power Parity (PPP) is used to compare the GDP of different countries, adjusting for the cost of living and inflation rates. PPP INT$ (Purchasing Power Parity International Dollar) is a theoretical exchange rate calculated to equalize the purchasing power of various currencies. It enables a more accurate comparison of economic indicators such as GDP and GNI across different countries.
Understanding GDP PPP INT$ is essential as it adds up to a country’s wealth and economic performance. Let’s explore the top 10 countries by overall GDP based on current PPP INT$ data from the World Bank, highlighting their financial strengths and unique features.
The top ten richest nations in Africa according to global GDP (current PPP INT$) are as follows:
- Egypt — $1.39 trillion
- Nigeria — $1.15 trillion
- South Africa — $868.58 billion
- Algeria — $535.80 billion
- Morocco — $333.24 billion
- Ethiopia — $306.45 billion
- Kenya — $276.22 billion
- Angola — $223.97 billion
- Ghana — $196.05 billion
- Sudan — $185.64 billion
Richest African Countries by GDP per Capita (current US$)
When it comes to measuring the economic strength of a country, GDP per Capita is often used as an indicator of the population’s standard of living and overall financial well-being. This metric divides a country’s gross domestic product (GDP) by population, giving an average income per person. In the case of Africa, GDP per Capita is a crucial measure for understanding the continent’s economic landscape and the progress that has been made in recent years.
We utilized two prominent sources, The World Bank and the International Monetary Fund (IMF), to collate the list of the top 10 richest African countries based on GDP per Capita.
- Seychelles — $14,653.3
- Mauritius — $9,106.2
- Gabon — $8,635.3
- Equatorial Guinea — $7,506.7
- South Africa — $7,055.0
- Botswana — $6,805.2
- Libya — $6,357.2
- Namibia — $4,856.6
- Eswatini — $3,978.4
- Tunisia — $3,807.1
How do Africa’s richest countries compare to the richest countries on other continents?
As measured by gross domestic product (GDP) per Capita, Africa’s richest countries are generally much poorer than the richest countries on other continents. For example, the richest country in Africa, Seychelles, has a GDP per Capita of around $18,000, which is roughly equivalent to the level of wealth in countries like Mexico or Turkey.
However, this level of wealth is still significantly lower than the levels seen in the richest countries in Europe, North America, and Asia because GDP per Capita is not the only measure of a country’s overall standard of living.
List of African Countries with the Highest Currency
1. Seychelles – Seychelles Rupee (SCR) – Approximately $1 USD = 13.5 SCR
2. Mauritius – Mauritian Rupee (MUR) – Approximately $1 USD = 43 MUR
3. Tunisia – Tunisian Dinar (TND) – Approximately $1 USD = 3.1 TND
4. South Africa – South African Rand (ZAR) – Approximately $1 USD = 18 ZAR
5. Egypt – Egyptian Pound (EGP) – Approximately $1 USD = 18 EGP
6. Morocco – Moroccan Dirham (MAD) – Approximately $1 USD = 10 MAD
7. Namibia – Namibian Dollar (NAD) – Approximately $1 USD = 16 NAD
8. Botswana – Botswana Pula (BWP) – Approximately $1 USD = 12 BWP
9. Kenya – Kenyan Shilling (KES) – Approximately $1 USD = 120 KES
10. Zambia – Zambian Kwacha (ZMW) – Approximately $1 USD = 18 ZMW
The currencies of smaller island nations like Seychelles and Mauritius tend to be higher valued relative to the US dollar compared to larger African economies. South Africa, Egypt, Morocco and Tunisia also have stronger, more stable currencies.
List of African Richest Countries and Their Wealth Information (GNI per Capita, GDP per Capita, and more)
|Countries||GNI per Capita||GDP per capita (PPP INT$)||GDP (current US$ million)||GDP (PPP INT$ millions)||GDP per Capita (current US$)|
|Central Africa Republic||$480||$920.10||$2,516.50||$5,021.01||$461|
|Democratic Republic of Congo||$550||$1,179.50||$55,350.97||$113,107.03||$577|
|Republic Of Congo||$1,970||$3,553.30||$13,366.23||$20,736.30||$2,290|
|Sao Tome and Principe||$2,260||$4,451.60||$526.65||$993.19||$2,361|
How we ranked the Richest Countries in Africa
To rank the richest countries in Africa, our financial experts and economists considered various factors, including gross domestic product (GDP), gross national income (GNI), GDP per Capita, and GNI per Capita. These economic indicators were analyzed alongside other factors like the size of the country’s economy, its population, and the diversity of its economic activities.
GDP measures the total value of goods and services produced within a country’s borders in a given year, while GNI measures the total income earned by a country’s residents, including those living abroad. GDP per Capita, on the other hand, is the average value of goods and services produced per person in a country. In contrast, GNI per Capita is the average income earned by a country’s residents, including those living abroad.
We also sourced our data from international organizations such as the World Bank, the International Monetary Fund (IMF), and the African Development Bank.
Frequently Asked Questions
Is it true that Nigeria is the richest country in Africa?
Nigeria is one of the largest economies in Africa and has vast natural resources, including oil and gas, which have contributed significantly to its wealth. However, whether Nigeria is the richest country in Africa is a matter of perspective and depends on how you define “richest.”
If we look at Gross Domestic Product (GDP), a measure of a country’s economic output, Nigeria is currently the largest economy in Africa, with a GDP of over $440 billion. However, in terms of GDP per Capita, a measure of a country’s wealth per person, Nigeria is not among the top 10 richest countries in Africa.
Is Nigeria richer than South Africa?
Nigeria and South Africa are two of the largest economies in Africa, but their wealth and economic development levels are different.
Regarding Gross Domestic Product (GDP), Nigeria has a higher nominal GDP than South Africa, meaning Nigeria has a larger overall economic output than South Africa. However, when considering GDP per Capita, which is a measure of economic output per person, South Africa has a higher GDP per Capita than Nigeria.
Which African country has the most rich people?
Determining which African country has the most rich people is challenging, as wealth can be defined and measured differently. However, according to the Forbes Africa 2023 Billionaires List, South Africa has the highest number of billionaires (six) in Africa, followed by Egypt (five) and Nigeria (three). It’s important to note that this list only includes individuals whose wealth can be publicly tracked and measured, and there may be wealthy individuals who are not included in the list.
What is the richest country in Africa?
If we consider nominal Gross Domestic Product (GDP), Nigeria is the richest country in Africa with a GDP of around $440.8 billion. However, if we use GNI per capita as the measure, then Seychelles is the richest country in Africa with a GNI per capita of $14,540.
What is the poorest country in Africa?
According to the World Bank’s latest data, the poorest country in Africa in terms of gross national income (GNI) per Capita is Burundi, with a GNI per Capita of $261.