In this article we are going to list the 10 richest countries in Africa. For a detailed coverage of this topic and a more comprehensive list please take a look at the 25 richest countries in Africa.
10. Kenya
Total GDP per capita of the country: $2,007
Total GDP of the country (in billions): $110.3
One of the most populated countries in Africa, Kenya has the third largest economy in Sub-Sahara Africa.
9. Cote d’Ivoire
Total GDP per capita of the country: $2,579
Total GDP of the country (in billions): $69.8
Ivory Coast has been home to a major civil war and unrest for several decades. The country saw a contraction in its economy which, combined with high population growth, led to a decline in the standard of living. The GDP of Ivory Coast is heavily dependent on the agricultural sector where more than 70% of the country’s population is engaged.
8. Ghana
Total GDP per capita of the country: $2,445
Total GDP of the country (in billions): $77.6
One of the most diverse economies in Africa, Ghana was one of the fastest growing economies in the world in early 2010s and is still continuing to grow at a stable rate.
7. Libya
Total GDP per capita of the country: $6,018
Total GDP of the country (in billions): $41.9
While Libya has faced significant turmoil in the last decade, it is still among the richest countries in Africa thanks to revenues from the petroleum sector which represent nearly 95% of the nation’s export earnings and more than 60% of its GDP. Because of the Libyan Civil War in 2010 and the Second Libyan Civil War in 2012, the economy of the nation has contracted significantly and is still a fraction of what the economy was just two decades ago.
6. Tunisia
Total GDP per capita of the country: $3,924
Total GDP of the country (in billions): $46.8
After heavy state dictation over the past few decades, Tunisia’s economy is now being liberalized.
5. Nigeria
Total GDP per capita of the country: $2,085
Total GDP of the country (in billions): $440.8
Nigeria easily has the highest GDP in the continent of Africa and hence, it is one of the richest countries in Africa. However, it does not rank higher in the list because of its lower GDP per capita. Nigeria’s GDP at PPP has nearly tripled in the past three decades. And this doesn’t even include the informal sector, which would add more than $150 billion to the country’s GDP. Oil is one of the drivers behind the country’s revenue, contributing around 2/3 of the total revenue of the nation, and contributing 9% to the GDP.
4. Morocco
Total GDP per capita of the country: $3,497
Total GDP of the country (in billions): $132.7
Morocco have been in the news recently for shocking many top football teams on the way to making it to the semifinals of the 2022 FIFA World Cup, but it’s not just the football team which is strengthening for Morocco. In the World Economic Forum’s African Competitiveness Report 2014 – 2015, Morocco was identified as the most competitive economy in North Africa.
3. Algeria
Total GDP per capita of the country: $3,765
Total GDP of the country (in billions): $168
The recovering oil and gas sector is an important contributor to the country of Algeria, earning it a spot in the list of the richest African countries in the world. The country is home to nearly 50 million people and has the capacity to significantly boost its economy in the future, again thanks to its vast oil and gas deposits.
2. Egypt
Total GDP per capita of the country: $3,876
Total GDP of the country (in billions): $404.1
Egypt is one of only three countries in Africa with a GDP of over $400 billion. Egypt has achieved political stability in recent years and is also home to one of the 7 wonders of the world thanks to being home to the pyramids, with tourism being a major contributor to the country’s economy.
1. South Africa
Total GDP per capita of the country: $6,994
Total GDP of the country (in billions): $419.9
Topping the list of the 25 richest countries in Africa is South Africa, which has the second-highest GDP in the continent. South Africa is home to a variety of important minerals including gold and diamonds, not to mention platinum, manganese, iron ore, copper, silver and uranium. In fact, South Africa is the 5th biggest producer of diamonds in the world. It is one of only eight upper-middle-income economies in Africa. One of the biggest companies in the nation is AngloGold Ashanti Limited (NYSE:AU), a global mining company.
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