Highest Paying countries in Africa: From South Africa to Libya, these African Countries Pay the Highest Salaries as of 2023.
Highest Paying countries in Africa: These African Countries Pay the Highest Salaries
Numbeo, a body that provides timely information on world living conditions recently listed the countries in Africa that pays the highest salaries. And below are the top 10.
10. Nigeria (Average Monthly Net Salary: $179.90)
Nigeria is the most populous country in Africa and the seventh-most populous country in the world, with an estimated population of 211 million. Its economy is the largest in Africa, the 27th-largest in the world by nominal GDP, and 25th-largest by PPP. Nigeria is often referred to as the “Giant of Africa”, owing to its large population and economy and is considered to be an emerging market by the World Bank.
Nigeria’s mixed economy is the largest in Africa, It is a lower-middle-income economy, with its abundant supply of natural resources, well-developed financial, legal, communications, transport sectors and Nigerian Stock Exchange.
Next to petroleum, the second-largest source of foreign exchange earnings for Nigeria are remittances sent home by Nigerians living abroad.
Most people are dependent on agriculture, with medicine, oil and gas, IT sector and financial services being the highest paying sectors. Numbeo estimates that the average net salary in Nigeria after taxation is $179.90.
9. Ethiopia (Average Monthly Net Salary: $199.46)
Ethiopia has a large domestic market of over 100 million people, making it the second-most populous country in Africa after Nigeria. Over the last decade, Ethiopia has had one of the fastest-growing economies in the world, with an average annual growth rate of 14%. In 2019, Ethiopia’s real Gross Domestic Product (GDP) expanded by nine percent, and growth is expected to fall to 6.3 % in 2020 due to Covid-19.
According to the World Bank (2020), the consistent higher economic growth brought with it positive trends in poverty reduction in both urban and rural areas. The share of the population living below the national poverty line decreased from 30% in 2008 to 24% in 2021.
While the economy is growing rapidly, presenting many opportunities, there are also hurdles to doing business in Ethiopia. The 2020 World Bank’s Ease of Doing Business report (EODB) ranked Ethiopia 159th out of 190 countries, an improvement of two positions from 2018.
Aside from wholesale and retail trade, transportation, and communications, the services sector consists almost entirely of tourism.
8. Egypt (Average Monthly Net Salary: $224.11)
Egypt is considered to be a regional power in North Africa, the Middle East and the Muslim world, and a middle power worldwide. With one of the largest and most diversified economies in the Middle East, which is projected to become one of the largest in the world in the 21st century, Egypt has the second-largest economy in Africa, the world’s 33rd-largest economy by nominal GDP, and the 19-largest by PPP.
Egypt’s economy depends mainly on agriculture, media, petroleum imports, natural gas, and tourism;
Tourism is one of the most important sectors in Egypt’s economy. More than 3.5 million tourists visited Egypt in 2020 (compared to 13.1 million in 2019), Revenues from tourism reached the highest point at $12.6 billion in the fiscal year 2018-2019, but in the year 2020, tourism related revenues dropped by nearly 70% to $4 billion due to Covid-19.
The tourism sector employs about 12% of Egypt’s workforce.
Data from Numbeo show that Egypt has an average monthly salary of $224.11 while the cost of living and rent is low compared to many African countries.
Unemployment Rate in Zambia dropped tp 7.2 aa of July in 2021 from 9.6 percent in 2010.
7. Algeria (Average Monthly Net Salary: $295.22)
Algeria is classified as an upper middle income country by the World Bank. Algeria, whose economy is reliant on petroleum, has been an OPEC member since 1969. Its crude oil production stands at around 1.1 million barrels/day, but it is also a major gas producer and exporter, with important links to Europe. Having one of the largest reserves of natural gas in the world, hydrocarbons have been the backbone of the economy, accounting for roughly 30% of GDP, and nearly 95% of export earnings. People in Algeria are paid an average of $295.22 a month.
Algeria’s unemployment rate stood at 12.83 percent at the end of 2020, up from 11.81% in 2019, according to data released by the National Statistics Bureau.
Construction employs 16.1 percent of the total workforce, followed by public administration at 15.8 percent and healthcare at 14.4 percent, the statistics bureau said.
6. Tunisia (Average Monthly Net Salary: $299.39)
Tunisia has a diverse economy, ranging from agriculture, mining, manufacturing, and petroleum products, to tourism.
GDP growth contracted by 8.8% in 2020. Unemployment increased from 15% prior to the pandemic to 17.8% by the end of the first quarter of 2021. Moreover, it continues to affect women (24.9%) and young people aged 15–24 (40.8%) in particular.
Although Tunisia managed an average 5% growth over the last decade it continues to suffer from a high unemployment especially among youth.
Tens of thousands of Tunisians have lost their jobs in a worsening economic crisis exacerbated by the Covid-19 pandemic as nearly a third of small to medium-sized businesses face bankruptcy so now may not be a good time to relocate foe greener pasture.
5. Ghana (Average Monthly Net Salary: $335.03)
Ghana is an average natural resource enriched country possessing industrial minerals, hydrocarbons and precious metals. It is an emerging designated digital economy with mixed economy hybridisation and an emerging market with 8.7% GDP growth in 2012. It has an economic plan target known as the “Ghana Vision 2020”. This plan envisions Ghana as the first African country to become a developed country between 2020 and 2029 and a newly industrialised country between 2030 and 2039.
Ghana’s rich and diverse natural resources, as well as its stable political system and respect for press freedom and free speech, have contributed to the growth of its economy. Apart from the oil sector, its economy is driven by manufacturing, automotive, industrial minerals, ship construction, among others. The country has an average monthly salary of $335.03.
In 2020, the unemployment rate in Ghana was at approximately 4.53% percent of the total labor force which is lower the global average unemployment rate (5.42%).
4. Kenya (Average Monthly Net Salary: $396.27)
Minerals, gold, and agriculture are the main foreign exports of Kenya. Tourism, Chinese investment and trade also plays a key role in its economy.
In 2020, the total contribution of tourism to kenya was $37 billion (KES), a decline of more than 50 percent compared to 2019 when the country realized 162 billion (KES).
Despite some of its economic and political shortfalls, the country has some of the best average wages. The average monthly salary after tax is $396.27.
The service, industry and manufacturing sectors only employ 25% of the labour force but contribute 75% of GDP.
Telecommunications and financial activity over the last decade now comprise 62% of GDP. 22% of GDP still comes from the unreliable agricultural sector which employs 75% of the labour force.
In 2007, the Kenyan government unveiled Vision 2030, an economic development programme it hopes will put the country in the same league as the Asian Economic Tigers by the year 2030.
3. Morocco (Average Monthly Net Salary: $459.79)
Morocco’s economy is considered a relatively liberal economy governed by the law of supply and demand. Since 1993, the country has followed a policy of privatisation of certain economic sectors which used to be in the hands of the government. Morocco has become a major player in African economic affairs, and is the 5th African economy by GDP (PPP).
The average net salary in Morocco is $459.79 per month, and with a stabilizing economy, a lot of expats are mostly attracted to the country. If you want to make it big in the country, enter the well-paying job sectors; these are human resources, manufacturing, banking, business, and finance as well as tourism.
Morocco’s unemployment rate eased to 8.5% at the end of June from 9.1% percent a year earlier.
2. Libya (Average Monthly Net Salary: $695.61)
The Libyan economy depends primarily upon revenues from the oil sector, which account for over half of GDP and 97% of exports. Libya holds the largest proven oil reserves in Africa and is an important contributor to the global supply of crude oil.
Libya faces many structural problems including a lack of institutions, weak governance, and chronic structural unemployment. The economy displays a lack of economic diversification and significant reliance on immigrant labour.
Despite the mayhem that followed the death of ex-leader Muammar Gaddafi and the pockets of violence that are still in the country, Libya’s job market remains lucrative. The economy of the mostly desert and oil-rich country has been favourable, with statistics from Numbeo showing that the average monthly net salary after tax in Libya is $695.61.
Among the world’s ten richest oil-producing countries, some of the highest-paying jobs are in oil and mining, as well as, in banking and finance.
1. South Africa (Average Monthly Net Salary: $1,437.77)
The World Bank classifies South Africa as an upper-middle-income economy, and a newly industrialised country. Its economy is the second-largest in Africa, and the 33rd-largest in the world . In terms of purchasing power parity, South Africa has the seventh-highest per capita income in Africa. However, poverty and inequality remain widespread, with about a quarter of the population unemployed and living on less than US$1.25 a day.
Having the highest number of wealthy persons in Africa, South Africa is also the continent’s mining, industrial, and financial hub. Most of its highest-paid professionals are software engineers, lawyers, IT managers, air traffic controllers, and architects. The average monthly net salary after tax is $1,188.89.