Richest Countries in East Africa: East Africa is home to several countries with diverse economies, but some of the wealthiest nations in the region include Kenya, Tanzania, and Uganda. These countries have experienced significant economic growth in recent years, driven by factors such as foreign investment, tourism, and the development of natural resources. Despite this progress, however, many of the countries in East Africa still face significant challenges in terms of poverty and inequality.
The list below compiles the top 10 richest countries in East Africa according to their nominal GDP per capita.
**GDP per capita is a measure of a country’s economic output that accounts for population. It divides the country’s gross domestic product by its total population. That makes it the best measurement of a country’s standard of living. It tells you how prosperous a country feels to each of its citizens.
These are the Richest Countries in East Africa (2024)
1. Seychelles
Seychelles is the richest country in East Africa, boasting a GDP per capita of approximately $21,880. This island nation benefits significantly from its tourism sector, which attracts millions of visitors each year to its stunning beaches and unique biodiversity. The economy is also bolstered by fishing and offshore financial services, making it a prosperous and stable nation. The government’s focus on sustainable tourism and conservation has helped maintain its natural beauty while supporting economic growth.
2. Mauritius
Mauritius follows closely behind Seychelles, with a GDP per capita of about $12,970. This island nation has transformed its economy from a primarily agricultural base to a diverse one that includes tourism, textiles, and financial services. Mauritius has invested in education and infrastructure, leading to a relatively high standard of living. Its political stability and favorable business environment have also attracted foreign investment, making it a notable economic success in the region.
3. Djibouti
Djibouti is the third richest country in East Africa and the thirteenth-richest country in Africa with a Nominal GDP per capita of $4,180. Despite its small size, this nation’s strategic location as a Red Sea transit point and its free trade policies have contributed significantly to its status as the region’s economic powerhouse. Djibouti’s thriving logistics and port sectors attract substantial foreign investment, further solidifying its position as the wealthiest nation in East Africa.
4. Kenya
Coming in fourth as the richest country in East Africa, Kenya holds a GDP per capita of $1,980. With a diversified economy and steady economic growth, Kenya has witnessed remarkable progress over the years. Political stability and a favorable business climate have been pivotal in attracting both local and foreign investments, propelling Kenya closer to its ambitious Vision 2030 development strategy.
Kenya is also the 20th richest country in Africa.
5. Ethiopia
Ethiopia is the fifth richest country in East Africa with a GDP per capita of $1,910 and the largest economy in Africa with a GDP of $205 billion. Ethiopia is also the largest and most populous nation in East Africa.
6. Comoros
Comoros has a GDP per capita of about $1,380, making it the sixth richest country in East Africa in terms of GDP per capita. The nation’s economy primarily relies on agriculture, with vanilla and ylang-ylang as its main exports. Comoros faces significant challenges, including political instability and limited natural resources, which have hindered its economic development. However, the government is working towards improving infrastructure and diversifying the economy to enhance living standards.
7. Tanzania
Ranked as the seventh richest country in East Africa, Tanzania boasts a nominal GDP per capita of $1,220. This nation’s economy is driven by sectors like agriculture, mining, and tourism. Political stability, abundant natural resources, and a favorable geographic location have paved the way for Tanzania’s transition from a low-income to a lower-middle-income country, reinforcing its position among the wealthiest in the region.
8. Uganda
East Africa’s eighth richest country, Uganda, possesses a GDP per capita of $1,200. While endowed with significant natural resources, Uganda faces challenges related to political instability and erratic economic management. The country’s economy heavily relies on agriculture, with a large portion of the workforce engaged in this sector. However, efforts are underway to diversify the economy, improve infrastructure, and attract more private investment to spur economic growth. Despite facing developmental obstacles, Uganda’s potential remains substantial, making it an important player in the region’s economic landscape.
9. Rwanda
Ranked as the 9th richest country in East Africa with a GDP per capita of $988.74, Rwanda has risen from a challenging past to achieve impressive economic development. By emphasizing foreign investments and promoting knowledge-based industries, Rwanda has managed to attract attention on the international stage. Despite its economy’s foundation in subsistence agriculture, the country’s steady growth and improved living standards continue to reinforce its position among East Africa’s most prosperous nations.
10. Somalia
Somalia has a GDP per capita of approximately $775, making it one of the lower-income countries in East Africa. The economy is primarily based on agriculture, with livestock being the mainstay, as it accounts for a significant portion of the country’s exports.
Richest Countries in East Africa, 2024
| Rank | Country | GDP per Capita |
|---|---|---|
| 1 | Seychelles | $21,880 |
| 2 | Mauritius | $12,970 |
| 3 | Djibouti | $4,180 |
| 4 | Kenya | $1,980 |
| 5 | Ethiopia | $1,910 |
| 6 | Comoros | $1,380 |
| 7 | Tanzania | $1,220 |
| 8 | Uganda | $1,200 |
| 9 | Rwanda | $988.74 |
| 10 | Somalia | $775 |
Top 5 Largest Economies In East Africa, 2024
Ethiopia tops the list of largest economies in East Africa with a GDP of $126.78 billion. Agriculture accounts for almost half of Ethiopia’s total GDP. The primary industries include mining and petroleum, Agriculture and more.
Kenya ranks as the second-largest economy in East Africa, with an economy that relies mainly on tourism, financial intermediation, agriculture and construction.
1. Ethiopia – $205.13 billion
With a GDP of $205.13 billion, Ethiopia stands as one of the fastest growing economies in the world and is the largest economy in East Africa. Its economic growth has been mainly driven by the services and agriculture sectors. Ethiopia’s strategic location and government’s focus on industrialization and infrastructure development have made it an attractive destination for foreign investment and trade. The country’s youthful population, improving business environment, and expanding telecommunications sector further contribute to its economic dynamism.
2. Kenya – $104 billion
Boasting a GDP of $104 billion, Kenya holds the second-largest economy in East Africa and the 7th largest economy in Africa. Nairobi serves as a major regional commercial hub, and the country’s economic growth is fueled by tourism, financial intermediation, agriculture, and construction. Kenya’s strong performance in tourism, higher education, and telecommunications has contributed to its steady economic expansion. Additionally, Kenya’s ambitious Vision 2030 development plan aims to transform the country into a newly industrialized, middle-income nation by 2030.
3. Tanzania – $79.61 billion
With a GDP of $79.61 billion, Tanzania ranks as the third-largest economy in East Africa and the eleventh largest in Africa overall. The country’s economy heavily relies on agriculture, which employs about half of its workforce. Tourism, mining, and natural gas exploration are also significant contributors to Tanzania’s economic landscape. Tanzania’s efforts to improve infrastructure, attract foreign investment, and develop strategic sectors have contributed to its steady economic growth.
4. Uganda – $56.31 billion
With a GDP of $56.31 billion, Uganda is the fourth-largest economy in East Africa. The country has experienced accelerated economic growth, supported by the services sector, mining output, and steady agricultural growth. Uganda’s ample natural resources, including fertile land and mineral deposits, play a crucial role in driving its economic progress. However, Uganda also faces challenges related to infrastructure development, education, and governance.
5. Mozambique – $17.85 billion
Mozambique’s GDP is $17.85 billion, and its economy is primarily driven by agriculture, industry, and services sectors. Fiscal reforms, including the introduction of a value-added tax and customs service reforms, have contributed to improved government revenue collection. The country’s natural gas discoveries have also provided potential for significant economic growth and foreign investment.
Source: World Bank World Bank National Accounts Database.
Last modified: November 2024.
