Top 20 Richest Countries In Africa (2023)

Africa is a continent with a diverse range of economies, but some of the wealthiest nations include South Africa, Egypt, and Nigeria. These countries have large and diversified economies that are driven by industries such as mining, oil and gas, and telecommunications. However, like most developing countries, Africa still faces significant economic challenges, including high poverty and inequality rates, as well as a lack of infrastructure and access to basic services in many rural areas. Despite these challenges, many African countries have made significant progress in recent years in terms of economic growth and development.

To see which countries have the most riches at their disposal, let’s look at the rundown of Africa’s top 20 richest countries by GDP per capita.

The list below compiles the top 20 richest countries in Africa according to their 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.

20. Kenya – (GDP per capita: $2,099)

Kenya’s economy has seen much expansion, thanks to strong performance in tourism, higher education, and telecommunications.

The country is currently the ranked 20th in the richest Countries in Africa.

19. Ghana – (GDP per capita: $2,175)

Ghana is a country in West Africa. Ghana is the second-most populous country in West Africa, after Nigeria.

Since 1993, it has maintained one of the freest and most stable governments on the continent, and performs relatively well in metrics of healthcare, economic growth, and human development.

Ghana is classified as a middle income country. Services, followed by manufacturing, extractive industries, and taxes account for the country’s GDP. It is the nineteenth richest country in Africa with a GDP per capita of $2,175.

18. Nigeria – (GDP per capita: $2,184)

Nigeria is a lower-middle-income economy country in West Africa that borders Niger in the north, Chad in the northeast, Cameroon in the east, and Benin in the west. Nigeria is Africa’s largest economy by nominal GDP surpassing Egypt and South Africa, it is also the 18th richest country in Africa with a GDP per capita of $2,184.

17. Sao Tome and Principe – (GDP per capita: $2,404)

Sao Tome and Principe is acountry in central Africa, located on the Equator in the Gulf of Guinea. The country’s economy has historically been dependent on agriculture, and much of the total agricultural area of the two islands belongs to the state. It is the 17th richest country in Africa with a GDP per capita of $2,404.

16. Cote d’Ivoire – (GDP per capita: $2,486)

Côte d’Ivoire also known as Ivory Coast is a country located on the south coast of West Africa.

Cote d’Ivoire is the largest economy in the West African Economic and Monetary Union, constituting over 40% of the monetary union’s total GDP. The country is the world’s largest exporter of cocoa beans, and the fourth-largest exporter of goods in sub-Saharan Africa. It is the sixteenth richest country in Africa and5rhe richest country in West Africa with a GDP per capita of $2,486.

15. Djibouti – (GDP per capita: $3,136)

Djibouti, is a mostly French and Arabic speaking country located in the Horn of Africa. Djibouti is the richest country in East Africa and the 15th richest country in Africa.

Djibouti’s economy is largely concentrated in the service sector. Commercial activities revolve around the country’s free trade policies and strategic location as a Red Sea transit point. The GDP (purchasing power parity) in 2021 was estimated at $3.41 billion. Per capita income is around $3,136.

14. Morrocco – (GDP per capita: $3,527)

Morocco, officially the Kingdom of Morocco, is the northwestern most country in the Maghreb region of North Africa. It is the fourteenth richest country in Africa with a GDP per capita of $3,527.

13. Tunisia – (GDP per capita: $3,776)

Tunisia is a North African country bordering the Mediterranean Sea and Sahara Desert. The country has a per capita GDP of $3,776. Tunisia is the 13th richest country in Africa and the fourth richest country in North Africa.

12. Cabo Verde – (GDP per capita: $3,902)

Cabo Verde, also called Cape Verde, country comprising a group of islands that lie off the west coast of Africa. The country has a per capita GDP of $3,902, and is the 12th richest country in Africa.

Since the early 1990s, Cape Verde has been a stable representative democracy, and has remained one of the most developed and democratic countries in Africa. The economy of Cape Verde is service-oriented, with commerce, transport, and public services accounting for more than 70% of GDP. In 2008 the country graduated from Least Developed Country to Middle Income Country status.

11. Eswatini – (GDP per capita: $4,039)

Eswatini is a landlocked country in Southern Africa. Eswatini’s economy is very closely linked to the economy of South Africa, from which it receives over 90% of its imports and to which it sends about 70% of its exports.

Eswatini’s economy is diverse, with agriculture, forestry and mining accounting for about 13% of GDP, manufacturing (textiles and sugar-related processing) representing 37% of GDP and services – with government services in the lead – constituting 50% of GDP. It ranks eleventh on our list with a per capita GDP of $4,039.

10. Algeria – (GDP per capita: $4,273)

Algeria, the largest country in Africa, is located in the Northern part of the continent. It is the tenth richest country in Africa with a GDP per capita of $4,273. The country has a population of over 40 million. Like many countries on this list, it is considered by the World Bank to be an upper middle country.

9. Egypt – (GDP per capita: $4,295)

Egypt is a transcontinental country with territories stretching from Africa’s northeast corner to Asia’s southwest corner across the Sinai Peninsula. Egypt shares its borders with the Gaza Strip and Israel, the Red Sea, Gulf of Aqaba, Red Sea, Sudan, and Libya. Cairo is the capital of the country. It ranks ninth on this list of richest African countries with a per capita GDP of $4,295.

The economy of Egypt depends on agriculture, tourism, natural gas, and petroleum imports, as well as revenues from the Suez Canal. A large number of Egyptians also work abroad. The remittances of these workers contribute to the wealth of the nation.

8. Namibia – (GDP per capita: $4,911)

Namibia is located in Southern Africa. The country has a per capita GDP of $4,911, it is the eighth richest country in Africa. Mining, agriculture, manufacturing, and tourism all play large parts in the country’s economy. The country is sparsely populated, with a population of around 2 million.

7. Libya – (GDP per capita: $6,716)

Libya is a country in the Maghreb region in North Africa. Libya is the fourth largest country in Africa and is the 7th largest country in the world. Libya has the 10th-largest proven oil reserves of any country in the world. In the early 1980s, Libya was one of the wealthiest countries in the world; its GDP per capita was higher than some developed countries. Currently the country is the fifteenth richest country in Africa with a GDP per capita of $6,716.

6. South Africa – (GDP per capita: $6,776)

South Africa, the southernmost country on the African continent, is bordered by Namibia, Zimbabwe, Botswana, Swaziland, Lesotho, and Mozambique. The country has a mixed type of economy and has a relatively high GDP compared to other African countries. The country ranks sixth on the list with an average per capita income of $6,776.

5. Equatorial Guinea – (GDP per capita: $7,053)

Equatorial Guinea is a country located in Central Africa. It is relatively small, covering only around 10,830 square miles. The population measures at around 1,222,245. It is partly this low population that helps the GDP to remain relatively high. It comes in fifth place with a GDP per capita of $7,053.

4. Botswana – (GDP per capita: $7,737)

Botswana is located in southern Africa. The country is known for its reputation as a stable democracy. It is the richest country in Southern Africa and the 4th richest country in Africa with a GDP per capita of $6,116.

3. Gabon – (GDP per capita: $8,820)

A Central African country, Gabon is located on the west African coast and is bordered by Equatorial Guinea, Cameroon, and the Republic of the Congo. Libreville is the capital and biggest city of the country. It ranks third on this list with an average GDP per capita of $8,820.

2. Mauritius – (GDP per capita: $10,216)

Mauritius is an island country located in the Indian Ocean off of the southeast coast of the African continent. Throughout its history, the country has been at times a Dutch colony, a French colony, and a British colony. It has been independent since 1968 and has a population of around 1.5 million. It is the second richest country in Africa with a GDP per capita of $10,216.

1. Seychelles – (GDP per capita: $15,874.5)

Seychelles is an island country found in the Indian Ocean. It is actually made up of around 115 small islands. With a population of less than 100,000, it has the tiniest population of any country in Africa. It ranks as the richest country in Africa, with a reported per capita GDP of $15,874.5. Seychelles is also the most developed country In Africa.

Top 20 Richest Countries In Africa (2023)

Top 20 Poorest Countries In Africa, 2023

Conversely, this is the ranking of the poorest countries in Africa

1. Burundi (GDP per capita – $238)

Burundi is the poorest country in Africa and in the world, owing in part to its landlocked geography, and an underdeveloped manufacturing sector. The economy is predominantly agricultural, accounting for over 50% of GDP in 2021 and employing more than 60% of the population. Approximately 70% of Burundi’s population lives in poverty according to the world food program.

Food insecurity levels are also alarming in Burundi country with 52 percent of children under 5 stunted and even higher levels of malnutrition among rural communities.

In addition to poverty, Burundi suffers from corruption, weak infrastructure, poor access to health and education services, and hunger.

2. Central African Republic (GDP per capita – $427)

The Central African Republic is a landlocked country in Central Africa.

Despite its significant mineral deposits and other resources, such as uranium reserves, crude oil, gold, diamonds, cobalt, lumber, and hydropower, as well as significant quantities of arable land, the Central African Republic is among the poorest countries in the Africa, with the 5th lowest GDP per capita in Africa.

As of 2023, according to the Human Development Index (HDI), the country had the second-lowest level of human development (only ahead of Niger), ranking 188 out of 189 countries.

The mineral-rich nation’s poverty is complicated by a near-decade-long civil war which has devastated much of the country.

3. Somalia (GDP per capita – $427)

Somalia is a country in the Horn of Africa that has an estimated population of around 15 million. The country has been described as Africa’s most culturally homogeneous country.

According to the imf, the country’s GDP per capita as of 2023 is around $427. About 43% of the population lives on less than 1 US dollar a day, with around 24% of those found in urban areas and 54% living in rural areas. Somalia is also the Hungriest country in Africa.

Somalia’s poverty rate is currently 73 percent making it the second poorest country in Africa. Its main sources of income comes from foreign aid, remittances, and the informal sector.

4. Madagascar (GDP per capita – $505)

The Republic of Madagascar is an island country in the Indian Ocean. The main economic resources of Madagascar are tourism, textiles, agriculture, and mining.

With a GDP estimated at US$13 billion, and a per capita GDP of $505, Madagascar is the fourth poorest country in Africa.

Approximately 69 percent of the population lives below the national poverty line threshold of one dollar per day.

The country ranks fourth in the world in terms of chronic malnutrition. Nearly one in two children under the age of five is stunted.

Source: World Bank World Bank National Accounts Database.