Ranked: Richest Countries In Africa, 2023
Africa is often portrayed as a continent plagued by poverty, instability, and adversity. However, it surprisingly holds some hidden gems. While it’s true that many African nations face challenges, the continent is home to a rising number of thriving economies, making it a land of untapped potential. Africa boasts some of the fastest-growing economies on the global stage, and it’s predicted that its GDP will reach a staggering $29 trillion by 2050. This growth will be fueled by the agriculture, trade, and natural resources sectors.
There are many ways to measure different economies against one another, but comparing countries by GDP per capita remains one of the most tried-and-true methods. GDP per capita attempts to level the playing field by dividing a country’s economic output by its population, effectively giving the average GDP per person. A higher per capita GDP generally corresponds to higher income, consumption levels, and standards of living.
Seychelles has the highest GDP per capita in Africa at $14,653, followed by Mauritius at $9,106 and Gabon at $8,635. These countries consistently rank among the top in terms of GDP per capita in Africa, reflecting their strong economies and high-income levels.
On the other end of the spectrum, the countries with the lowest GDP per capita in Africa include Burundi at $222, Somalia at $447, and Central African Republic at $461. These countries face significant economic challenges and generally have lower income levels and living standards.
It is worth noting that GDP per capita alone doesn’t capture the full picture of a country’s economic health or societal well-being. Other factors such as income inequality, distribution of wealth, and quality of public services also play a crucial role in assessing the overall economic conditions and living standards of a nation.
Richest Countries In Africa, 2023
Rank | Country | GDP Per Capita (Current US$) | GDP per capita (PPP INT$) | GDP (current US$ millions) | GDP (PPP INT$ millions) |
---|---|---|---|---|---|
1 | Seychelles | 14653 | 31596.2 | 1454.46 | 3136.17 |
2 | Mauritius | 9106 | 23035.3 | 11529.04 | 29164.05 |
3 | Gabon | 8635 | 15175.7 | 20216.84 | 35529 |
4 | Equatorial Guinea | 7507 | 16080.1 | 12269.39 | 26282.45 |
5 | South Africa | 7055 | 14624.4 | 419015.02 | 868577 |
6 | Botswana | 6805 | 16304.2 | 17614.79 | 42202.05 |
7 | Libya | 6357 | 24130.79 | 42817.47 | 162527.82 |
8 | Namibia | 4866 | 10038.70 | 12310.6 | 25399.52 |
9 | Eswatini | 3978 | 9730.1 | 4743.34 | 11600.88 |
10 | Tunisia | 3807 | 11282.5 | 46686.74 | 138356.5 |
11 | Morocco | 3795 | 8852.9 | 142866.32 | 333242.87 |
12 | Egypt | 3699 | 12706.4 | 404142.77 | 1390000 |
13 | Algeria | 3691 | 12128.3 | 163044.44 | 535802.56 |
14 | Cape Verde | 3293 | 6717 | 1936.17 | 3949.07 |
15 | Djibouti | 3150 | 5397.7 | 3482.99 | 5967.44 |
16 | Ivory Coast | 2549 | 5850.1 | 70043.19 | 160749.18 |
17 | Ghana | 2363 | 5971.1 | 77594.28 | 196050.13 |
18 | Sao Tome and Principe | 2361 | 4451.60 | 526.65 | 993.19 |
19 | Republic of the Congo | 2290 | 3553.3 | 13366.23 | 20736.3 |
20 | Mauritania | 2166 | 5830.8 | 9996.25 | 26909.07 |
21 | Kenya | 2082 | 5211.2 | 110347.08 | 276221.28 |
22 | Nigeria | 2066 | 5408 | 440833.58 | 1150000 |
23 | Angola | 1954 | 6491.1 | 67404.28 | 223968.33 |
24 | Zimbabwe | 1774 | 2323.69 | 28371.24 | 37163.94 |
25 | Cameroon | 1667 | 4065.3 | 45338.28 | 110570.9 |
26 | Senegal | 1637 | 3840 | 27625.39 | 64807.16 |
27 | Comoros | 1578 | 3546.8 | 1296.08 | 2914.18 |
28 | Benin | 1319 | 3649 | 17144.91 | 46426.2 |
29 | Guinea | 1189 | 2900.7 | 16091.82 | 39251.58 |
30 | Zambia | 1137 | 3555.9 | 22147.63 | 69244.88 |
31 | Tanzania | 1099 | 2836.2 | 67841.05 | 175034.87 |
32 | Lesotho | 1094 | 2521.5 | 2496.13 | 5752.76 |
33 | South Sudan | 1072 | 1181.90 | 11997.8 | 13230.9 |
34 | Togo | 973 | 2334.30 | 8413.20 | 20179.62 |
35 | Ethiopia | 925 | 2547.69 | 111271.11 | 306447.09 |
36 | Burkina Faso | 893 | 2394.69 | 19737.62 | 52924.62 |
37 | Uganda | 884 | 2467.9 | 40529.79 | 113162.51 |
38 | Mali | 874 | 2329.69 | 19140.46 | 51032.17 |
39 | Rwanda | 822 | 2459.69 | 11070.36 | 33112.30 |
40 | Guinea Bissau | 795 | 2011.9 | 1638.52 | 4146.06 |
41 | Gambia | 772 | 2281.30 | 2038.42 | 6022.45 |
42 | Sudan | 752 | 4066 | 34326.06 | 185641.09 |
43 | Chad | 686 | 1566 | 11779.98 | 26904.18 |
44 | Liberia | 676 | 1563.6 | 3509 | 8120.18 |
45 | Eritrea | 644 | 1628.8 | 2065 | 5224.33 |
46 | Malawi | 635 | 1638.2 | 12626.72 | 32582.43 |
47 | Niger | 591 | 1303.59 | 14915 | 32918.62 |
48 | DR Congo | 577 | 1179.5 | 55350.97 | 113107.03 |
49 | Madagascar | 501 | 1607.9 | 14472.6 | 46494.5 |
50 | Mozambique | 492 | 1347.7 | 15776.76 | 43230.91 |
51 | Sierra Leone | 480 | 1773.9 | 4042.24 | 14937.37 |
52 | Central African Republic | 461 | 920.1 | 2516.5 | 5021.01 |
53 | Somalia | 447 | 1248.8 | 7628 | 21311.71 |
54 | Burundi | 222 | 774.5 | 2,779.81 | 9,721.45 |
Have you read?
Richest countries in the world by GDP per capita in 2023.
Countries With The Highest And Lowest Average Salaries, 2023.
Best Fashion Schools In The World.
Best Business Schools In The World.
The World’s Best CEOs And C-Suite Executives, 2023.
Add CEOWORLD magazine to your Google News feed.
Follow CEOWORLD magazine headlines on: Google News, LinkedIn, Twitter, and Facebook.
Copyright 2024 The CEOWORLD magazine. All rights reserved. This material (and any extract from it) must not be copied, redistributed or placed on any website, without CEOWORLD magazine' prior written consent. For media queries, please contact: info@ceoworld.biz