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CEOWORLD magazine - Latest - Special Reports - Ranked: Richest Countries In Africa, 2023

Special Reports

Ranked: Richest Countries In Africa, 2023

Africa

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

RankCountryGDP Per Capita (Current US$)GDP per capita (PPP INT$)GDP (current US$ millions)GDP (PPP INT$ millions)
1Seychelles1465331596.21454.463136.17
2Mauritius910623035.311529.0429164.05
3Gabon863515175.720216.8435529
4Equatorial Guinea750716080.112269.3926282.45
5South Africa705514624.4419015.02868577
6Botswana680516304.217614.7942202.05
7Libya635724130.7942817.47162527.82
8Namibia486610038.7012310.625399.52
9Eswatini39789730.14743.3411600.88
10Tunisia380711282.546686.74138356.5
11Morocco37958852.9142866.32333242.87
12Egypt369912706.4404142.771390000
13Algeria369112128.3163044.44535802.56
14Cape Verde329367171936.173949.07
15Djibouti31505397.73482.995967.44
16Ivory Coast25495850.170043.19160749.18
17Ghana23635971.177594.28196050.13
18Sao Tome and Principe23614451.60526.65993.19
19Republic of the Congo22903553.313366.2320736.3
20Mauritania21665830.89996.2526909.07
21Kenya20825211.2110347.08276221.28
22Nigeria20665408440833.581150000
23Angola19546491.167404.28223968.33
24Zimbabwe17742323.6928371.2437163.94
25Cameroon16674065.345338.28110570.9
26Senegal1637384027625.3964807.16
27Comoros15783546.81296.082914.18
28Benin1319364917144.9146426.2
29Guinea11892900.716091.8239251.58
30Zambia11373555.922147.6369244.88
31Tanzania10992836.267841.05175034.87
32Lesotho10942521.52496.135752.76
33South Sudan10721181.9011997.813230.9
34Togo9732334.308413.2020179.62
35Ethiopia9252547.69111271.11306447.09
36Burkina Faso8932394.6919737.6252924.62
37Uganda8842467.940529.79113162.51
38Mali8742329.6919140.4651032.17
39Rwanda8222459.6911070.3633112.30
40Guinea Bissau7952011.91638.524146.06
41Gambia7722281.302038.426022.45
42Sudan752406634326.06185641.09
43Chad686156611779.9826904.18
44Liberia6761563.635098120.18
45Eritrea6441628.820655224.33
46Malawi6351638.212626.7232582.43
47Niger5911303.591491532918.62
48DR Congo5771179.555350.97113107.03
49Madagascar5011607.914472.646494.5
50Mozambique4921347.715776.7643230.91
51Sierra Leone4801773.94042.2414937.37
52Central African Republic461920.12516.55021.01
53Somalia4471248.8762821311.71
54Burundi222774.52,779.819,721.45

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CEOWORLD magazine - Latest - Special Reports - Ranked: Richest Countries In Africa, 2023
Katherina Davis
Deputy News Editor at CEOWORLD Magazine. Covering money, work, and lifestyle stories. Covering issues of importance to public company nominating and corporate governance committees, including new director recruitment, board evaluations, onboarding, director compensation and overall corporate governance. More recently, I have joined the newsletters team, writing and editing some of the CEOWORLD Magazine's key reader emails.