Africa is the second largest and second most populous continent in the world after Asia. It is a relatively poor continent and even the richest country has GDP per capita as low as 13000. most countries have their GDP per capita ranging from 2000 to 4000. the continent is rich in resources and only needs technological advancements to grow up and become one of the richest continent in the world. For now, let us check out the 20 richest countries in Africa 2023-2024.
20 Richest Countries in Africa 2023
The table below presents the list of 20 richest countries in Africa in 2023 ranked according to their gross domestic product per capita (GDP per capita).
|Serial no.||Countries||GDP per capita|
|16||Sao Tome and Principe||2,449.3|
Africa’s 20 Richest Countries in 2023
Now that you have learn a little about the Africa’s 20 Richest Countries In 2023, how they are ranked, etc., let us get a little more insight about these countries and their economy.
The Seychelles is an archipelago of 115 islands and is currently the richest country in the continent of Africa. The country has a GDP per capita of 13,306.7. However, this GDP per capita is very low as compared to richer countries in other continent but since Africa is a poor continent, here it is.
With a GDP per capita of 8,812.1, Mauritius ranks second in the list of 20 richest countries in Africa 2023. Following several decades of strong growth, Mauritius has emerged as one of the wealthiest countries in Africa. The country ranks 1st in Africa and 13th worldwide in the World Bank’s 2020 Doing Business Report. It is also one of the five fastest growing high-income markets in the world.
Equatorial Guinea is one of the wealthiest country in Central Africa which it owes it to its oil and gas production. The country is working very hard to boost the standard of living of its citizens through a socio-economic transformation strategy fueled by its oil wealth. Growth in oil and gas sector has been a real blessing to the nation.
Even with a GDP per capita of 8,017.0, Gabon is one of the Africa’s richest country. The country enjoys a per capita income four times that of most sub-Saharan African nations. However due to high income inequality, most population remains poor. Oil production accounts for approximately 80% of country’s exports, 45% of its GDP and 60% of its state budget revenues.
The impressive economic record of Botswana when compared to its neighbors is largely based on diamond mining, prudent fiscal policies and a cautious foreign policy. Botswana is also as the least corrupt African country. The GDP per capita of the country is currently 7,347.6 and its economy is one of the fastest growing economies in the world.
South Africa is a country of millionaires and the most industrialized, technologically advanced, and diversified economy in Africa. There are many top-class cities in the country such as Johannesburg, Cape Town, Pretoria, etc. South Africa is one of the only 8 countries in the African continent that has upper-middle income economy.
Libya is among the richest countries in the African continent when calculated by GDP per capita. Economy of Libya depends heavily on revenues from the petroleum sector, which represents over 95% of export earnings and 60% of GDP. Due to its low population, the country enjoys a per capita income of 6,018.4
In the list of Africa’s 20 Richest Countries in 2023, Namibia stands at eighth rank and has a GDP per capita of 4,729.3. Majority of the population engages in subsistence agriculture but the country still has a considerable number of well-trained professionals and managers. The country has a higher-middle-income economy but extreme inequalities in income distribution and standard of living.
Despite getting its freedom quite late (1956), Tunisia has managed to take its economy to a higher level among other African countries. The country has a strong market-based economy and relatively liberal social policies, contrary to its regional neighbors. Economy of Tunisia primarily depends on oil, phosphates, agri-food products, car parts manufacturing and tourism.
Egypt, officially known as Arab Republic of Egypt, is one of the richest country in Africa when calculated via GDP per capita. The country has a per capita of 3,876.4 when calculated by the World bank in 2021. Although, the economy of country is improving, so is poverty and unemployment.
Algeria is the largest African country that enjoys an upper-middle-income economy and has a GDP per capita of 3,765.0, it is one of the richest African country. The economy of Algeria is driven mainly by the recovering oil and gas sector. Agriculture, industry and services are the strongest sectors contributing to the GDP of the country.
Morocco is one of the richest country in Africa and its population comprise of 4500 millionaires and 200 multimillionaires. The country ranked in the mid-range growth category and is expected to see moderate growth in its private wealth. Morocco is the 12th largest African economy by GDP per capita that has a value of 3,496.8.
A service-oriented economy that is focused on commerce, trade, transport and public services, Cape Verde ranks thirteenth in the list of 20 richest countries in Africa 2023. It is considered a country of average development, being only the second African country to have achieved such transition, after Botswana.
The Republic of Djibouti faces a harsh issue that hampers its economic growth. The country has a rough climate, a largely unskilled labor force, and limited natural resources. Still Djibouti has been able to maintain a good GDP per capita as compared to other African countries. However, 23% of the total population of country lives below poverty line.
The economy of Ivory Coast is largely market-based and depends on agriculture. It is the largest economy in the West African Economic and Monetary Union that has shown resilience and growth in the past decade. Côte d’Ivoire is also one of the fastest-growing countries in the world.
Sao Tome and Principe
Sao Tome and Principe is a small country in African continent that ranks at 16 position in the list of 20 richest countries in Africa 2023. The economy of the country was largely dependent on cocoa production and has also started development of its oil industry in the oil-rich waters of the Gulf of Guinea.
Ghana’s economy is strengthened by few trade barriers and a competitive business environment. Gold, oil and cocoa are major exports from the country and agriculture forms a large portion of gross domestic product (GDP) of Ghana. In 2021, according to the World Bank, Ghana had a GDP per capita of 2,445.3.
Despite being a nation rich in oil and natural resources, Angola remains one of the poorest country in Africa. The reason behind this is the late independence of Angola from Portugal followed by a 27 year long civil war. Angola still was able to develop fastest growing economy in the world but is hit by corruption very hard.
Nigeria has the largest economy in Africa with expanding manufacturing, financial, service, communications, technology and entertainment sectors. Due to abundance of natural resources and certain other factors, Nigeria is considered one of the richest country in all over Africa.
Despite having a very low GDP per capita of only 2,006.8, Kenya has managed to make in into the list of 20 richest countries in Africa in 2023. This was only possible because Africa is a relatively poor continent when compared to others.
Burundi (GDP per capita of 236.8)
Note: The data has been collected by the World Bank in the previous year and it has been used as the criteria for ranking these countries in this year. The data for the current year will be calculated at the end of the year and will be used for listing richest countries in 2023.