The Richest Countries In Africa

Of Africa’s 54 countries, Seychelles currently stands as the richest with a GDP per capita (PPP) of $43,151, in international dollars, as per the 2024 IMF report. Mauritius follows in second, with $32,094, Libya in third with $26,456, Botswana in fourth with $20,097 and Gabon in fifth with $19,452.

Although Africa has faced a history of colonization, war, and political instability, many of its countries have been making economic, political, and social reforms over the past few decades to increase their economic growth and quality of life for citizens, which is exemplified in the growing GDP numbers of these more successful countries. In WorldAtlas, we measure the country’s economies using GDP per capita (PPP), as it is the best way to access how a country’s resources impact the lives of its everyday citizens.

For more information on prosperity metrics such as "GDP" and "PPP," click to visit this section: Understanding Different Metrics of Prosperity.

The 10 Richest Countries in Africa

1. Seychelles - $43,151

• Population: 105,000
• GNI Per Capita: $12,010
• Total GDP: $2.2 billion

Despite being a relatively young country, gaining independence in 1976, Seychelles has swiftly and effectively built a prosperous economy. It continually ranks high as one of Africa’s richest countries, with tourism and fishing being two of the biggest economic attributes. Tourism contributes to a staggering 31% of Seychelles' GDP and provides employment to thousands, with 15% of the workforce engaged in tourism-related activities. Much of the country’s economic success also connects to the industrial fishing industry, which accounts for nearly 30% of the country’s GDP. Tuna fishing is especially potent within the sector. Manufacturing deserves an honorable mention, with the country cultivating a large amount of sweet potatoes, cinnamon, tapioca, bananas, and poultry. In the long term, as it gazes towards the future, one of Seychelles' foremost economic concerns revolves around adapting to the challenges posed by climate change.

2. Mauritius - $32,094

• Population: 1,235,000
• GNI per capita: $10,360
• Total GDP: $16.36 billion

The subtropical island country of Mauritius has significantly grown in GDP since becoming an independent country in 1968. On average, its annual economic growth is 4%, which is significantly higher than the majority of countries in Sub-Saharan Africa. The reasons for Mauritius’s growth can be sourced from a variety of factors. While historically, the country has been heavily dependent on sugarcane, the Mauritius government has worked to encourage a greater diversification of industries, promoting areas such as information technology, financial services, and seafood processing and exports. Today, services, particularly tourism, account for more than 72% of GDP. Lastly, Mauritius has achieved a stable democracy and lowered wealth inequality, which few fast-growing economies manage to achieve. This greater equality of wealth has resulted in longer life expectancy, decreased infant mortality, and a greatly improved infrastructure.

3. Libya - $26,456

• Population: 7,820,000
• GNI per capita: $7,260
• Total GDP: $48.22 billion

Libya’s economy depends heavily on the petroleum sector, which accounts for more than 95% of export earnings and approximately 60% of GDP. To decrease their dependence on oil, the government has attempted to promote industrial and agricultural developments, although they have not yet had much success. A mere 1% of Libya’s land is cultivated, with cereals, olives, almonds, and citrus fruits representing a few of the crops grown. Despite its current low agricultural developments, the government has various projects planned to try to increase this percentage. Libya has had tremendously shaky economic growth over the past two decades due to the two Libyan Civil Wars.

4. Botswana - $20,097

• Population: 2,413,000
• GNI per capita: $7,430
• Total GDP: $21.42 billion

Although Botswana was one of the world’s poorest countries when it declared independence in 1966, it is now one of the fastest-growing economies worldwide. Over the past decade, it has averaged an annual growth of approximately 5%, putting it on the charts as an upper-middle-income country and giving it hopes to become a high-income country in the future. Diamond mining, strategic economic policies, low corruption rates, and small population size are largely responsible for its dynamic growth. Diamond mining specifically represents about half of government revenue. This high dependence on diamonds, accompanied by a high HIV/AIDS infection rate, however, are two factors that could potentially threaten Botswana’s growth in the years to come.

5. Gabon - $19,452

• Population: 2,430,000
• GNI per capita: $7,530
• Total GDP: $21.01 billion

Gabon is one of the most urbanized countries on the continent, with over 80% of its population residing in urban areas. Moreover, the small country boasts abundant natural resources, serving as one of the world’s largest manganese producers and yielding other valuable resources such as petroleum and timber. However, despite large amounts of revenue from the country’s natural resources, high levels of corruption have impeded Gabon from growing to its full potential. About one out of every three citizens of Gabon live in poverty, highlighting an ongoing economic problem. With the gradual decline of oil production expected to occur in the next few years, the mining, agricultural, and timber industries will likely become the country’s main economic drivers.

6. Equatorial Guinea - $18,378

• Population: 1,669,000
• GNI per capita: $5,240
• Total GDP: $10.71 billion

In the 1990s, Equatorial Guinea discovered massive oil reserves, boosting its GDP and making it the third-largest oil producer in Sub-Saharan Africa. Fishing, farming, and forestry also heavily impact the country’s economy. Despite large amounts of oil, Equatorial Guinea struggles with its fair share of ongoing economic problems. Aid groups such as IMF and World Bank cut funding in the 1990s due to government mismanagement and corruption. Government officials and their families own the majority of businesses, and the country experienced a 7-year recession that lasted from 2015 through 2022. These economic and political factors have resulted in approximately 70% of the population living under the poverty line. In recent years, the government has begun enacting reforms and economic diversification strategies, as well as adopting an anti-corruption law in 2021, in hopes of creating a stronger economic future.

7. Egypt - $17,614

• Population: 106,647,000
• GNI per capita: $4,100
• Total GDP: $347.59 billion

Agriculture, petroleum, natural gas, tourism, and media are Egypt’s main revenue-driving industries. However, although Egypt has the 7th highest GDP per capita (PPP) in Africa, it is far from being in a place of stability. Global shocks, historic inflation, and foreign exchange crises over the years have greatly impacted economic activity and halted growth. While Egypt still is experiencing a positive growth trend, the growth percentage between 2022 and 2023 declined from 6.6% to 4.2%. Staple food prices have grown disproportionately high in comparison to inflation rates, causing many residents to report an eroding quality of life, with poverty rates near 30%. The country is currently enacting a policy known as Egypt's 2030 Vision, which aims to diversify the economy, with the success of this policy yet to be determined in the years to come.

8. Algeria - $16,483

• Population: 46,839,000
• GNI per capita: $3,920
• Total GDP: $266.78 billion

Export revenues and hydrocarbon production are vital in Algeria’s economy. In particular, the hydrocarbon production sector accounts for nearly 20% of the country’s GDP. In 2021, thanks to high hydrocarbon output, the country managed to rebound from a recession previously induced by COVID-19. Since the early 2000s, a hydrocarbon boom has permitted Algeria to make strides in both the economy and human development, clearing debt, investing in infrastructure, and enacting social policies to reduce poverty. Education, however, is an area that still requires further policy and reform. Since 2020, the government has begun taking actions to further diversify the economy and make improvements to the business environment.

9. South Africa - $16,424

• Population: 64,701,000
• GNI per capita: $6,780
• Total GDP: $373.23 billion

South Africa’s economy has faced many ups and downs during the last few decades. As the world’s largest producer of platinum, chromium, and manganese, it is rich in natural resources that help to boost its economy. The country has also been making strides to diversify its economy since apartheid, particularly in the services industry. Manufacturing also represents approximately 15% of South Africa’s GDP. However, despite its abundance of natural resources and attempts to diversify, problems persist. Electricity shortages and rolling blackouts, occurring since 2007, constrain the economy from reaching its full growth potential. Additionally, inequality is one of the most severe in the world, with more than half of the population living under the poverty line and around 33% of people being unemployed.

Tunisia - $13,645

• Population: 11,965,000
• GNI per capita: $3,830
• Total GDP: $54.71 billion

Historically, Tunisia’s economic growth has relied heavily on oil, phosphates, car parts manufacturing, and tourism. It also leans on agriculture production, producing a large number of crops in wheat, tomatoes, olives, watermelon, and onion. Tunisia experienced a revolution in 2011, which slowed its economic growth, later followed by the COVID-19 pandemic in 2020, which caused GDP to fall. Following the pandemic, the country experienced robust growth in the tourism industry, with hotels, restaurants, and transportation services booming. Additionally, in July of 2022, the country adopted a new constitution, introducing a system of presidential and bicameral legislation government, whose effects will gradually unfold in the years ahead.

Final Thoughts

Having reviewed the economic situation of these 10 countries, it is evident that each country exists on a spectrum of social, economic, and political stability. Mauritius, for example, is in the middle of an economic boom, offering a greater quality of life to its residents as well as decreasing wealth inequality. Countries such as South Africa and Egypt, however, struggle to find their footing, with ongoing issues such as high poverty rates and a lack of job opportunities. Looking ahead, each country's economic trajectory will undoubtedly shape Africa's evolving narrative and determine the continent’s future as it continues striving for prosperity and social progress.

African Countries By GDP Per Capita (PPP)