Top 10 wealthiest countries in Africa for 2024

July 19, 2024 18:42 PM

Africa, renowned for its rich tapestry of cultures and breathtaking landscapes, also stands as home to some of the globe's swiftest-growing economies and most prosperous nations.

From the mineral-laden terrains of Southern Africa to the burgeoning financial centers up north, the continent showcases a broad spectrum of wealth and economic vitality.

In this piece, we explore Africa's wealthiest nations, delving into their economic strengths, natural resource endowments, and the key factors propelling their financial achievements on both regional and global scales:

1. Seychelles

Positioned as one of Africa's wealthiest countries, Seychelles boasts a GDP per capita of $43,151, underpinned by a thriving tourism sector and abundant fisheries.

2. Mauritius: Leading the list with a GDP-PPP per capita of $32,094, Mauritius has successfully diversified its economy beyond traditional sectors such as sugar and textiles, solidifying its status as Africa's richest nation.

3. Libya:Despite facing political and economic challenges, Libya secures the second spot with a GDP-PPP per capita of $26,456, primarily due to its extensive oil reserves.

4. Botswana

Renowned for its diamond mining industry, Botswana ranks third with a GDP-PPP per capita of $20,097.

5. Gabon:With a GDP-PPP per capita of $19,452, Gabon benefits significantly from its substantial oil reserves and low population density.

6. Equatorial Guinea:This small nation boasts a GDP-PPP per capita of $18,378, largely driven by revenues from oil exports.

7. Egypt

Occupying the sixth spot, Egypt maintains a GDP-PPP per capita of $17,614, supported by a diversified economy encompassing tourism, agriculture, and manufacturing.

8. Algeria:Algeria's GDP-PPP per capita stands at $16,483, bolstered by its robust oil and gas sectors.

9. South Africa:A major economic powerhouse on the continent, South Africa ranks ninth with a GDP-PPP per capita of $16,424.

10. Tunisia

Completing the top ten, Tunisia registers a GDP-PPP per capita of $13,645, supported by a diverse economy including tourism, agriculture, and manufacturing in the North African region.