Richest country in africa 2023 top 10 by gdp năm 2024

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.

Africa is home to some of the richest countries in the world mainly due to the benefit of its rich natural resources, diversified economies, geopolitical positions, and access to markets which continue to attract investors. In 2022, Nigeria’s GDP amounted to nearly $477.4 billion, which is rated as the highest in Africa.

According to statistics provided by the World Population Review,ranked according to overall GDP, these are currently the top 10 richest countries in Africa.

1. Nigeria: GDP – $440,834 billion:

Earning the highest GDP in Africa, Nigeria takes the top spot as Africa’s largest economy. Rapid growth in its financial sector and leadership in petroleum exports fuel its economic prowess. Lagos being the second-largest metropolitan area in Africa has also established itself as a major tech hub, attracting foreign investment.

2. South Africa — $419,015 billion:

South Africa ranks at second place. Major contributing factors towards South Africa’s economic strength is their diversified economy that includes mining, manufacturing, agriculture, and services. Rich mineral resources including gold and platinum further contribute towards its growth. Johannesburg is also a major financial hub for Africa, home to the Johannesburg Stock Exchange (JSE), which is one of hte largest stock exchanges in the world.

3. Egypt — $404,143 billion:

Egypt’s economy boasts diverse industries, from tourism to agriculture to textiles and petroleum. The country’s strategic location at the crossroads of Africa and the Middle East enhances its significance on the continent. Egypt also has one of the longest histories of any modern country, arising in the tenth millennium BCE as one of the world’s first nation states.

4. Algeria — 163,044 billion:

Algeria is abundant in oil and natural gas reserves. The country’s petrochemical industry contributes to its overall GDP positioning the nation as a major economic force in North Africa. Historically, hydrocarbons have been the backbone of Algeria’s economy, providing significant portion of its public sector revenues and expert earnings.

5. Morocco — $142,866 billion:

Morocco shines as one of the most competitive economies in Africa with its vibrant tourism and agriculture sectors, and investments in renewable energy and industrialization. The country also holds the status as the world’s largest exporter of phosphates, a critical mineral resource used in fertilizers.

6. Ethiopia — $111,271 billion:

Ethiopia’s GDP is mostly fueled by its agricultural and manufacturing sector. It contends as one of the fastest-growing economies attracting foreign investments.

7. Kenya — $111,271 billion:

Kenya’s thriving economy is mainly attributed to outstanding developments in its tech sector. Nairobi is a thriving and vibrant metropolitan city that provides a business-friendly environment. The country also hosts the offices of major global enterprises. Well-established and innovative mobile payment and banking system, led by widely used service M-Pesa is marking the nation as a leader in the provision of innovative digital banking solutions.

8. Ghana — $77,594 billion:

Ghana’s political stability, renowned for its democratic transitions, supports a favorable environment for economic growth. The country’s significant gold and cocoa production industries drive export revenues, contributing to its economic prosperity.

9. Ivory Coast — $70,043 billion:

Ivory Coast is among the world’s largest producers and exporters of cocoa beans and palm oil that are major contributors towards its overall economic status.

10. Tanzania — $67,404 billion:

Tanzania fairs as the tenth in the list of Africa’s richest countries in the world which can mostly be attributed to its thriving tourism, agriculture, and mining industries. Strategic ports and potential in natural gas also contribute significantly toward its growing influence in East Africa.

What are the top 10 richest countries in Africa by GDP 2023?

Top 10 richest countries in Africa rated.

Nigeria: GDP – $440,834 billion: ... .

South Africa — $419,015 billion: ... .

Egypt — $404,143 billion: ... .

Algeria — 163,044 billion: ... .

Morocco — $142,866 billion: ... .

Ethiopia — $111,271 billion: ... .

Kenya — $111,271 billion: ... .

Ghana — $77,594 billion:.

What is the 10 strongest economy in Africa?

These 10 economies are driving the continent's economic growth and are becoming more significant in the global economy, according to trading economics..

Nigeria. Nigeria has Africa's largest economy, with a GDP of $477.38 billion in 2023. ... .

Egypt. ... .

South Africa. ... .

Algeria. ... .

Morocco. ... .

Ethiopia. ... .

Kenya. ... .

Angola..

What is the richest country by GDP in 2023?

The United States has maintained its position as the world's leading economy and richest country for over 60 years from 1960 to 2023.

What is the richest country in Africa GDP?

It is Nigeria, a country in West Africa, which stands out as the most powerful economy on the continent. With a GDP estimated at $477 billion in 2022, Nigeria is at the top of the ranking of the richest African countries, ahead of Egypt and South Africa.