Top 8 richest African nations in 2024
Africa is a continent mostly known for the world's poorest countries and oddities. However, several African countries are working tirelessly to improve their GDPs and stay above foreign debts.
Many of these countries could easily represent the developed side of the continent. Considering GDP per capita, which measures the value of all goods and services produced per resident, many African nations stand out as the wealthiest on the continent.
According to the International Monetary Fund (IMF), here are the 8 richest countries in Africa by GDP per capita (PPP).
Mauritius
Mauritius holds the top spot as the richest country in Africa in 2024, with a GDP-PPP per capita of $31,157. Renowned for its diverse economy, Mauritius has successfully expanded beyond traditional sectors such as sugar and textiles.
Libya
Despite recent political and economic challenges, Libya ranks second with a GDP-PPP per capita of $26,527. The country's wealth primarily stems from its vast oil reserves, and ongoing efforts to stabilise its economy have been crucial in maintaining its position among Africa's richest nations.
Botswana
Botswana, with a GDP-PPP per capita of $20,311, is known for its stable economic growth and successful diversification strategies. The country has effectively managed its diamond resources and invested in sectors like tourism and agriculture, strengthening its economic resilience.
Gabon
Gabon ranks fourth with a GDP-PPP per capita of $19,865, driven by its abundant natural resources, including oil and minerals. The government's focus on sustainable development and economic diversification has been crucial in maintaining Gabon's status as one of Africa's wealthiest nations.
Egypt
Egypt secures the fifth position with a GDP-PPP per capita of $17,786. As one of Africa's most populous countries, Egypt boasts a diverse economy, with key sectors including tourism, agriculture, and manufacturing.
Equatorial Guinea
With a GDP-PPP per capita of $17,237, Equatorial Guinea heavily relies on its oil wealth to propel economic development. Despite oil's predominant role, initiatives to diversify the economy and invest in sectors such as agriculture and infrastructure have contributed to its economic prosperity.
South Africa
South Africa, the economic powerhouse of the continent, ranks seventh with a GDP-PPP per capita of $16,625. Despite struggling with challenges like inequality and unemployment, South Africa's diverse economy spans mining, manufacturing, and services, solidifying its pivotal role in the region.
Algeria
Taking the eighth spot, Algeria boasts a GDP-PPP per capita of $14,227. While the country's economy heavily depends on hydrocarbons, initiatives to diversify into sectors like renewable energy and manufacturing are underway to secure sustained economic growth.
