Top 10 Richest Countries In Africa 

Africa is the second largest continent in the world after Asia. It features a number of countries with the fastest growing GDP’s in the world. Although the continent is home to the world poorest countries, several other countries are working hard to have their names erased from the list of poorest countries.

Many people across the world think Africa to be home of the world’s deadliest diseases, poverty, security challenges and underdevelopment. Many African countries are working hard to prove this report wrong. This is why the continent’s economy is growing faster than that of most continents of the world and projected to reach a GDP of $29 trillion by 2050. One of the factors responsible for the massive growth of the continent’s economy is its large work force and diversified economies. Africa may be the least developed continent of the world, but several countries have given it the potential to become substantial and rise above the challenges facing the continent.

Top 10 Richest Countries In Africa

Below is a list of the top 10 richest countries in Africa As of November 2023:

1. Seychelles

• GDP per capita: $26,120
• Population – 99,045
• Land Area – 460 km²

Seychelles is the richest country in Africa. It is a small island in the Indian Ocean situated off East Africa. It is among the top 10 richest countries in Africa per capita and has the highest currency in Africa.

Seychelles has an impressive GDP per capita mainly because of its robust tourism industry, contributing significantly to its GDP.

Tourism accounts for about 40% of national GDP and roughly 70% of foreign currency earnings.

Historically, fishing formed the backbone of the economy, with tuna being the primary catch. However, in recent years, Seychelles has developed its tourism sector by expanding accommodation and facilities on the island.

2. Mauritius

• GDP per capita: $22,030
• Population – 1.3 million
• Area- 2030 km²

Mauritius is an island nation off the coast of Africa in the Indian Ocean. It is one of the most developing countries in Africa per capita.

They built the economy of Mauritius on sugarcane plantations, but today it has diversified into textiles, tourism, and banking. 80% of its tourists are from other African countries, France, and the United Kingdom.

The government is ballooning public debt to boost infrastructure to compete with its neighbor, the economic powerhouse of South Africa.

Mauritius also has a free port regime, meaning there are no taxes or tariffs on goods produced in Mauritius destined for export.

The exports for Mauritius mainly include clothing, sugar, and Guar Gum.

3. Botswana

• GDP per capita: $18,110
• Population – 2.4 million
• Area- 581,730 km²

Botswana is a landlocked country in Southern Africa. It is one of the wealthiest countries per capita on the continent.

The economy of Botswana has always been based on animal husbandry and has undergone several changes over the years.

The country’s diamond and beef exports have greatly helped Botswana develop its economy.

Botswana is one of Africa’s largest producers of diamonds, giving it the third most significant share in dollar value among African nations after South Africa and Angola. Diamonds account for about 50% of the country’s exports.

Mining accounts for about 12% of GDP, and diamonds account for 80%. One in every four households in Botswana has at least one diamond ring, earring, or pendant.

In the past decade, however, the diamond market has been saturated, leading to a severe economic downturn and political turmoil.

However, mining companies have begun diversifying into other areas, such as copper and nickel, to help support the economy in recent years.

4. Gabon

• GDP per capita: $16,240.
• Population – 2.3 million.
• Area- 257,670 km².

Gabon is located on the west coast of Africa in central Africa, bordered by Equatorial Guinea, Cameroon, the Republic of Congo, and the Gulf of Guinea. It is one of the top 20 richest countries in Africa per capita.

Gabon has a lot of resources, including oil, timber, manganese mining, and uranium ore, making it one of Africa’s wealthiest countries.

However, Gabon is facing a severe economic crisis, resulting in the country’s oil production being cut by half.

The GDP growth rate in Gabon is meager, and inflation is high; it is currently -2.7%.

5. Madagascar

• GDP per capita: 13,720.
• Population – 28.7 million.
• Area- 581,795 km².

Madagascar is an island nation located off the coast of East Africa in the Indian Ocean. One of Africa’s poorest countries and one of Africa’s top 20 richest countries per capita.

Madagascar’s economy mainly relies on agriculture, which accounts for about 40% of the country’s GDP.

It is one of the most biodiverse countries globally, with approximately 5,000 plants, 89 types of primates, 350 bird species, and 60 mammal species found nowhere else.

However, many of Madagascar’s natural resources are being exploited by foreign countries without the benefit of revenue sharing or royalties.

6. Egypt

• GDP per capita: $13,080
• Population – 102.3 million
• Area- 995,450 km²

Egypt is a country in North Africa bordered by the Mediterranean Sea to the north, Israel and the Gaza Strip to the northeast, the Gulf of Aqaba to the east, Sudan to the south, and Libya to the west. It is one of Africa’s top 20 richest countries per capita, with a strong African currency.

Egypt has an ancient history that dates back thousands of years. Because of this, it is widely considered to be the foundation of human civilization, which has helped Egyptians become the top 5 populous countries in Africa.

Egypt mainly relies on agriculture, media production, construction, tourism, and transportation. About 50% of Egyptians are employed in agriculture.

However, its agricultural sector only contributes 23% to the GDP.
Agriculture accounts for just 16% of GDP and employs 25% of the workforce.

7. South Africa

• GDP per capita: $12,440
• Population – 60.3 million
• Area- 1,213,090 km²

South Africa’s economy mainly relies on transport equipment, processed minerals, chemicals, textiles, and food products, which account for about half of its GDP.

The industrial sector makes up the most significant part of GDP, accounting for over 35%, and minerals, mainly gold, diamonds, and coal, account for 90% of exports.

The country has a lot of resources, such as iron ore and chrome, which makes it one of Africa’s wealthiest countries. However, these resources have not been used efficiently, and the economy remains in flux.

Still, the economy is doing well, with an annual GDP growth rate of 3%, one of the highest in Africa.

Agriculture accounts for about 7% of the GDP and employed 22.8% of the workforce as of 2014.

South African mines produce a variety of minerals such as gold, diamonds, coal, vanadium, manganese, iron ore, copper, and tin which make up more than half of South Africa’s exports or 4% of world trade in minerals and metals.

However, South Africa’s economy faces severe challenges, such as rapid population growth, further poverty, and unemployment.

8. Algeria

• GDP per capita: $11,430
• Population – 44.9 million
• Area- 2,381,740 km²

Algeria is one of the wealthiest countries in Africa.

Algeria significantly influences African affairs despite having a relatively small population of about 44.9 million, ranking 34th.

Algeria’s economy mainly relies on hydrocarbons and manufacturing, which account for about 60% of the GDP.

Hydrocarbons contribute more than 95% to exports and 75% to government revenue. Manufacturing contributed less than one-third of GDP and employed about 16% of the workforce in 2014.

9. Tunisia

• GDP per capita:$10,590
• Population – 12 million
• Area- 155,360 km²

Despite having a relatively small population of about 12 million people, Tunisia also significantly influences African affairs. It has one of the highest currencies in Africa.

Tunisian exports mainly include clothing and textiles, chemicals, semi-finished goods, electrical equipment, and transportation equipment. Tunisia’s land resources are limited because of the aridity of the Sahara desert.

However, Tunisia has human resource potential, making it attractive to foreign investors such as Germany and Italy.

Tunisia’s economy mainly relies on tourism, manufacturing, and mining, which account for about 15% of the GDP.

Tunisia’s economy has been doing well because its economic policies have effectively created a stable financial environment encouraging foreign investments.

In 2014, Tunisia depended less on foreign assistance and reduced it to $183 million from previous years’ close to $700 million.

10. Namibia

• GDP per capita: $9,730
• Population – 2.3 million
• Area- 824,292 km²

One of the richest countries in Africa is Namibia.

The Namibian economy mainly relies on mining, agriculture, manufacturing, and tourism, which account for more than half of its GDP.

Mining accounts for about 30% of GDP while Agriculture contributes around 12%.
Namibian agriculture mainly produces beef, lamb and mutton, dairy products, tobacco, and barley.

The Namibian economy is stable, with a steady growth rate above 4%, contributing to its high GDP per capita.

Top Richest Countries In Africa

Here is a recap and a table with all the top 20 richest countries in Africa As of November 2023: