Although Africa is one of the poorest continents in the world, there has been some growth in the economy, and it is believed that by 2050, the GDP will be $29 trillion.
Africa, one of the world's poorest continents, is experiencing some economic growth, with a projected $29 trillion GDP by 2050. Technology advancements have led to tech-driven companies and job creation, and millions of Africans now have internet or phone access, transforming the continent from a dark ages to a brighter future.
The World Population Review used each country's gross domestic product (GDP) to quantify African countries' wealth. GDP indicates the value of goods and services generated in a given year.
The first method shows the GDP in US dollars (USD or US$), the country with the highest overall GDP is the richest.
he second method is more accurate and involves adjusting GDP for Purchasing Power Parity (PPP), which alters each country's GDP according to its local cost of living.The results and rankings may change depending on which of the two methodologies is used.
Top 10 Richest African Countries by Overall GDP as of 2021, according to the World Bank:
- Nigeria — $440,834 million
- South Africa — $419,015 million
- Egypt — $404,143 million
- Algeria — 163,044 million
- Morocco — $142,866 million
- Ethiopia — $111,271 million
- Kenya — $110,347 million
- Ghana — $77,594 million
- Ivory Coast — $70,043 million
- Tanzania — $67,404 million
Top 10 Richest African Countries by Overall GDP based on Purchasing Power Parity, according to the World Bank:
- Egypt — $1.39 trillion
- Nigeria — $1.15 trillion
- South Africa — $868.58 billion
- Algeria — $535.80 billion
- Morocco — $333.24 billion
- Ethiopia — $306.45 billion
- Kenya — $276.22 billion
- Angola — $223.97 billion
- Ghana — $196.05 billion
- Sudan — $185.64 billion
Nigeria is the richest country in Africa in terms of GDP in the current United States Dollars (USD), with many emerging industries. This is no surprise since Nigeria is Africa's most populated country, with 211 million people—nearly double Egypt's population. This undoubtedly contributes to its GDP.
However, just because the country is making a lot of money doesn’t mean there is adequate income distribution. Some people or sectors might be hoarding the country’s wealth.
To mitigate this problem, economists frequently use GDP per capita, which divides gross domestic output by the number of people in the country, and GNI (gross national income) per capita.
Richest African Countries by GDP per Capita according to World Bank
- Seychelles — $14,653.3
- Mauritius — $9,106.2
- Gabon — $8,635.3
- Equatorial Guinea — $7,506.7
- South Africa — $7,055.0
- Botswana — $6,805.2
- Libya — $6,357.2
- Namibia — $4,856.6
- Eswatini — $3,978.4
- Tunisia — $3,807.1
When this method is used, the Seychelles is the richest country in Africa. Seychelles' economy is mostly based on boat construction, fishing, tourism and agriculture, particularly cinnamon, sweet potatoes, tuna, and bananas.
Also, its government employs two-thirds of the entire workforce and generates the largest gross income. When the GDP per Capita method is used, Nigeria is nowhere to be found as part of the richest African country.