Top 10 Richest African Countries in 2023 By GDP

Last Updated on January 2, 2023 by Spynaija

Africa is the world’s second-largest and second most-populous continent, it covers 6% of Earth’s total surface area and 20% of its land area. Despite being the home to some of the world’s poorest nations, many of its member countries are doing quite well, with giant strides in Trade, agriculture, human resources, natural resources, and industries being the major pilot to driving the fastest-growing economies. Although there are several ways to compare the wealth of a nation, Taking a look at the purchasing gross domestic product (GDP) of a nation is one of the best ways.  In this article, we will be walking you through the top 10 Richest African countries by GDP in 2023.

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Top 10 Richest African Countries in 2023

Below is a list of the richest countries in Africa in 2023. All figures are from the International Monetary Fund data.

1. Equatorial Guinea – $34,865

Topping the list of the richest African countries by GDP, is Equatorial Guinea, with an estimated population of more than 1 million people. located in Central Africa. It is relatively small, covering only around 10,830 square miles. With a GDP per capita of $34,865. Equatorial Guinea ranks 136th on the UN’s Human Development Index. 

2. Seychelles – $28,172 

Seychelles made up of around 115 small islands, is an island country found in the Indian Ocean. With an estimated population of around 92,000, it has the smallest population of any country in Africa. Ranking as the second richest African country, with a per capita GDP of $28,172. Fishing, tourism, and the processing of natural resources such as coconut is the country’s economic powerhouse. 

3. Mauritius – $21,628 

Third on this list is Mauritius, which got her independence in 1968. Mauritius is an island country located in the Indian Ocean off the southeast coast of the African continent. The World Bank referred to Mauritius as an “upper-middle-income economy “. With a population of around 1.3 million. The economy of Mauritius is greatly centered around tourism. its pleasant climate, beautiful beaches, and warm ocean water make Mauritius a Tourist destination. with a GDP per capita of $21,628 making her amongst the top 10 richest African countries.

4. Gabon – $19,266 

 Gabon is located on the west African coast, bordering Cameroon, the Republic of the Congo, and Equatorial Guinea, with an estimated population of around 1,475,000. The economy of Gabon centers around the oil industry. Gabon with an average GDP of $19,266. positions herself amongst the top 10 richest African countries.

5. Botswana – $18,146 

Botswana is located in southern Africa. with an estimated population of around 2.1 million, and a land area of around 224,610 square miles. Botswana has a good reputation as a stable democracy. Metals, gemstones with resources such as uranium, gold, diamonds, copper, and, to a lesser extent, gold, are the sole economy of Botswana. 

6. Algeria – $15,000 

 

Algeria located in the Northern part of the continent, is the largest country in Africa by land area, with an estimated population of over 40 million, and is the 6th richest African country with a GDP per capita of $15,000. The country’s economy relies solely on hydrocarbons (petroleum and natural gas). 

7. South Africa – $13,403 

South Africa is the southernmost country on the continent. Tourism is one of the biggest revenue-generating industries in South Africa. The likes of Germany, the US, Japan, and China being the biggest trade partners of South Africa outside of Africa. ranks seventh on the list with an average per capita income of $13,403. 

8. Egypt – $12,994 

With Cairo as the capital of the country, Egypt shares its borders with the Gaza Strip and Israel, the Red Sea, the Gulf of Aqaba, the Red Sea, Sudan, and Libya. Agriculture, tourism, natural gas, and petroleum imports, as well as revenues from the Suez Canal, are the pilots of Egypt’s economy. Ranking eighth on our list of the richest African countries with a per capita GDP of $12,994. 

9. Tunisia – $11,987 

Tunisia located in north Africa, Tunisia’s economy has longtime been dependent on industries such as oil, tourism, and automobile parts. Ranking ninth on our list of the richest African countries with a per capita income of $11,987. 

10. Namibia – $11,528 

Namibia located in Southern Africa, with an estimated population of around 2 million, is the tenth richest country in Africa. with Mining, agriculture, manufacturing, and tourism as the country’s economic hub. despite the high cost of living, many goods that are consumed within the country are imported. With a per capita GDP of $11,528, it is the tenth richest African country. 

Conclusion

Above, are the top 10 richest African countries in 2023. Let’s hear your thoughts in the comments section.

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