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The Richest Countries In Africa 2022

Africa is home to a large number of the world’s poorest nations. Numerous African economies are insecure, poverty is rampant, and the continent’s recovery from the COVID-19 pandemic is being slowed by limited access to vaccines.
Furthermore, a number of African countries, notably Cameroon, Chad, Nigeria, and Somalia, are either engaged in conflict with terrorist insurgents or with one another, putting a further burden on their economies.
Despite these obstacles, Africa’s 54 countries have some of the world’s fastest-growing economies. African economies are predicted to exceed $29 trillion in GDP by 2050, fueled by agriculture, commerce, and natural resources.
The region boasts an enthusiastic and growing workforce, with more than 20 million job searchers in Sub-Saharan Africa alone each year. Africans are also catching up technologically with the rest of the world: Each day, almost 90,000 residents of Sub-Saharan Africa connect for the first time to the internet.
Africa may be the least developed of the world’s major continents—even the wealthiest African countries lag well behind the world’s wealthiest nations—but its potential is tremendous and indisputable.

Using gross domestic product (GDP) to gauge African countries’ prosperity

While there are numerous ways to compare the wealth of different countries, one of the most effective is to look at each country’s gross domestic output, or GDP.

This is the total value of a nation’s commodities and services generated in a particular year. To improve the precision of country-to-country comparisons, GDP is frequently first adjusted for purchasing power parity (PPP), which adjusts each country’s GDP in relation to local prices, and then expressed in a fictitious currency called “international dollars” (INT).

The International Monetary Fund estimates that the four largest African countries will have a combined GDP of more over $500 billion (INT) in 2020:

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The Top 10 Richest African Countries in terms of Gross Domestic Product (INT$ at PPP — International Monetary Fund, 2021)

  • Egypt has a GDP of $1.38 trillion.
  • Nigeria has a GDP of $1.14 trillion.
  • South Africa has a market capitalization of $861.93 billion.
  • Algeria has a GDP of $532.57 billion.
  • Morocco has a GDP of $302.77 billion.
  • Ethiopia has a GDP of $298.57 billion.
  • Kenya has a GDP of $269.29 billion.
  • Angola has a GDP of $217.97 billion.
  • Ghana has a GDP of $193.63 billion.
  • Sudan has a market capitalization of $189.87 billion.

Egypt is Africa’s richest country in terms of total GDP (PPP INT$) in 2021.

Egypt is Africa’s third-mostpopulous country, with 104 million inhabitants. Egypt’s economy is similarly a mixed one, with a major tourism, agricultural, and fossil fuels sector, as well as a developing information and communication technology sector.

Nigeria is Africa’s most populated country, with 211 million residents—nearly twice Egypt’s population—contributing to the country’s GDP. Nigeria has a diverse economy with a lower-middle-income reliance on petroleum and (to a lesser extent) agriculture. Additionally, it is a developing market with expanding financial, service, communication, and technological industries.

The International Monetary Fund estimates that the four largest African countries will have a combined GDP of more than $500 billion (INT) in 2020:

The Top 10 Richest African Countries in terms of Gross Domestic Product (INT $at PPP—International Monetary Fund, 2021)

  • Egypt has a GDP of $1.38 trillion.
  • Nigeria has a GDP of $1.14 trillion.
  • South Africa has a market capitalization of R8.93 billion.
  • Algeria has a GDP of $532.57 billion.
  • Morocco has a GDP of $302.77 billion.
  • Ethiopia has a GDP of $298.57 billion.
  • Kenya has a GDP of $269.29 billion.
  • Angola has a GDP of $217.97 billion.
  • Ghana has a GDP of $193.63 billion.
  • Sudan has a market capitalization of $189.87 billion.

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Egypt will be Africa’s richest country in terms of total GDP (PPP INT$) in 2021. Egypt is Africa’s third-most populous country, with 104 million inhabitants. Egypt’s economy is similarly a mixed one, with a major tourism, agricultural, and fossil fuel sector, as well as a developing information and communication technology sector.

Nigeria is Africa’s most populated country, with 211 million residents—nearly twice Egypt’s population—contributing to the country’s GDP. Nigeria has a diverse economy with a lower-middle-income reliance on petroleum and (to a lesser extent) agriculture. Additionally, it is a developing market with expanding financial, service, communication, and technological industries.
While GDP is a highly significant indicator, it is also quite broad in scope. For instance, it disregards the number of citizens contributing to a country’s GDP, which means that a country with a large but inefficient workforce can achieve a greater GDP than a country with a smaller but more efficient workforce. To examine these and other characteristics in further detail, economists frequently use GDP per capita, which divides gross domestic product by the country’s population.

African countries with the highest GDP per capita (INT $at PPP—World Bank, 2021)

  • Seychelles  $30,898
  • Mauritius-$23,841 Mauritius
  • Guinea-Bissau-$18,625
  • Botswana-18,507 dollars
  • Libya (15,816 USD)
  • Gabon – $15,582 USD
  • South Africa ($13,010)
  • Ethiopia-$12,261
  • Algeria – 11,997 USD
  • Tunisia ($11,096 USD)
When GDP per capita is used as the unit of measurement, the list of Africa’s wealthiest countries changes significantly. When this metric is used, the Seychelles is the wealthiest country. The economy of the Seychelles is principally based on fishing, tourism, boat construction, coconut and vanilla processing, and agriculture, particularly cinnamon, sweet potatoes, tuna, and bananas. Its public sector generates the majority of employment and gross revenue, accounting for two-thirds of total employment.
Although Egypt has the largest total GDP of any African country, its GDP per capita is just sixth. Furthermore, Nigeria does not even make the new list—it is ranked 22nd.

Finally, economists frequently employ the gross national income, or GNP, metric to compare the wealth of various countries.

While GDP quantifies the value of goods and services produced by a country, GNI quantifies the total income generated by those commodities and services. Additionally, GNI keeps track of money entering and exiting a country’s economy as a result of international economic activity. This improves GNI’s ability to avoid artificially inflated totals that can affect the GDPs of known international tax havens.

African countries with the highest GNI per capita (Atlas method, current US dollars, World Bank 2021)

  • Seychelles: $12,720
  • Mauritius: $10,230
  • Gabon: $6,970 USD
  • Botswana: $6,640 USD
  • Equatorial Guinea: $5,810
  • Sudan: $5,410
  • Libya: 4850 dollars
  • Namibia: $4,520
  • Eswatini: $3,580
  • Tunisia: $3,550
Once again, Seychelles comes first, followed by Mauritius and countries such as Botswana, Libya, Equatorial Guinea, and Gabon. On the other hand, Egypt, which had the greatest overall GDP in Africa, has slipped completely out of the top ten (it is now ranked 15th).
When viewed globally, even Africa’s wealthiest countries pale in contrast to those on the majority of other continents. North America’s average GNI per capita is $62,367 (US dollars), while the European Union’s average GNI per capita is $34,081. (US). Seychelles, on the other hand, is well ahead of the global average of $11,057 (US), and several other African countries have the ability to meet or exceed this target as well.

The following are Africa’s ten wealthiest countries:

  • Nigeria (514.05 billion dollars),
  • Egypt (394.28 billion USD)
  • South Africa (USD 329.53 billion)
  • Algeria (151.46 billion USD)
  • Morocco ($124.00 billion USD)
  • Kenya (106.04 billion USD)
  • Ethiopia (93.97 billion USD)
  • Ghana (74.26 billion USD)
  • Côte d’Ivoire ($70.99 billion)
  • Angola (66.49 billion USD)

 

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