Top 10 Richest Countries In Africa
Richest Countries in Africa in 2024 and 2025: Top 10 and Top 20 Rankings
Africa has immense economic diversity, with 54 nations showcasing a blend of resource-rich economies, emerging markets, and rapidly growing industries. From oil-driven powerhouses to tourism-focused islands, the wealthiest countries in Africa are defined by metrics like Gross Domestic Product (GDP), GDP per capita (adjusted for Purchasing Power Parity, or PPP), and economic diversification.
This article explores the top 10 richest countries in Africa in 2024, projections for 2025, the top 20 richest countries in Africa, and the top 5 richest countries in East Africa, based on the latest IMF data and other reliable sources.
What Makes a Country “Rich” in Africa?
Wealth in African countries is typically measured using:
- GDP: The total value of goods and services produced annually, reflecting the size of an economy.
- GDP per Capita (PPP): The average economic output per person, adjusted for cost-of-living differences, offering insight into individual wealth.
- Economic Diversification: A mix of industries, such as oil, mining, tourism, and technology, reduces reliance on single sectors.
- Human Development Index (HDI): Measures quality of life, including education, health, and income.
These metrics highlight both large economies like South Africa and Nigeria and smaller, high-income nations like Seychelles and Mauritius.
Top 10 Richest Countries in Africa by GDP in 2024
Based on nominal GDP (in billion USD), the following are the richest countries in Africa in 2024, according to IMF estimates:
- South Africa – $373 billion
- Key Industries: Mining (gold, diamonds, platinum), manufacturing, financial services, and tourism.
- South Africa remains Africa’s largest economy, driven by its diversified sectors and robust infrastructure, despite challenges like unemployment.
- Egypt – $347.6 billion
- Key Industries: Tourism, agriculture, fossil fuels, and ICT.
- Egypt’s large population and strategic location boost its economic output, though inflation challenges persist.
- Algeria – $266.8 billion
- Key Industries: Oil and gas exports.
- Algeria’s economy heavily relies on hydrocarbons, with efforts underway to diversify into renewable energy.
- Nigeria – $188.27 billion (2025 projection)
- Key Industries: Oil, finance, technology, and agriculture.
- Nigeria, once Africa’s largest economy, ranks lower due to currency fluctuations but remains a key player with its massive population.
- Ethiopia – $192 billion
- Key Industries: Agriculture (coffee exports), mining, and manufacturing.
- Ethiopia’s fast-growing economy benefits from agricultural exports and infrastructure investments.
- Morocco – $142.9 billion
- Key Industries: Tourism, agriculture, and manufacturing.
- Morocco’s strategic location and stable governance make it a regional economic hub.
- Kenya – $116.32 billion
- Key Industries: Agriculture, technology (“Silicon Savannah”), and tourism.
- Kenya is East Africa’s economic leader, with a thriving tech ecosystem.
- Ghana – $77.59 billion
- Key Industries: Gold, cocoa, oil, and services.
- Ghana’s stable economy is bolstered by its natural resources and growing service sector.
- Ivory Coast (Côte d’Ivoire) – $70.99 billion
- Key Industries: Cocoa, agriculture, and manufacturing.
- As a leading cocoa producer, Ivory Coast drives West African economic growth.
- Angola – $66.49 billion
- Key Industries: Oil and gas, diamonds.
- Angola’s oil-dependent economy is diversifying into agriculture and infrastructure.
Top 10 Richest Countries in Africa by GDP per Capita (PPP) in 2024-2025
When ranked by GDP per capita (PPP), which reflects individual wealth, smaller nations often outshine larger economies. Below is the top 10 list for 2024, with 2025 projections where available:
- Seychelles – $43,070 (2025)
- A small island nation with a population under 100,000, Seychelles thrives on luxury tourism and fishing, contributing 31% and 30% to GDP, respectively.
- Mauritius – $33,954 (2025)
- Known as a financial hub, Mauritius leverages tourism, manufacturing, and financial services.
- Libya – $26,527 (2024)
- Libya’s wealth stems from vast oil reserves, though political instability hampers growth.
- Botswana – $20,311 (2024-2025)
- Botswana’s stable economy relies on diamond mining, tourism, and agriculture.
- Gabon – $19,865 (2024)
- Oil and minerals drive Gabon’s economy, with diversification efforts in agriculture.
- Equatorial Guinea – $20,477 (2025)
- This small nation’s wealth comes from oil, though diversification is a priority.
- Egypt – $17,786 (2024)
- Egypt’s diverse economy supports a large population, with tourism and agriculture as key pillars.
- South Africa – $16,008 (2025)
- Despite its large GDP, South Africa’s per capita wealth is lower due to population size and inequality.
- Algeria – $14,227 (2024)
- Oil and gas exports boost Algeria’s per capita income, with renewable energy investments growing.
- Tunisia – $13,694 (2024)
- Tunisia’s mixed economy includes tourism, agriculture, and manufacturing.
Top 20 Richest Countries in Africa by GDP per Capita (2024)
Expanding the list, the top 20 richest countries in Africa by GDP per capita (PPP) in 2024 include:
- Morocco – $10,926
- Cape Verde – $4,660
- Djibouti – $4,180
- Eswatini – ~$4,000 (estimated)
- Namibia – $4,650
- Nigeria – $2,326 (nominal, 2024)
- Kenya – $2,081 (nominal, 2024)
- Ghana – ~$2,200 (estimated)
- Ivory Coast – ~$2,500 (estimated)
- Angola – ~$2,300 (estimated)
These rankings reflect a mix of small, high-income nations and larger economies with lower per capita wealth due to population size.
Top 5 Richest Countries in East Africa by GDP (2024)
East Africa is a hub of economic growth, driven by agriculture, technology, and tourism. The top 5 richest countries in East Africa by GDP in 2024 are:
- Kenya – $116.32 billion
- Kenya’s “Silicon Savannah” tech hub and tourism (e.g., Maasai Mara) drive its economy.
- Ethiopia – $192 billion
- Ethiopia’s agricultural exports, especially coffee, and infrastructure investments fuel growth.
- Tanzania – $79.87 billion
- Tourism (Serengeti, Zanzibar) and mining (gold, gas) support Tanzania’s economy.
- Uganda – ~$50 billion (estimated)
- Agriculture and the emerging oil sectors contribute to Uganda’s growth.
- Rwanda – ~$14 billion (estimated)
- Rwanda’s focus on technology, tourism, and governance reforms drives its economic rise.
Richest Countries in Africa by GDP in 2024-2025
In 2024, South Africa holds the title of the richest country in Africa by GDP at $373 billion, with projections for 2025 estimating $410.34 billion. However, when adjusted for PPP, Egypt often ranks higher due to lower living costs, giving its citizens greater purchasing power. By GDP per capita (PPP), Seychelles is the richest, reflecting its high standard of living.
Economic Trends and Insights for 2025
- South Africa and Egypt will likely remain top economies, but Nigeria’s growth could see it reclaim a higher rank by 2028, with a projected GDP of $915 billion.
- Seychelles and Mauritius will continue leading in GDP per capita due to their small populations and diversified economies.
- East Africa is a hotspot for growth, with Kenya, Ethiopia, and Tanzania leveraging technology, agriculture, and tourism.
- Oil-dependent nations like Nigeria, Algeria, and Angola face challenges in diversifying to ensure long-term stability.
- Africa’s overall GDP is expected to reach $29 trillion by 2050, driven by its young workforce and natural resources.
Why These Rankings Matter
Understanding the richest countries in Africa helps investors, policymakers, and travelers identify opportunities. Large economies like South Africa and Nigeria attract foreign direct investment (FDI), while high per capita nations like Seychelles offer quality-of-life insights. East Africa’s growth signals a shift toward technology and sustainable development, making it a region to watch in 2025.
Sources: International Monetary Fund (IMF), World Bank, Business Insider Africa, Statista, and other economic reports.
