top richest african countries in 2024
The wealth of African countries serves as an economic engine, driving development and expansion across the continent. Through trade, investment, and infrastructure projects, their economic success can stimulate growth in neighbouring nations. However, it is important to note that while trade plays a significant role in a country’s wealth, a country’s wealth is only as great as its people.
This article presents the top 10 richest African countries in 2024, this list is courtesy of Global Finance and considers GDP-PPP per capita.
In 2024, Mauritius is the richest country in Africa, with a GDP-PPP per capita of $31,157. Mauritius is renowned for its diverse economy, which has successfully diversified beyond its traditional sectors, such as sugar and textiles.
Despite challenges, Libya is second on the list with a GDP-PPP per capita of $26,527. Its wealth comes from oil. Efforts to stabilise its economy have helped it stay rich.
Botswana has a GDP-PPP per capita of $20,311. It is stable economically and has diversified its resources. It has managed its diamond resources and invested in tourism and agriculture.
Gabon is the fourth richest country in Africa. Its GDP-PPP per capita is $19,865. This is because it has lots of natural resources, including oil and minerals. The government is trying to make the country richer by making it more diverse.
Egypt is the fifth richest country in Africa. Its GDP-PPP per capita is $17,786. Egypt is one of Africa’s most populous countries. Its economy is diverse, with key sectors including tourism, agriculture, and manufacturing.
With a GDP-PPP of $17,237, Equatorial Guinea relies on oil to drive economic development. While oil is still important, efforts to diversify the economy and invest in other sectors have helped the country’s economy to grow.
South Africa is the continent’s economic powerhouse, ranking seventh with a GDP-PPP per capita of $16,625. South Africa has a diverse economy that includes mining, manufacturing, and services. Despite challenges, it is a key player in the region.
Algeria is the eighth richest country in Africa. Its economy is based on oil, but it is trying to become more diverse.
Tunisia is the ninth richest country in Africa. It is trying to become more diverse. The country’s focus on economic reforms, tourism, and manufacturing has contributed to its ranking among the top 10 richest nations in Africa.
Morocco is the tenth richest country in Africa with a GDP-PPP per capita of $10,926. It is known for its stability and strategic location. Morocco has built a diverse economy with strengths in agriculture, tourism, and manufacturing, making it a key player in the region.
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