Top 10 Richest Countries In Africa

In this article, we will list some of the richest countries in Africa.

The richest countries in Africa are ranked GDP per capita based on purchasing power parity.

Africa is home to more than fifty countries and traditionally the continent has been regarded as one of the poorest continents in the world, but Africa is becoming a new investment destination for foreign investors thanks to these progressing economies on the continent.

What is GDP per capita based on purchasing power parity?

GDP per capita (PPP-based) is gross domestic product converted to international dollars using purchasing power parity rates and divided by total population. GDP per capita (PPP-based) is usually computed among a large number of countries and expressed in terms a single currency, with the U.S. dollar (US$) most commonly used as the base currency.

GDP per capita (PPP-based) measures how much of a local product a person can buy in their country, e.g.,  $2 might get you a nice meal in Nigeria, but that same $2 might not get you a bottle of water in Equatorial Guinea.

The 10 Richest Countries in Africa Based On Purchasing Power Parity of GDP Per Capita

The following are the richest ten countries in Africa based on GDP per capita.

10. Egypt

richest countries in africa

Capital: Cairo

GDP (PPP) Per Capita: $10,891.30

GDP: $330,778,551

Population: 94,346,840

Major Source of Income: Oil and Gas

Egypt has one of the most developed economies in Africa, and it is the third largest economy in Africa behind South Africa and Nigeria respectively. The energy market in Egypt is well developed. Currently, Egypt’s gas reserves are estimated at 1,940 cubic kilometres.

9. Tunisia

richest countries in africa

Capital: Tunis

GDP (PPP) Per Capita: $11,397.20

GDP: $43,015,090

Population: 11,433,569

Major Source of Income: Mixed

Tunisia has one of the best-run economies in Africa. The oil-producing African nation runs a well-diversified economy, with key exports such as textiles, food products, chemicals, and phosphates.  Tunisia successfully underwent a period of political transition, following the uprising that led to the removal of President Zine al-Abidine Ben Ali in January 2011 at the start of the Arab Spring. Currently, the outlook is positive, and Tunisia remains one of the richest countries in Africa.

8. South Africa

richest countries in africa

Capital: Pretoria, Cape Town, Bloemfontein

GDP (PPP) Per Capita: $13,165.10

GDP: $312,797,577

Population: 55,358,150

Major Source of Income: Mixed Economy

With its high energy production, major tourist attractions, highly regarded wines, diversified economy and a GDP per capita based on purchasing power parity of $11,500, Republic of South Africa ranks eighth on the list of the richest countries in Africa. South Africa is Africa’s second largest economy by GDP; it was overtaken as the largest economy when Nigerian rebased its GDP calculations for the first time in over two decades.

7. Libya

richest countries in africa

Capital: Tripoli

GDP (PPP) Per Capita: $14,154.30

GDP: $29,152,707

Population: 6,273,537

Major Source of Income: Oil

Libya is Africa’s fourth largest oil producing nation and one of the richest countries in Africa. Libya’s major source of income comes from Oil as it holds the largest proven oil reserves in Africa and the 10th largest in the world. Libya is one of the few African countries designated as an upper middle economy by the World Bank.

6. Algeria

richest countries in africa

Capital: Algiers

GDP (PPP) Per Capita: $14,687.40

GDP: $166,838,618

Population: 40,751,379

Major Source of Income: Energy

The Algerian economy is largely based on its fossil fuels energy sector, which accounts for at least  60 percent or more of the budget revenues, at least 30 percent of the country’s GDP, and more than 95 percent of Algeria’s export earnings. Algeria requires an urgent plan to diversify its economy due to the current volatility in the global oil industry. However, Algeria remains one of the richest countries in Africa.

5. Botswana

richest countries in africa

Capital: Gaborone

GDP (PPP) Per Capita: $15,807.10

GDP: $14,390,863

Population: 2,327,148

Major Source of Income: Minerals

Botswana, the second largest producer of diamonds in the world,  is a mid-sized country in Africa with a population of just over two million people. Botswana, formerly among the poorest countries in the world is now one of the fastest-growing economies in the world. Botswana boasts of a GDP (purchasing power parity) per capita of about $16,400 per year, and this makes it the fifth richest country in Africa.

4. Mauritius

Capital: Port Louis

GDP (PPP) Per Capita: $19,480.50

GDP: $11,510,952

Population: 1,280,700

Major Source of Income: Diversified

Mauritius is an island in the Indian Ocean with a per capita income higher than the global average. The economy of Mauritius is a well-diversified economy that benefits from sugar production, tourism, textiles and apparel production, and financial services.

3. Gabon

richest african countries

Capital: Libreville

GDP (PPP) Per Capita: $20,010.1

GDP: $14,339,724

Population: 1,780,193

Major Source of Income: Oil

Gabon is one of Africa’s largest oil producing nation. According to BBC, Gabon is one of Africa’s more stable countries. Since it gained independence from France in 1960, Gabon has had just three presidents. Gabon’s low population density and booming oil production have helped the country become one of the richest countries in Africa. Gabon is also the highest ranked African country on the Human Development Index, and with a GDP (purchasing power parity) per capita of about $16,400 per year, it is ranked the third richest country in Africa.

2. Seychelles

richest countries in africa

Capital: Victoria

GDP (PPP) Per Capita: $ 27,273.5

GDP: $1,437,722

Population: 97,494

Major Source of Income: Fishing

Seychelles is an island in the Indian Ocean to the East of Africa, and its primary sources of income are industrial fishing and Tourism. Seychelles GDP is just about $2.4 billion, but with a population of 92,000 and a one percent unemployment rate, Seychelles is the second richest country in Africa.

1. Equatorial Guinea

Equatorial Guinea

Capital: Malabo

GDP (PPP) Per Capita: $30,040.7

GDP: $9,397,792.25 USD

Population: 857,604

Major Source of Income: Oil

Equatorial Guinea is a small African country that shares its borders with Cameroon and Gabon. Equatorial Guinea has a population of less than a million and it one of Africa’s largest producers of oil. Like most oil-rich African countries, Equatorial Guinea is plagued by a high-level of corruption. However, due to its oil wealth and low population, Equatorial Guinea’s GDP per capita based on purchasing power parity of $30,040.07 is twice as high as the global average per capita income. Consequently, Equatorial Guinea is the richest country in Africa.

Data Sources

GDP Per Capita: The World Development Indicators by the World Bank 

PopulationUnited Nations Department of Economic and Social Affairs: Population Division.

Major Source of income: CIA World Factbook