30 Richest Countries In Africa By GDP [2024]

While Africa is infamous for the poorest households in the world, that doesn’t make her poor.

The dark continent flaunts some of the fastest-growing economies and wealthiest personages, and the 30 richest countries in Africa that we’ll explore are proof of that.

A country’s wealth is measured by different metrics, such as the Gross Domestic Product (GDP) and Gross National Income (GNI). The former describes a country’s total value of goods and services in a particular year, and the latter describes the nation’s income from the goods and services it produces. 

GDP is too broad and often adjusted to Purchasing Power Parity (PPP) and per capita. GDP (PPP) is the relationship between the nation’s GDP production and the local prices, often expressed as a fictional currency, otherwise known as the International Dollar.  

According to the IMF (International Monetary Fund), the wealthiest African Country based on the GDP (PPP) is Egypt, with an estimated GDP (PPP) of $1,661.955 billion (roughly $1.66 trillion). 

Meanwhile, GDP per capita, which economies argue is the ideal measurement of a nation’s actual standard of living, divides the nation’s GDP by its population. Recent IMF reports show that the country with the largest GDP per capita is Seychelles ($35,272.28).

We will, however, rank these African countries according to their GDP (PPP) as reported by the IMF.

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 A Summary of 30 Richest Countries in Africa Based on GDP

Here are the riches African countries by GDP according to the IMF as of April 2022

Rank	African Country	GDP (PPP) 2022	GDP Per Capita 2022
1.	Egypt	$1,662 trillion	$14,927.59
2.	Nigeria	$1.275 trillion	$5,852.61
3.	South Africa	$949.846 billion	$15,361.30
4.	Algeria	$600.668 billion	$13,002.44
5.	Morocco	$359.671 billion	$9,041.24
6.	Ethiopia	$347.847 billion	$3,407.21
7.	Kenya	$311.753 billion	$6,061.42
8.	Angola	$245.442 billion	$7,359.58
9.	Sudan	$220.533 billion	$4,441.51
10.	Ghana	$217.525 billion	$6,753.84
11.	Tanzania	$207.550 billion	$3,358.28
12.	Libya	$196.428 billion	$18,345.07
13.	Côte d’Ivoire	$181.533 billion	$6,345.07
14.	Tunisia	$151.495 billion	$12,299.68
15.	Uganda	$132.010 billion	$2,960.94
16.	DR Congo	$128.535 billion	$1,315.94
17.	Cameroon	$123.341 billion	$4,398.31
18.	Zambia	$76.325 billion	$3,776.37
19.	Senegal	$72.703 billion	$4,092.52
20.	Burkina Faso	$58.812 billion	$2,663.37
21.	Mali	$56.051 billion	$2,575.41
22.	Benin	$53.699 billion	$4,136.86
23.	Madagascar	$51.521 billion	$1,777.65
24.	Mozambique	$47.606 billion	$1,438.70
25.	Botswana	$47.262 billion	$19,286.91
26.	Guinea	$44.455 billion	$3,029.43
27.	Zimbabwe	$39.906 billion	$2,523.03
28.	Gabon	$38.574 billion	$17,848.29
29.	Niger	$37.423 billion	$1,434.70
30.	Rwanda	$37.211 billion	$2,807.56

Richest Countries in Africa by GDP(PPP) Reviewed

Here are the top 30 rich African countries by GDP:

1. Egypt (the Richest Country in Africa)

The latest IMF report shows Egypt has an estimated GDP (PPP) of $1.662 trillion. That makes the Arab country the richest in Africa. 

Regarding GDP per capita, Egypt enjoys an estimated per capita value of $14,927.59, mainly owing to international trade. Egypt’s major exports are petroleum products, agricultural goods, metal, textiles, and chemicals, vital to the historic country’s fast-rising economy. 

And given her historical significance, Egypt continues to be a popular tourist destination which has seen more foreigners pump money into her economy, and the unemployment rate has gone down tremendously as a result. 

2. Nigeria (Richest Country in West Africa)

Nigeria ranks second behind Egypt based on GDP (PPP). Only she and Egypt have an estimated GDP (PPP) of over a trillion dollars. 

Nigeria’s $1.275 trillion GDP (PPP) is mainly due to her massive petroleum exports, especially crude oil and gas. In addition, Nigeria injects money from exporting cocoa beans, which the country is famously known for as well as chemical products, rubber, rough woods, and vehicle parts. 

Nigeria also exports natural resources such as coal, iron ore, zinc, limestone, lead, and tin, and about 20% of its GDP comes from agriculture. Nigeria’s GDP per capita is roughly $5,852.61B.

3. South Africa (Richest Country in The South Africa Region)

South Africa enjoys a GDP (PPP) of about $949.846 billion, just slightly shy of a trillion dollars, and has a GDP per capita of $15,361.30, marginally higher than Egypt.

As the 3rd richest African country, South Africa owes a large part of its GDP to coal and platinum, among other minerals. Additionally, South Africa makes cars, machinery, and industrial machinery which she sells worldwide.

And being an African powerhouse, South Africa infuses money through agriculture and tourism and has some of the largest financial service sectors not only in Africa but globally. 

4. Algeria 

Algeria is another north African dynamo that makes Africa’s top 4 wealthiest countries. The North African giant has an estimated GDP (PPP) of $600.668 billion and a GDP per capita of $13,002.44. 

Given its vast land coverage, Algeria boasts booming agricultural and industrial sectors, which have been critical to its impressive GDP. Algeria also exports petroleum products, natural gas, and ammonia which highly contributes to its GDP and is among the fastest-rising economies in the commercial service sector. 

But overall, about 70% of her national income comes from the natural gas and oil sectors, a source of the low unemployment rate.

5. Morocco 

Morocco takes the fifth position overall thanks to her $359.671 billion GDP (PPP). While the value is way lower than that of her southern neighbor, Algeria ($600.668), it’s pretty impressive for a country that only gained independence in 1956. 

Morocco’s GDP per capita is $9,041.24, which is lower than Egypt’s and Algeria’s. Morocco’s fast-growing economy is driven by its manufacturing and mining sectors which contribute 30% of the nation’s GDP. 

The other major contributor to the nation’s GDP is agriculture (15%), where the country’s major exports are vegetables and citrus fruits. The remaining 55% comes from Morocco’s vibrant service sector, where the tourism industry takes center stage. 

Morocco is also a major producer of electrical components, automobiles, fertilizers, aircraft parts, and fish. 

6. Ethiopia (Richest Country in Eastern Africa)

With an estimated GDP (PPP) of $347.847 billion, Ethiopia is the wealthiest country in Eastern Africa. This landlocked nation in the Horn of Africa gets about 40% of its GDP from agriculture and 60% from exports. 

Ethiopia is Africa’s largest honey and coffee producer, but in addition, the historic country exports leather products, gold, oilseeds, and live animals. 

A part of Ethiopia’s GDP is also due to her historical significance, given that she houses some archeological findings which date to millions of years ago. Many archeologists and scholars visit the eastern African country yearly to learn about paleontology.

Sadly, the high cost of inflation, outlined by a $3,407.724 GDP per capita, has been a stumbling block to the country catching up with Africa’s big hitters like Egypt and South Africa. 

7. Kenya (Richest Country in East and Central Africa)

With an estimated population of about 50 million and a GDP (PPP) of $311.753 billion, Kenya is the second fastest-growing economy in Eastern Africa and the fastest in East and Central Africa.

Though the cost of living and unemployment rate remains high, Kenya boasts a thriving agricultural and industrial sector. The agricultural sector contributes to 30% of the nation’s GDP, where the country is notable for exports like coffee, tea, and horticultural crops, while 50% comes from the industrial sector. 

The remaining 15% comes from the tourism, trade, fishing, textile, financial, and petroleum sectors. Kenya currently enjoys a GDP per capita of $6,061.42.

Also Read: Richest People in Kenya

8. Angola 

Located along central southern Africa’s west coast, the Republic of Angola enjoys an estimated $245.442 billion GDP (PPP) and $7,359.58 per capita. 

Angola boasts blossoming oil and mineral sectors which contribute to her impressive GDP. The oil and mineral sectors, alongside the manufacturing, agricultural, and construction sectors, contribute about 70% of the nation’s GDP. 

The remaining percentage mostly comes from agriculture. But despite the impressive GDP, Angola still struggles with the high cost of living. 

9. Sudan 

Known for its diversity and rich natural resources, Sudan has an estimated GDP (PPP) of $220.533 billion and an estimated GDP per capita of $4,441.51.

Sudan is one of Africa’s leading exporters of minerals and petroleum products, accounting for 80% of its exports. Besides that, Sudan is a major producer of livestock, wheat, and cotton, making it an agricultural powerhouse. 

However, due to constant political conflicts, civil wars, and anti-government demonstrations, Sudan has experienced an economic regression. However, things are slowly changing, and the East African country is steadily gaining its lost throne. 

10. Ghana 

Ghana concludes our list of Africa’s top 10 richest countries by GDP (PPP). It’s generally hard to bypass the West Africa powerhouse when speaking of the most vibrant African economies. 

Ghana enjoys an estimated GDP (PPP) of $217.525 billion and a GDP per capita of $6,753.84. Ghana’s main export is gold, and together with petroleum, they contribute to 50% of the nation’s foreign exchange.

Besides gold and petroleum, Ghana produces cocoa beans, tuna, timber, aluminum, diamond, and bandits. Ghana also gets a massive part of its GDP from the service sector, which employs 30% of its domestic workforce. 

11. Tanzania 

Tanzania is the second richest East African country behind Kenya based on GDP. The republic has an estimated GDP (PPP) of $207.550 billion and a GDP per capita of $3,358.28.

12. Libya 

Libya is another wealthy North African country with an estimated GDP (PPP) of $196.428 billion and an estimated GDP per capita of $18,345.14.

13. Côte d’Ivoire 

Cote d’Ivoire ranks behind Nigeria and Ghana in the West Africa region and currently enjoys a GDP (PPP) of $181.533 billion and an estimated GDP per capita of $6,345.07.

14. Tunisia 

Tunisia ranks 5th in North Africa when it comes to GDP. The north African country enjoys a GDP (PPP) of about $151.495 billion and a GDP per capita of $12,299.68.

15. Uganda 

Uganda comes third in East Africa behind her neighbors Kenya and Tanzania, with an estimated GDP (PPP) of $132.010 billion and a GDP per capita of $2,960.52.

16. DR Congo (The Richest Country in Africa by Minerals)

The Democratic Republic of Congo (DRC) enjoys an estimated GDP (PPP) of $128.535 billion and a GDP (PPP) of $1,315.94. According to the African Business Insider, DRC has unexploited mineral reserves worth $ 28 trillion, making it the wealthiest African country by minerals.  

17. Cameroon 

Cameroon is another wealthy west African nation with an estimated GDP (PPP) of $123.341 billion and a per capita of $4,398.31.

18. Zambia 

Zambia is a south and central African industrial capital with an estimated GDP (PPP) of about $76.325 billion and a GDP per capita of $3,776.37.

19. Senegal 

Located along the Atlantic coastline, Senegal enjoys an estimated GDP (PPP) of $72.703 billion and a per capita of $4,092.53, making it the 19th wealthiest African country.

20. Burkina Faso 

Burkina Faso is a landlocked west African country with an estimated $58.812 billion GDP (PPP) and a $2,663.39 GDP per capita. 

21. Mali

Mali is another landlocked west African nation with an estimated GDP (PPP) of $56.051 billion and a GDP per capita of $2,575.41.

22. Benin 

The Republic of Benin contributes to the rich west African region with its $53,699 billion GDP (PPP) and $4,136.86 GDP per capita. 

23. Madagascar 

Madagascar is a southeastern African nation with an estimated GDP (PPP) of $51.521 billion and a GDP per capita of $1,777.65.

24. Mozambique

Mozambique is another southeastern African country endowed with rich resources. The country enjoys a GDP (PP) of $47.606 billion and a GDP per capita of $1,438.70.

25. Botswana 

Botswana takes the 25th position overall with her $47.262 billion GDP (PPP) and $19,286.91 GDP per capita.

26. Guinea 

Guinea, which sits on the west African coast, enjoys a GDP (PPP) of $44,455 billion and an estimated GDP per capita of $3,029.43.

27. Zimbabwe 

Following a recent economic meltdown, Zimbabwe’s GDP (PPP) and GDP per capita stand at about $39.906 billion and $2,523.03, respectively.

28. Gabon 

The Gabonese republic, which also sits on the west African coast, enjoys an estimated GDP (PPP) of $38,574 billion and a GDP per capita of $17,848.29.

29. Niger 

The Republic of Niger is another landlocked west African country with an estimated GDP (PPP) of $37.423 billion and a GDP per capita of $1,434.72.

30. Rwanda 

We conclude our top 30 list of the wealthiest African countries with Rwanda. The eastern African country has an estimated GDP (PPP) of $37.211 billion and a GDP per capita of $2,807.56.

Concluding Thoughts On the Richest Countries in Africa:

Above are the wealthiest African countries based on the GDP (PPP). These countries thrive in agriculture, mining, petroleum, and trade, among other sectors. 

The nations are why Africa, despite housing, some of the poorest economies, continues to aim at big hitters in Europe, America, and Asia, though we are still far off the mark.

In Summary:

Top 10 Richest Countries in Africa Are:

Rank	African Country	GDP (PPP) 2022	GDP Per Capita 2022
1.	Egypt	$1,662 trillion	$14,927.59
2.	Nigeria	$1.275 trillion	$5,852.61
3.	South Africa	$949.846 billion	$15,361.30
4.	Algeria	$600.668 billion	$13,002.44
5.	Morocco	$359.671 billion	$9,041.24
6.	Ethiopia	$347.847 billion	$3,407.21
7.	Kenya	$311.753 billion	$6,061.42
8.	Angola	$245.442 billion	$7,359.58
9.	Sudan	$220.533 billion	$4,441.51
10.	Ghana	$217.525 billion	$6,753.84

The Top 3 Richest Countries in East Africa Are:

Rank	African Country	GDP (PPP) 2022	GDP Per Capita 2022
1.	Kenya	$311.753 billion	$6,061.42
2.	Tanzania	$207.550 billion	$3,358.28
3.	Uganda	$132.010 billion	$2,960.94

The Richest Countries in Eastern Africa Are:

Rank	African Country	GDP (PP) 2022	GDP Per Capita 2022
1.	Ethiopia	$347.847 billion	$3,407.21
2.	Kenya	$311.753 billion	$6,061.42
3.	Sudan	$220.533 billion	$4,441.51
4.	Tanzania	$207.550 billion	$3,358.28
5.	Uganda	$132.010 billion	$2,960.94

The Richest Countries in West Africa Are:

Rank	African Country	GDP (PPP) 2022	GDP Per Capita 2022
1.	Nigeria	$1.275 trillion	$5,852.61
2.	Ghana	$217.525 billion	$6,753.84
3.	Côte d’Ivoire	$181.533 billion	$6,345.07
4.	Cameroon	$123.341 billion	$4,398.31
5.	Senegal	$72.703 billion	$4,092.52