Africa is a great continent. It is the world’s second-largest, and most populous continent after Asia. Africa is renowned for its cultural heritage and abundant natural resources. However, some top countries are set apart when it comes to wealth in this amazing continent. Are you searching for the best spots in Africa to relocate based on job opportunities, standard of living, healthcare, security, etc? Or are you an entrepreneur looking to expand your business to the Mother Continent? You have come to the right place. In this blog, I’ll reveal what is the top 10 richest country in Africa based on the latest GDP per capita data from the International Monetary Fund (IMF) 2024.
Without getting answers to your question regarding the richest countries in Africa for relocating, business expansion, or investments, you may end up not making an informed decision which could affect you significantly. With years of experience in the travel niche, I guarantee you that this blog will provide you with up-to-date information to guide your decision-making and help you maximize opportunities in Africa.
Without further ado, let’s discover the top 10 richest countries in the Motherland and we’ll be starting with the 10th.
What is the Top 10 Richest Country in Africa 2024?
We’ll leverage the last International Monetary Fund (IMF) statistics of the Gross Domestic Product per capita (GDP-PPP) to come up with this list. The GDP-PPP is the total value of all products and services produced by a country within a specific duration, e.g. year. It is adjusted for price level differences between countries, allowing for an accurate comparison of economic output across countries.
Here’s a table showing the top 10 richest countries in Africa with their GDP per capita:
| S/n | Country | Gross Domestic Product per capita (USD) |
| 10 | Morocco | $10,926 |
| 9 | Tunisia | $13,695 |
| 8 | Algeria | $14,227 |
| 7 | South Africa | $16,625 |
| 6 | Equatorial Guniea | $17,237 |
| 5 | Egypt | $17,786 |
| 4 | Gabon | $19,865 |
| 3 | Botswana | $20,311 |
| 2 | Libya | $26,527 |
| 1 | Mauritius | $31,157 |
Now, let’s talk about each country and what makes them deserving of a spot on the list.
10. Morocco
Morocco is the 10th on our list with a GDP-PPP of $10,926. Morocco is popularly known for its strategic geographic location as a bridge between Europe and Africa, encouraging foreign trade and investment opportunities. Morocco has a diverse economy with dominant sectors being Agriculture, Tourism, and the manufacturing industries. Morocco has abundant phosphate reserves, a key component of Agricultural fertilizers, and generates revenue through exports.
9. Tunisia
With a GDP-PPP of $13,695, Tunisia is 9th on our list of richest countries in Africa. Situated in North Africa, Tunisia is an influential Euro-Mediterranean logistics hub. In simple English, this means that Tunisia is a critical location for moving products between Europe and countries close to the Mediterranean Sea.
Major sectors in Tunisia include the Agriculture, manufacturing, and services sectors. Like many countries in the Mother continent, Tunisia is endowed with natural resources, which include phosphates, natural gas, and oil.
8. Algeria
Algeria has a GDP-PPP of $14,227, making it 8th on our list. Algeria is the largest country in Africa and the 10th largest in the world in terms of land area. Algeria’s economy is highly dependent on hydrocarbons however, the country is looking to diversify its economy, leveraging on sectors such as the manufacturing and renewable energy sectors, to foster economic growth. It has a high reserve of natural oil and gas, making it the 8th wealthiest country in Africa. Algeria is also embarking on the expansion of sources of renewable energy such as solar and wind energy, to reduce its reliance on fossil fuels and promote sustainable development.
7. South Africa
With a GDP/PPP of $16,625, the rainbow nation makes it to 7th on our list of richest countries in Africa. South Africa has a diverse economy with dominance in sectors like mining, manufacturing, and services. The country is blessed with natural resources like gold, platinum, and diamonds, which contribute significantly to export revenue. Other sectors like the automotive, clothing, and steel industries are important players in South Africa’s economy.
6. Equatorial Guinea
With a GDP-PPP of $17,237, Equatorial takes its place as 6th on the list. The country has an abundance of oil resources and is heavily reliant on oil exportation as its major source of revenue. In a bid to diversify its economy, Equatorial Guinea has begun investing in sectors like Agriculture and infrastructure. This diversification will gradually reduce its dependence on oil and foster economic growth as oil reserves are also reducing as time goes by.
5. Egypt
Egypt is middle of our list with a GDP-PPP of $17,786. As the third most populous country in Africa, Egypt has a diverse population and thrives on Tourism with attractions like the Pyramids of Giza and the Egyptian Museum attracting millions of tourists every year. This contributes significantly to the country’s revenue. Other key sectors in Egypt include the Agriculture and the manufacturing industry.
Egypt also boasts of the longest river in the world – the Nile River – which supports Agriculture by providing irrigation for crop cultivation. Other important aspects of the Egyptian economy include petroleum and natural gas, construction, and real estate.
4. Gabon
With a GDP-PPP of $19,865, the Land of Fangs is 4th on our list. Gabon has a high level of urbanization with up to 78% of its population living in urban areas, which is indicative of the country’s level of development. Gabon is abundant in natural resources including oils and minerals such as manganese, gold, and iron ore. It is a major player in the oil market which contributes significantly to its revenue. With the reduction in world oil prices and the maturity of oil fields, Gabon is slowly transitioning to prioritizing the mining, timber, and agricultural sectors.
3. Botswana
Botswana takes third place with a GDP-PPP of $20,311. Botswana has a vast reserve of diamonds which contributes significantly to its wealth. In addition to diamonds, Botswana also has lineal resources like copper and coal. The country is also invested in the tourism and Agriculture sectors leveraging on its beautiful landscape and fertile lands to foster economic development. The government’s management of corruption, prudent economic policies, and focus on sustainable growth have positioned Botswana as a strong economy in Africa.
2. Libya
Libya takes 2nd place with a GDP/PPP of $26,567. The country has faced recent political and economic challenges, however, it remains one of the wealthiest in Africa. Libya’s main source of wealth is its vast oil reserves, which make up 95% of export revenue. It also has a small population which gives it a great GDP value. With the reduction in the oil process, stabilization techniques are critical for Libya to maintain its position as the 2nd wealthiest in Africa, including diversifying the economy.
1. Mauritius
Topping our list in 2024 is Mauritius, with a GDP-PPP of $31,157. The country is situated in the Indian Ocean making it easily accessible to key global markets for trade and investment. Mauritius is renowned for having a diverse economy with strength in sectors like financial services, agriculture, exports, tourism, sugar, and textiles.
There you have it! Top 10 richest countries in Africa based on IMF data. Now, I’ll proceed to provide answers to a few frequently asked questions.
Which Country is the Fastest Economy in Africa 2024
The country with the fastest-growing economy in 2024 is Niger, with a remarkable 11.1% GDP growth. This growth in the GDP of Niger is a result of large-scale production of oil, sanction lifting, a strong agricultural sector, and other pivotal development.
Recently, a new 2000-kilometer crude oil pipeline was developed, which connects the Agatam oil field to the Benin Seaport. This serves as a way for Niger to penetrate the global oil market, further developing the country’s economy. This oil pipeline project attracted investment from the China National Petroleum Corporation, increasing daily oil production to 110 thousand barrels. Niger has a target of 200,000 barrels by 2026.
What is the Best Country in Africa to Move to?
Rwanda sets itself apart as the best country in Africa to move to. The country features amazing landscapes, a pristine environment, political stability, low crime rates, and a government keen on developing the economy. Rwanda is a great option for professionals in the technology and innovation sphere. It’s also a hub for business and entrepreneurship.
Poorest Country in Africa
South Sudan is the poorest country in Africa using GDP per capita (PPP) as provided by the International Monetary Fund (IMF). The country struggles with economic troubles including conflicts, civil war lasting decades, political instability, and a high dependence on oil exports. All of these factors make it the poorest country in Africa.
So, there you have it – the top 10 richest countries in Africa. I hope I have been able to give you some insight into which countries would be perfect for you to expand your business to or possibly relocate to. However, I’ll encourage you to do additional research depending on your individual preferences and needs. If you have any contributions or questions, leave them in the comments section below.
Want to learn about more destinations in the world you can explore? Discover 20 must-visit places in 2024! I’ll talk to you in the next one!
