Last updated on April 19, 2023
The richest country in Africa 2023 is quantified based on the 2021 GDP of all African countries. For uniformity, GDP values are given in the current US$.
Richest Country in Africa 2023
1. Nigeria – $440.83 billion
Nigeria is the richest country in Africa 2023, with a GDP of $440.83 billion. The country’s ever-highest GDP was 2014’s $574.18 billion. The country’s GDP has been recovering from 2017’s low of $375.75 billion.
However, the GDP per capita of Nigeria is not the best in Africa. It comes in at position twenty-second when ranked with respect to GDP per capita. It holds this position with $2,065.75 per capita.
2. South Africa – $419.02 billion
South Africa is the second richest country, and its GDP is $419.02 billion. The economy is not at its best. The economy of South Africa was at its peak in 2011, when GDP was $458.2 billion. In the last ten years, the lowest the economy had gone was in 2016, with a record of $323.59 billion.
South Africa is ranked at position thirty-three in Africa with respect to its $1,071.78 GDP per capita.
3. Egypt – $404.1 billion
It is a country known for its pyramids constructed in ancient times. In the third position, it has a GDP of $404.1 billion. This is the highest GDP that the economy of Egypt has ever attained. The country recovered from the last ten-year low of $235.73 billion in 2017.
The steadily growing economy places Egypt at position 12 compared to other African countries’ GDP per capita. This country has a GDP per capita of $3,698.83.
4. Algeria – $163.04 billion
Algeria is the biggest country in Africa (2.382 million km²), with a GDP of $163.04 billion in 2021. It is a high margin from the third richest country in Africa, Egypt. The country’s economy’s glorious days were back in 2014 when GDP was $213.81 billion. The lowest this economy has ever gone was in 2020, with a GDP of 145.01 billion.
Algeria follows Egypt at position thirteen when ranked with respect to GDP per Capita. It has a GDP per capita of $3,690.63.
5. Morocco – $142.87 billion
Morocco, a country that attracts a high volume of tourists because of its culture and heritage, is the fifth richest country in Africa. It has a GDP of $142.87 billion. The GDP of Morocco has never suffered a setback, and its upward GDP growth trajectory does not have steep declines like in the countries above.
With $3,795.38 in GDP per capita, it secures position eleventh compared to other African countries.
6. Ethiopia – $111.27 billion
In the sixth position, Ethiopia has a $111.27 billion GDP. It is one of the best economies in Africa, with a smooth upward trajectory curve in GDP since 2010. The country’s GDP has grown by 271.77% from $29.93 billion in 2010 to the current without any economic decline.
However, the country’s GDP per capita is not great. It ranks as thirty-fifth with $925.08 GDP per capita.
7. Kenya – $110.35 billion
Kenya has sustained a steady economic growth since 2000, when its GDP was %12.71 billion. As of 2021, Kenya’s GDP is $110.35 billion, closely following Ethiopia.
Compared to neighboring Ethiopia’s growth since 2010, Kenya’s GDP has grown by 143% from 45.41 billion. It is a slower growth than Ethiopia’s but commendable.
Kenya’s $2,081.80 GDP per capita ranks better than Ethiopia’s $925.08 GDP per capita.
8. Ghana – $77.59 billion
There is quite a substantial margin to close between Ghana’s and Kenya’s GDP. With $77.59 billion in GDP, Ghana is the eighth richest country in the continent. It is the highest GDP that the country’s economy has ever attained.
Ghana’s economy had a major setback in 2015. The GDP fell to $49.41 billion from $62.82 billion in 2013. The country’s GDP per capita is $2,363.30.
9. Cote d’Ivoire – $70.04 billion
Cote d’Ivoire’s GDP is a commendable growth trajectory. As of 2021, the country’s GDP was $70.04 billion. It was a sharp growth from 2015, when GDP was $45.81 billion.
The country’s GDP per capita is $2,549.04.
10. Tanzania – $67.84 billion
The country’s economy is on the rise, and the highest GDP ever attained was in 2021. Tanzania had a GDP of $67.84 billion in 2021. This GDP has had steady growth since 2015, when it had a slight setback, and its GDP dropped to $47.38 billion from 2014’s GDP of $49.96 billion.
Tanzania’s GDP per capita is $1,099.29.
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