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.