Africa is home to some of the poorest countries in the world. The continent has suffered from political and economic instability, which has been the root cause of extreme poverty in the region. Despite appalling economic conditions, Africa has a huge potential to improve its economy.
Africa’s Wealth
The continent is rich in natural resources having arable land, water, wildlife, forest, minerals, oil, and natural gas. Africa’s natural resources are both renewable and non-renewable. The continent is home to at least 30% of the world’s mineral reserves, 8% of the world’s natural gas, and 12% of the world’s oil reserves, as per UNEP. Africa has 40% of the world’s gold and almost 90% of chromium and platinum. Among the world's total arable land, 65% is situated in Africa, and the continent has 10% of the planet’s internal renewable fresh water source.
As we mentioned, Africa is a resourceful region with various natural resources spread across different African countries. In most African countries, natural capital makes up between 30% and 50% of their total wealth. While 70% of the sub-Saharan residents depend on forests and woodlands for their livelihoods.
Some of the richest countries in Africa by net worth rank among the richest African countries by GDP per capita including Egypt, South Africa, and Nigeria, among others. Considering the region's potential, the developing African countries realize the significance of utilizing their natural resources to uplift their economy. 2023 had stiff economic development due to geopolitical risks, inflation, and high-interest rates. According to the IMF, Sub-Saharan Africa's economic growth slowed to 3.3% in 2023 compared to 4% in 2022. The IMF’s economic indicators project a rebound to 4% in 2024 and expect it to be broad-based.
As we mentioned earlier, Sub-Saharan Africa has a population of almost 1.2 billion and nearly half of its population will be under 25 years old by 2050. A region with rich natural resources and young human capital, Africa holds the potential to become a global economic hub in the coming years.
Businesses in Africa
Africa’s wealthiest people have a major role to play in the regional economy. On February 18, Forbes shared the data for African billionaires, reporting African billionaires’ accumulated net worth of $81.5 billion in 2023. Mining is one of the top industries where billionaires have businesses in Africa. According to Verified Market Research, the mining market in Africa is expected to reach $799.66 billion in 2030, growing at a compound annual growth rate of 6.60%. In 2022, the market was worth $476.86 billion.
Exxaro Resources Limited (JSE:EXX) is one of the top mining companies in Africa. Exxaro Resources Limited (JSE:EXX) plays a major role in driving the mining industry in the region. On September 21, the mining firm announced that its renewable energy subsidiary, Cennergi, is working on the 70MW Lephalale Solar Project. Exxaro Resources Limited’s (JSE:EXX) subsidiary will supply renewable energy to the Grootegeluk Complex (GGC). Exxaro Resources Limited (JSE:EXX) is innovating the mining industry in Africa through its renewable energy projects. On September 3, the company announced a partnership with the University of Pretoria. Through collaboration with the University of Pretoria, Exxaro Resources Limited (JSE:EXX) will establish the first-ever Exxaro Chair in Extended Reality (XR) Technology. The company highlighted its goal to explore XR technology:
“We are proud to have such a strategic partnership with the University of Pretoria and to be amongst the mining companies to explore the potential benefits of XR Technology as a strategic intervention across its operations,”
The hotel industry also plays a big role in the African economy. The wildlife of Africa and its natural beauty attracts tourists from all over the world. Some of the biggest names in the hotel industry operate in Africa. Marriott International, Inc. (NASDAQ:MAR), one of the world’s largest hotel chains in the world, has vast operations in the region. Marriott International, Inc. (NASDAQ:MAR) has over 130 hotels across 20 countries in Africa. As we mentioned earlier, the hotel giant continues to expand its portfolio of luxury brands in the region with five anticipated openings by the end of 2024. On November 6, Marriott International, Inc.’s (NASDAQ:MAR) St. Regis Hotels & Resorts announced the opening of The St. Regis La Bahia Blanca Resort, Tamuda Bay. This marks the debut of the St. Regis brand in Morocco. Marriott International, Inc.’s (NASDAQ:MAR) Vice President Luxury Brands in Europe, the Middle East, and Africa pointed out that the launch of The St. Regis La Bahia Blanca Resort, Tamuda Bay is a great milestone as they expand their footprint on the African continent.
Sibanye Stillwater Limited (NYSE:SBSW) is another top company that operates in the mining industry. On November 2, Sibanye Stillwater Limited (NYSE:SBSW) shared its operating update for the third quarter of 2023. From the South African gold operations, the company generated an adjusted EBITDA of 344 million rands, or $19 million, up from a loss of 811 million rands year over year. Sibanye Stillwater Limited’s (NYSE:SBSW) century zinc operations made an adjusted EBITDA of 53 million rands, or $3 million. Despite the economic uncertainties, the company is well-positioned to meet its mining targets.
Let’s dig into the richest African countries by GDP per capita.
23 Richest Countries in Africa by GDP Per Capita in 2023
23 Richest Countries in Africa by GDP Per Capita in 2023
Our Methodology
To compile our list of the richest countries in Africa by GDP per capita, we used data from the International Monetary Fund’s (IMF) database of the global GDP per capita by country. Purchasing Power Parity (PPP) figures are used, and as a simple definition, PPP is calculated by subtracting price differences and nominal changes in the local currency and the US Dollar.
We ranked the countries in ascending order of their GDP per capita.
23 Richest Countries in Africa by GDP Per Capita in 2023
23. Cameroon
GDP Per Capita In 2023: $4,660
Cameroon is located around the Gulf of Guinea. In 2022, Cameroon had a total wealth of $44 billion. With a GDP per capita of $4,660, Cameroon ranks 23rd on our list of the richest countries in Africa by GDP per capita in 2023.
Some of the well-known companies operating in Africa include Exxaro Resources Limited (JSE:EXX), Marriott International, Inc. (NASDAQ:MAR), and Sibanye Stillwater Limited (NYSE:SBSW).
22. Republic of the Congo
GDP Per Capita In 2023: $5,550
The Republic of the Congo is a Central African country. The country had a total wealth of $4 billion in 2022. The Republic of the Congo ranks among the richest countries in Africa by GDP per capita in 2023.
21. Nigeria
GDP Per Capita In 2023: $6,150
Nigeria is one of the richest African countries. With a total wealth of $699 billion in 2022, Nigeria makes it to our list of the richest countries in Africa by GDP per capita in 2023.
20. Kenya
GDP Per Capita In 2023: $6,580
Kenya’s total wealth was $435 billion in 2022. The country that is located along the Indian Ocean in East Africa is one of the wealthiest countries in the region. Kenya ranks 20th on our list of the richest countries in Africa by GDP per capita in 2023.
19. Ghana
GDP Per Capita In 2023: $6,910
The Republic of Ghana, or Ghana is located in West Africa. The country’s total wealth in 2022 came in at $112 billion. With a GDP per capita of $6,580, Ghana makes it to our list of the richest countries in Africa by GDP per capita in 2023.
18. Côte d'Ivoire
GDP Per Capita In 2023: $6,960
Côte d'Ivoire is a West African country that is known for its rainforests and beaches. Côte d'Ivoire has a GDP per capita of $6,960, as of 2023.
17. Djibouti
GDP Per Capita In 2023: $6,990
Djibouti is a country of dry shrublands, volcanic formations, and Gulf of Aden beaches. In 2022, the country’s wealth was reported at $2 billion. Ranked 17th on our list, Djibouti is one of the richest countries in Africa by GDP per capita in 2023.
16. Angola
GDP Per Capita In 2023: $7,080
Angola has a landscape of tropical Atlantic beaches, rivers, and the Sub-Saharan desert. The country’s total wealth in 2022 came in at $83 billion and ranks among the richest countries in Africa by GDP per capita in 2023.
15. Mauritania
GDP Per Capita In 2023: $7,540
Officially the Islamic Republic of Mauritania, the African country is a sovereign state in Northwest Africa. Mauritania had a total wealth of $8 billion in 2022 and thus makes it to our list of the richest countries in Africa by GDP per capita in 2023.
14. Cabo Verde
GDP Per Capita In 2023: $9,910
The Republic of Cabo Verde is located on the West Coast of Africa. Cabo Verde’s economy is driven by trade, transport, commerce, and public services. The country makes it to our list of the richest countries in Africa by GDP per capita in 2023.
13. Morocco
GDP Per Capita In 2023: $10,410
With a total wealth of $347 billion in 2022, Morocco is one of therichest countries in Africa by GDP per capita. Morocco borders the Atlantic Ocean and the Mediterranean Sea.
12.Namibia
GDP Per Capita In 2023: $11,600
Namibia is located in Southwest Africa and is home to some of the most diverse wildlife in the world. In 2022, the country’s total wealth stood at $30 billion. Namibia is ranked 12th among the richest countries in Africa by GDP per capita in 2023.
11. Eswatini
GDP Per Capita In 2023: $11,860
Previously known as Swaziland, Eswatini is a landlocked country in Southern Africa. Eswatini with a GDP per capita of $11,860 makes it to our list of the richest countries in Africa by GDP per capita in 2023.
10. Tunisia
GDP Per Capita In 2023: $13,250
Tunisia is one of the richest countries in Africa by GDP per capita in 2023. In 2022, Tunisia’s total wealth came in at $177 billion.
9. Algeria
GDP Per Capita In 2023: $13,680
Algeria is a country with historical landmarks from the Romans and Ottomans. In 2022, the country's total wealth stood at $354 billion. Algeria ranks 9th among the richest countries in Africa by GDP per capita in 2023.
8. South Africa
GDP Per Capita In 2023: $16,210
South Africa is one of the wealthiest African countries, having a total wealth of $926 billion, as of 2022. South Africa makes it to our list of the richest countries in Africa by GDP per capita in 2023.
7. Egypt
GDP Per Capita In 2023: $17,120
Egypt is the only African economy with a total wealth of over $1 trillion. In 2022, Egypt's total wealth was $1.24 trillion. Egypt with a GDP per capita of $17,120 ranks among the richest countries in Africa by GDP per capita in 2023.
6. Equatorial Guinea
GDP Per Capita In 2023: $18,360
A Central African country, Equatorial Guinea ranks among the richest countries in Africa by GDP per capita in 2023. In 2022, Equatorial Guinea’s total wealth came in at $25 billion.
Top companies playing a major role in their respective industries in Africa include Exxaro Resources Limited (JSE:EXX), Marriott International, Inc. (NASDAQ:MAR), and Sibanye Stillwater Limited (NYSE:SBSW).
