Top 10 richest African countries in 2023?
The poorest nations in the world are mostly in Africa, with many African countries experiencing economic instability and widespread poverty, which is further exacerbated by poor access to vaccines during the COVID-19 pandemic. Additionally, many African countries are currently at war with terrorist insurgencies or one another, which puts further strain on their economies.
Despite these challenges, Africa’s potential is undeniable, with some of the fastest-growing economies in the world, an expanding workforce, and increasing technological advancements. The wealth of African countries is often measured by gross domestic product (GDP), which is the value of all goods and services produced by a nation in a given year. However, GDP can be quite broad, which is why economists often turn to GDP per capita or gross national income (GNI) per capita to compare the wealth of different countries.
When measured by GDP per capita, Seychelles is the richest country in Africa, followed by Mauritius, Gabon, and Equatorial Guinea. When measured by GNI per capita, Equatorial Guinea is the wealthiest country in Africa, followed by Botswana, Seychelles, and Mauritius.
Richest African Countries by GNI per Capita (current US$ – World Bank)*:
Seychelles — $17,130.5
Mauritius — $10,176.1
Equatorial Guinea — $9,224.1
Gabon — $8,436.8
Botswana — $7,026.2
South Africa — $6,397.3
Libya — $6,157.7
Namibia — $4,953.3
Algeria — $4,861.6
Tunisia — $4,336.2
https://www.opec.org/opec_web/en/about_us/167.htm
Looking at GNI per capita shows some similarities with the GDP per capita list, but also some differences. Seychelles and Mauritius are still at the top of the list, but Equatorial Guinea and Gabon rank higher on this list compared to the GDP per capita list.
GNI per capita is a useful metric for comparing the standard of living between countries. It takes into account not only the value of goods and services produced by a country but also the income earned by its citizens, including income from abroad.
Conclusion:
There are various metrics that can be used to measure the wealth of African countries, each with their own strengths and limitations. GDP, GDP per capita, and GNI per capita are three commonly used metrics that provide different perspectives on a country’s economic performance.
While it’s important to measure economic growth and wealth, it’s also important to remember that these metrics don’t tell the whole story. Other factors such as income inequality, access to healthcare and education, and political stability also play important roles in determining a country’s overall well-being.
