While Africa may be referred to as a low-middle-income region, there is no denying that some countries in the region generate a substantial amount of wealth. Said countries are very vital to the global economy, given their natural reserves, and human capital.
Wealthy nations such as Nigeria, South Africa, and Egypt serve as significant trading hubs, supporting regional commerce. Their strong economies attract foreign direct investment (FDI), which can spread to adjacent nations, resulting in a favorable economic ripple effect.
While the wealth of a nation is a multi-faceted subject, wealth according to the average output per person encapsulates the very tenet of what it means for a country to be considered wealthy.
According to Global Finance, GDP per capita is commonly regarded as the standard data for accounting for differences in living expenses and inflation rates, however, purchasing power parity (PPP) may be used to better estimate an individual’s purchasing power in any given nation.
The average monthly per capita purchasing power in the world’s ten richest nations is more than $110,000, while in the ten worst, it is less than $1,500.
With that said here are the 10 richest African countries in 2024, according to recent economic data from Global Finance, which lists the GDP-PPP per capita in US dollars of 190 countries.
Data for the report was sourced from the International Monetary Fund, World Economic Outlook April 2024. Values are provided in current international dollars, with matching exchange rates and PPP adjustments.
Source: africa.businessinsider.com
