6 Richest Countries In Africa Today by ranking - Lejit Reporters
6 Richest Countries In Africa Today by ranking - Lejit Reporters
Did you know that the highest state Gross Domestic Product (GDP) in the United States measures greater than the highest country GDP in the entire continent of Africa? California claims the highest GDP in the U.S. at over 3.5 trillion U.S. dollars. In addition, California’s GDP measures over 7.5 times greater than the country with the highest GDP in Africa. Discover the 6 richest African countries and find out how their economies compare.
Top 3 Richest Countries in Africa by Gross Domestic Product and Purchasing Power Parity
Gross Domestic Product (GDP) describes the value of goods and services produced in a certain area during a certain period. For instance, the GDP of the United States in 2022 was 25.46 trillion U.S. dollars, a number that described the total value of all goods and services produced in this country.
Furthermore, Purchasing Power Parity (PPP) describes how the values of goods and services purchased in one country translate to the currency used in another country. For example, the PPP in the United Kingdom in 2022 measured 3.66 trillion current international dollars. This means that the value of the goods and services produced in the United Kingdom in 2022 would amount to around 3.66 trillion dollars in the United States. Below describes the richest countries in Africa according to their GDP in U.S. dollars and PPP in current international dollars, which is based on U.S. currency.
3. South Africa
Ranking as the third-richest country in Africa, South Africa maintains a GDP of 405.87 billion U.S. dollars, as of 2022. South Africa’s GDP and PPP measure lower than the GDPs and PPPs of both Egypt and Nigeria. The PPP of South Africa sits at 952.6 billion current international dollars. Moreover, the GDP per capita of South Africa measures 6,776.50 U.S. dollars, which measures higher than the GDP per capita of Nigeria, despite being the richest African country by GDP.
2. Egypt
Egypt holds the title of the second-richest country on the continent of Africa with a GDP of 476.75 billion U.S. dollars, as of 2022. Egypt’s GDP could surpass that of Nigeria, as both GDPs measure within $1 billion of one another. In addition, the PPP of Egypt measures 1.67 trillion current international dollars, which ranks higher than the PPP of Africa’s richest country by GDP: Nigeria. Furthermore, the GDP per capita in Egypt is higher than the GDP per capita of Nigeria at 4,295.40 U.S. dollars. On the other hand, Egypt’s GDP per capita ranks lower than that of South Africa, which is Africa’s third-richest country.
1. Nigeria
Nigeria is the richest country in Africa by GDP and has a GDP of 477.39 billion U.S. dollars, as of 2022. While Nigeria is the richest African country by GDP, its PPP is lower than that of Egypt. In 2022, the PPP of Nigeria measured 1.28 trillion current international dollars. In addition, Nigeria does not make the list of the richest African countries by GDP per capita, as its GDP per capita measures 2,184.40 U.S. dollars, as of 2022.
Top 3 Richest Countries in Africa by Gross Domestic Product per Capita
In simple terms, GDP per capita measures the value of goods and services produced in a certain country divided by the population of that country. While the calculation of GDP per capita is more complex than its simple definition, this value typically indicates the standard of living in a certain area. The higher the GDP per capita, the better the standard of living is likely to be in a specific location. Below outlines the richest African countries according to their GDP per capita.
3. Gabon
As the third-richest country in Africa by GDP per capita, Gabon’s GDP per capita ranks lower than those of both Seychelles and Mauritius at 8,820.30 U.S. dollars. Perhaps surprisingly, Gabon’s overall GDP measures higher than the GDPs of Seychelles and Mauritius at 21.07 billion U.S. dollars. Unlike Gabon, Mauritius and Seychelles are either islands or island chains off the coast of Africa. As a direct part of the continent of Africa, Gabon generates a greater overall income than the two isolated islands.
2. Mauritius
Mauritius holds the title of the second-richest country in Africa by GDP per capita with a GDP per capita of 10,216.30 U.S. dollars. Furthermore, the overall GDP of Mauritius measures much higher than the overall GDP of Seychelles at 12.9 billion U.S. dollars, as of 2022. Moreover, the PPP of this country has seen a steady increase and continues to rise, amounting to 33.97 billion current international dollars in 2022.
1. Seychelles
Seychelles ranks as the richest African country by GDP per capita, which measures 15,874.50 U.S. dollars, as of 2022. However, the overall GDP of this country is not impressive at 1.59 billion U.S. dollars. In addition, the PPP of Seychelles measures 3.52 billion current international dollars, as of 2022.
