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Which African country was the richest in 2021?
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This is a list of the African nations ranked by Gross Domestic Product (GDP) at Purchasing Power Parity (PPP). Figures are given in international dollars according to the International Monetary Fund .
CountryGdp (ppp)Gdp Per CapitaPeak YearAfrica [2]9,490.3355,921.8820241,898.53814,927.5920241,443.7085,852.6120241,025.93015,361.302024Country Nominal GDP (Billion US$) Per Capita (US$) 1 South Africa: 373.230 6,010.133 2 Egypt: 347.594 3,255.326 3 Algeria: 266.780 4,875.742 4 Nigeria: 252.738 1,755.706 5 Ethiopia: 155.804 1,473.360 6 Morocco: 147.343 4,078.871 7 Kenya: 112.749 2,188.000 8 Angola: 93.796 2,550.001 9 Tanzania: 84.033 1,326.634 10 Ivory Coast: 79.430
RankCountryNominal Gdp (billion Us$) [6] [7]Per Capita (us$) [6] [7]1373.2306,010.1332347.5943,255.3263266.7804,875.7424252.7381,755.706Jun 7, 2022 · This article has prepared a list of the 20 African countries with the highest GDP per Capita in 2021. The top 20 list of the Richest Countries in Africa is drafted on the basis of a...
- Using Gross Domestic Product (GDP) to Measure The Wealth of African Countries
- Top 10 Richest African Countries by Overall GDP*
- Shortcomings of GDP and Strengths of GDP Per Capita and GNI Per Capita
- Richest African Countries by GDP Per Capita (Current US$ - World Bank)*
- Gross National Income (GNI) Per Capita of African Economies
While there are several ways to compare various nations' wealth, one of the best methods is to evaluate each country's gross domestic product, or GDP. This is the value of all the goods and services produced by a nation in a given year. GDP is typically expressed in one of two ways. The first is in current US dollars (USD or US$). The second method...
Ranked by GDP in current USD, Nigeria comes out as the richest country in Africa during the year 2021. Nigeria is the most populous country in Africa, with 211 million residents—nearly twice the population of Egypt—contributing to its GDP. Nigeria is a lower-middle-income, mixed economy focused upon petroleum and (to a lesser extent) agriculture. I...
Although GDP is an extremely valuable metric, it is also quite broad. For example, it disregards the number of citizens contributing to a country's GDP, which means a country with a vast, but less effective workforce can post a higher GDP than a country with a smaller, but more efficient workforce. GDP can also be distorted by the financial sector ...
Switching the measurement to GDP per capita has a significant impact on the list of Africa's richest countries. Seychellesis the richest country when using this metric. The Seychelles economy is primarily driven by fishing, tourism, boat building, processing coconuts and vanilla, and agriculture, especially cinnamon, sweet potatoes, tuna, and banan...
A final metric often used by economists to compare the wealth of different countries is gross national income, or GNI. While GDP measures the value of the goods and services a country creates, GNI measures the total income obtained through those goods and services. GNI also tracks money that enters or exits a country's economy as part of internatio...
- Emmanuel Abara Benson
- Nigeria: Before now, you have probably heard speeches or seen articles where Nigeria was referred to as the biggest economy in Africa. Well, that's mainly because of the size of its GDP.
- Egypt: This North African country has the second highest GDP size in Africa. At $394.28 billion, it is the highest GDP in North Africa and one of the only three countries from the region in this top ten ranking.
- South Africa: This country in Southern Africa comes in third on this list, with a GDP size of $329.53 billion. South Africa is one of the only two countries from Southern Africa that made it to the list.
- Algeria: This is the second country from Northern African on this list. According to Statista, Algeria has a GDP size of $151.56 billion, the fourth largest in Africa.
1. Seychelles. La Digue, Seychelles. GDP per capita: $9,670. The richest country in Africa in terms of GDP per capita is Seychelles, which is an archipelago made up of 115 islands in the Indian Ocean off of Africa’s east coast. Since gaining independence from the United Kingdom in 1976, the Seychelles economy has grown dramatically.
Jan 25, 2024 · Wealthiest countries in Africa 2021. Published by. Saifaddin Galal , Jan 25, 2024. South Africa concentrated the largest amount of private wealth in Africa as of 2021, some 651 billion...
