List Of Top 20 Richest Countries In Africa, Their Global Rankings

• The Global Finance Magazine has released the latest ranking of countries worldwide based on their GDP per capita
• Countries were evaluated using GDP-PPP (Purchasing Power Parity) per capita, which considers differences in cost of living and inflation, providing a more accurate picture of economic well-being
• Nations with sophisticated financial sectors, lucrative natural resources, favourable tax regimes, and small populations typically achieve higher GDP per capita

Elijah Ntongai, a journalist at TUKO.co.ke, has more than three years of financial, business, and technology research expertise, providing insights into Kenyan and global trends.

Global Finance Magazine has released its 2024 report ranking countries worldwide based on their GDP per capita.

This economic metric divides a country's Gross Domestic Product (GDP) by its population, providing an average economic output per person.

How the countries were ranked

The report by Global Finance evaluated countries using GDP-PPP (Purchasing Power Parity) per capita, which accounts for differences in cost of living and inflation.

This method offers a more general representation of the economic well-being of the average citizen in each country.

Several factors contribute to higher rankings, including sophisticated financial sectors, lucrative natural resources, and favourable tax regimes.

Additionally, small populations often allow substantial economic outputs to translate into high per capita wealth.

Top 20 richest African countries based on GDP per capita

1. Seychelles is the richest country in Africa and was ranked 54th globally with a GDP per capita of $43,151 (about KSh 5,609,630).
2. Mauritius ranked 65th globally with a GDP per capita of $32,094 (about KSh 4,172,220).
3. Libya ranked 73rd globally with a GDP per capita of $26,456 (about KSh 3,439,280).
4. Botswana ranked 88th globally with a GDP per capita of $20,097 (about KSh 2,612,610).
5. Gabon ranked 92nd globally with a GDP per capita of $19,452 (about KSh 2,528,760).
6. Equatorial Guinea ranked 96th globally with a GDP per capita of $18,378 (about KSh 2,389,140).
7. Egypt ranked 98th globally with a GDP per capita of $17,614 (about KSh 2,289,820).
8. Algeria ranked 105th globally with a GDP per capita of $16,483 (about KSh 2,142,790).
9. South Africa ranked 106th globally with a GDP per capita of $16,424 (about KSh 2,135,120).
10. Tunisia ranked 113th globally with a GDP per capita of $13,645 (about KSh 1,773,850).
11. Eswatini (Swaziland) ranked 115th globally with a GDP per capita of $12,637 (about KSh 1,642,810).
12. Namibia ranked 119th globally with a GDP per capita of $12,008 (about KSh 1,561,040).
13. Morocco ranked 123rd globally with a GDP per capita of $10,947 (about KSh 1,423,110).
14. Ghana ranked 138th globally with a GDP per capita of $7,156 (about KSh 930,280).
15. Angola ranked 139th globally with a GDP per capita of $7,153 (about KSh 929,890).
16. Kenya ranked 140th globally with a GDP per capita of $6,976 (about KSh 906,880).
17. Nigeria ranked 145th globally with a GDP per capita of $6,340 (about KSh 824,200).
18. Senegal ranked 154th globally with a GDP per capita of $4,661 (about KSh 605,930).
19. Zambia ranked 156th globally with a GDP per capita of $4,361 (about KSh 566,930).
20. São Tomé and Príncipe ranked 157th globally with a GDP per capita of $4,238 (about KSh 550,940).

List of top 10 richest countries in the world

In other related news, TUKO.co.ke reported on the richest countries in the world, highlighting the factors behind their high GDP per capita.

The wealthiest countries in the world often have small populations, allowing substantial economic output to translate into high per capita wealth.

Luxembourg ranks first with a GDP per capita of $143,743, benefiting from a robust financial sector and favourable banking laws.

Proofreading by Otukho Jackson, a multimedia journalist and copy editor at TUKO.co.ke

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