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.
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.
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.
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.
Country | GDP (U.S. dollars) | PPP (current international dollars) | GDP per capita (U.S. dollars) |
Nigeria | $477.39 billion | $1.28 trillion | $2,184.40 |
Egypt | $476.75 billion | $1.67 trillion | $4,295.40 |
South Africa | $405.87 billion | $952.6 billion | $6,776.50 |
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.
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.
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.
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.
In addition, Gabon’s total area and population are greater than the areas and populations of Seychelles and Mauritius. Thus, GDP per capita maintains a wider distribution in this country than on the islands, making Gabon’s GDP higher than both islands’ GDPs but its GDP per capita lower than the GDPs per capita of Seychelles and Mauritius. Finally, the PPP of Gabon sits at 39.35 billion current international dollars.
Country | GDP (U.S. dollars) | PPP (current international dollars) | GDP per capita (U.S. dollars) |
Seychelles | $1.59 billion | $3.52 billion | $15,847.50 |
Mauritius | $12.9 billion | $33.97 billion | $10,216.30 |
Gabon | $21.07 billion | $39.35 billion | $8,820.30 |
The poorest country in Africa is Burundi, which has a GDP of 3.07 billion U.S. dollars, as of 2022. However, Burundi’s GDP is higher than the GDP of Seychelles, which is the richest African country by GDP per capita. How can Burundi be poorer than Seychelles with a higher GDP? The main difference between Seychelles and Burundi is their populations. While Seychelles records a population of only 99,258, as of 2021, Burundi’s population exceeds 12.5 million residents!
Therefore, Burundi’s population measures over 125 times greater than the population of Seychelles, but its GDP is less than two times greater than that of Seychelles. In addition, the PPP of Burundi measures 10.78 billion current international dollars. The best indication of living conditions in Burundi comes from its GDP per capita, which ranks shockingly low compared to other African countries. The GDP per capita of Burundi sits at 238.40 U.S. dollars.
By comparison, the poorest state in the United States, Mississippi, has a GDP per capita of 35,555.54 U.S. dollars. Nearly 20% of people in Mississippi live in poverty, and the state’s GDP per capita measures almost 150 times greater than the GDP per capita of Burundi. Burundi holds the title of Africa’s poorest country and ranks as one of the poorest countries in the world.
Summary of the 6 Richest Countries in Africa Today
Rank | Country | GDP, PPP, and GDP per Capita |
1 | Nigeria | $477.39 billion $1.28 trillion $2,184.40 |
2 | Egypt | $476.75 billion $1.67 trillion $4,295.40 |
3 | South Africa | $405.87 billion $952.6 billion $6,776.50 |
4 | Seychelles | $1.59 billion $3.52 billion $15,847.50 |
5 | Mauritius | $12.9 billion $33.97 billion $10,216.30 |
6 | Gabon | $21.07 billion $39.35 billion $8,820.30 |
Summary Table of the 6 Richest Countries in Africa Today.
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