Nigeria missing as IMF lists top 10 wealthiest countries in Africa in 2024

The Gross Domestic Product (GDP) per capita plays an important part in determining Africa’s wealthiest countries, which measures the value of all goods and services produced per citizen.

The newest list of Africa’s wealthiest countries involves smaller countries like Mauritius and Libya, based on their purchasing parity (PPP), which accounts for inflation and local cost variations and helps make a more accurate comparison of the average standard of living in those countries.

Reports indicate that the International Monetary Fund (IMF) released the list of 10 wealthiest African countries by GDP per capita (PPP) as of February 2024.

Below is the list:

Mauritius

Mauritius occupies the top spot on the IMF’s list as Africa’s most prosperous country in 2024, with a GDP-PPP of $31,157.

Libya

Despite its political and economic challenges in recent times, the Northern African country of Libya is on the list with a GDP-PPP of $26.527.

Botswana

With a GDP-PPP of $20.311, Botswana is known for its stable economic growth and successful diversification strategies.

Gabon

In fourth place is the West African country of Gabon, with a GDP-PPP per capita of $19,865, driven by its abundant natural resources, including oil and minerals.

Egypt

The North African giant is in fifth place on the list with a GDP-PPP per capita of $17,786.

Equatorial Guinea

With $17,237 as its GDP-PPP, Equatorial Guinea depends heavily on its vast oil wealth to drive its economic development.

South Africa

Africa’s second-largest economy ranks seventh on the IMF’s list with a GDP-PPP per capita of $16,625. The country faces challenges such as inequality and unemployment.

Algeria

The North African country has a GDP-PPP per capita of $14,227. It relies heavily on hydrocarbons, with ongoing efforts to diversify into other renewable energy and manufacturing sectors.

Tunisia

Tunisia has a GDP-PPP per capita of $13,695 and is a strategic economic player in North Africa.

Morocco

Morocco’s GDP-PPP per capita is put at $10,926. The country has built a diverse economy with strengths in agriculture, tourism, and manufacturing, making it an essential player in Africa.

BEB