Discover with Capmad the ranking of the wealthiest African countries in 2023 based on their Gross Domestic Product (GDP). Nigeria, Egypt, and Algeria are among the leading economic players on the continent, showcasing the diverse wealth of the region.

Overview of African economies in 2023

In 2023, the African economy continued to grow despite global and regional challenges. Topping the ranking, Nigeria, Egypt, and South Africa showed remarkable economic resilience. Meanwhile, Algeria and Ethiopia made significant strides, respectively positioning themselves in the 4th and 5th places.

• Nigeria, with a GDP of 390 billion USD, maintained its position as the economic leader.
• Egypt, with 398.4 billion USD, also reaffirmed its role as an economic powerhouse in North Africa.
• South Africa, with a GDP of 380.91 billion USD, retains its third position despite internal economic challenges.

Morocco, Kenya, and Angola contributed to the continent’s economic growth. However, their GDP is lower than that of the leaders. Finally, Seychelles surprised by becoming Africa’s wealthiest country in terms of GDP per capita, demonstrating the potential of small island economies.

10 richest countries in Africa in 2023

After analyzing the continent’s major economies, this ranking considers each country’s total GDP, rather than GDP per capita, to establish the ten richest African countries in 2023 :

• Seychelles : Thanks to tourism, fishing, and financial services, this archipelago tops the list with an impressive GDP of 39,662 USD per capita.
• Mauritius : This island nation stands out for its tourism and financial services industry, ranking second with 29,164 USD per capita.
• Libya : Despite political challenges, Libya remains an economic powerhouse due to its oil reserves, with 24,559 USD per capita.
• Botswana : Botswana derives its wealth from diamond mining and tourism, with 19,398 USD per capita.
• Gabon : Rich in oil and minerals, Gabon ranks fifth with 19,398 USD per capita.
• Equatorial Guinea : Although small, this country is one of the largest oil producers in sub-Saharan Africa, with 18,510 USD per capita.
• Egypt : Thanks to economic diversification and tourism, Egypt ranks seventh with 16,979 USD per capita.
• South Africa : Despite economic challenges, South Africa remains one of the continent’s most diversified economies, with 16,091 USD per capita.
• Algeria : Rich in gas and oil, Algeria ranks ninth with 13,507 USD per capita.
• Tunisia : With a diversified economy, Tunisia closes this top 10 with 13,270 USD per capita.

These countries demonstrate the economic diversity of Africa, ranging from small island economies to major oil powers.

Focus on Algeria : Increasing wealth

Algeria’s economic development was significant in 2023. According to data from the IMF and the World Bank, Algeria’s GDP surged by 37 billion USD, reaching 224 billion USD. This progress propels Algeria to the 4th place among the wealthiest African countries in terms of GDP.

• GDP Growth : Algeria’s GDP growth rate was 3.2 % in 2022 and is expected to strengthen to 3.4% in 2023. This growth is mainly attributed to a sharp increase in budgetary expenditures.
• GDP per Capita : Algeria also ranks in the top 10 among Arab countries.
• Inflation : Despite this economic growth, Algeria faces high inflation, which could challenge the country’s economy in the medium term.

Algeria’s economic performance has surpassed that of its neighbors. For example, in terms of GDP per capita, Tunisia and Morocco rank 11th and 12th, respectively.

West Africa : Growing economies

In West Africa, several countries demonstrated notable economic growth in 2023. Nigeria continues to dominate the region with an impressive GDP, closely followed by Côte d’Ivoire, which has surpassed Ghana to become the second-richest economy in the area.

Other countries like Senegal and Mali have also shown significant growth. However, despite economic progress, the region faces many challenges, including inflation and conflicts.

The economic performance of West Africa in 2023 is the result of a combination of factors such as political reforms, foreign investment, and the exploitation of natural resources.

Maghreb : Among the most prosperous economies

In North Africa, the Maghreb region stands out for the presence of prosperous countries economically. In 2023, Algeria led this region with a GDP of 224.1 billion USD, ranking 4th across Africa.

• Morocco, on the other hand, demonstrates remarkable performance with an estimated GDP of 147.3 billion USD.
• Tunisia is also noteworthy, although its GDP per capita is more modest.

Despite their geographical proximity, these countries have diversified economic profiles. For instance, Algeria is a significant producer of oil and gas. At the same time, Morocco’s economy is more oriented towards services and industry. Finally, Tunisia stands out for its dynamic tourism sector.

Role of international financial institutions: IMF and World Bank

The IMF and the World Bank play a crucial role in Africa’s economic development. They provide financial assistance, technical expertise, and strategic advice to stimulate economic growth and maintain financial stability.

For example, the IMF has supported several countries by providing credit facilities to assist in implementing their economic reform programs. Similarly, the World Bank finances projects in various sectors such as education, health, and infrastructure to promote sustainable development.

These institutions also play a crucial role in producing reliable and up-to-date economic data, which informs policymakers and investors. They regularly conduct financial analyses and publish reports on global economic outlooks, thereby improving the understanding of the GDP of African countries.