The International Monetary Fund (IMF) is an organization of 190 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.

When assessing the wealthiest countries in Africa, the GDP per capita, a measure of the value of all goods and services produced per resident was considered.

According to the International Monetary Fund (IMF), the 10 richest countries in Africa by GDP per capita (PPP) in Africa 2024 as of February 22 are:


Mauritius attained the top spot as the richest country in Africa in 2024, with a GDP-PPP per capita of $31,157. It is known for its diverse economy.

Mauritius has managed to successfully diversify beyond its traditional sectors such as sugar and textiles.


Libya is second despite facing political and economic challenges in recent years. It has a GDP-PPP per capita of $26,527.

The country’s wealth is primarily derived from its vast oil reserves, and efforts to stabilise its economy have played an important role in maintaining its position among Africa’s richest nations.


Botswana, ranked third and has effectively managed its diamond resources and invested in sectors such as tourism and agriculture, contributing to its economic resilience.

The country with a GDP-PPP per capita of $20,311, is recogniszed for its stable economic growth and successful diversification strategies.


The government of Gabon’s emphasis on sustainable development and economic diversification has played a pivotal role in maintaining Gabon’s status as one of Africa’s wealthiest nations.

Gabon, ranked fourth, boasts a GDP-PPP per capita of $19,865, which is driven by its abundant natural resources, including oil and several minerals.


With a GDP-PPP per capita of $17,786, Egypt secures the fifth position on the list.

It is one of the most populous countries in Africa and Egypt’s economy is diverse, with key sectors including tourism, agriculture, and manufacturing.

Equatorial Guinea

Equatorial Guinea with a GDP-PPP per capita of $17,237, relies heavily on its oil wealth to drive economic development.

Even though oil remains a dominant factor, the country has made effort to diversify the economy and invest in sectors like agriculture and infrastructure which have contributed to its economic success.

South Africa

The continent’s economic powerhouse, South Africa ranks seventh with a GDP-PPP per capita of $16,625.

Despite facing challenges such as inequality and unemployment, the country’s diverse economy which encompasses mining, manufacturing, and services, make it a key player in the region.


In eighth place, Algeria has a GDP-PPP per capita of $14,227.

Algeria’s economy is heavily reliant on hydrocarbons, but efforts to diversify into other sectors, such as renewable energy and manufacturing, have been underway to ensure sustained economic growth.


With a GDP-PPP per capita of $13,694, Tunisia has positioned itself as a strategic economic player in North Africa.

The country’s focus on economic reforms, tourism, and manufacturing has contributed to its ranking among the top 10 richest nations in Africa.


Morocco attained the tenth position with a GDP-PPP per capita of $10,926.

It is renowned for its stability and strategic geographic location and has built a diverse economy with strengths in agriculture, tourism, and manufacturing, making it a key player in the region.

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