List of richest country in Africa based on GDP

Top 20 Richest Countries In Africa (2020 Update) – IMF & World Bank Latest Data

Africa is the second-largest continent and the one with the highest number of countries in the world. Let’s take a look at the richest countries in Africa according to their GDP.

Note: The GDP figures are that of the International Monetary Fund (IMF) World Economic Outlook as of the fourth (4th) quarter of 2018 and projections made by the World Bank for 2019.

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List Of Richest Country In Africa According To GDP

This ranking is purely based on the Gross Domestic Product (GDP) of the country.

Here is the list of the richest countries in Africa from the wealthiest to the least:

1. Nigeria

The GDP of Nigeria is 397.472 billion dollars.

Nigeria or the Federal Republic of Nigeria. Its capital is Abuja. Nigeria is currently the most highly populated country in Africa, with a population of more than 190 million inhabitants.

Nigeria is the richest country in Africa based on GDP in 2019.

As you may have seen already, Nigeria is on a trajectory of creating millionaires for Africa.

Related Article: How To Start Palm Oil Business In Nigeria.

2. South Africa

GDP of South Africa is 376.679 billion dollars.

South Africa or the Republic of South Africa. Its administrative capital is Pretoria. Nelson Mandela, the former president, is synonymous with this country.

South Africa was the richest country in Africa based on GDP until Nigeria took over.

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3. Egypt

GDP of Egypt is 249.471 billion dollars.

The capital of the Arab Republic of Egypt is Cairo. Egypt impresses the world with its pyramids and mysterious stories. It was one of the great civilizations of the world.

Egypt is one of the best countries in Africa to do business.

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4. Algeria

GDP of Algeria is 188.342 billion dollars.

Algeria or People’s Democratic Republic of Algeria. Its capital is Algiers. Algeria has the tenth largest reserve of natural gas in the world and is the sixth-largest gas exporter on the planet.

5. Morocco

GDP of Morocco is 118.178 billion dollars.

Morocco, or the Kingdom of Morocco, is a constitutional monarchy. Rabat is the capital.

6. Angola

The GDP of Angola is 114.504 billion dollars.

This is one of the richest countries on the west coast of Southern Africa.

The capital of the Republic of Angola is Luanda. Oil and diamond mining is Angola’s main industries.

They gained independence on 11th November 1975.

Angola shares border to the north with DR Congo, south with Namibia, and Zambia on the east.

7. Kenya

GDP of Kenya is 89.591 Billion dollars.

With a population of 49.73 million and an urbanization rate of 26.56%, Kenya is one of the wealthiest countries in East Africa and even the continent at large.

The capital of Kenya is Nairobi. Kenya gained its independence in 1963 from the British.

Over one-third of Kenya’s GDP is produced by agriculture. United States, Tanzania, and Uganda are the major export partners.

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8. Ethiopia

The GDP of Ethiopia is 83.836 billion dollars.

Ethiopia, or the Federal Democratic Republic of Ethiopia. Its capital is Addis Ababa. The city, Addis Ababa, is also the headquarters of the African Union.

The economy of the country is based on agriculture, with coffee being one of the most exported products.

9. Tanzania

GDP of Tanzania is 55.645 billion dollars.

Tanzania is the product of two sovereign states: Tanganyika and Zanzibar. Tanganyika gained independence on the 9th December 1961 whereas Zanzibar became independent on the 10th December 1963.

On 26th April 1964, Tanganyika and Zanzibar came together to form the United Republic of Tanzania.

Dar es Salaam is the main administrative and commercial city of Tanzania, but Dodoma is the official capital city. The currency is the Tanzanian Shilling (TZS).

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10. Ghana – Among The Richest In West Africa

GDP of Ghana is 51.815 billion dollars.

Ghana is located on the precious coast of the Gulf of Guinea in West Africa with a population of over 30 million.

Ghana has long been the role model of significant economic growth with the export of cocoa, gold, and many resources.

The urbanization rate of 55.41% and a trade balance of 1.19 billion US dollars among many other factors make Ghana one of the richest countries in Africa.

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11. Cote D’Ivoire

GDP of Cote d’Ivoire is 45.875 billion dollars.

Being the largest economy in the West African Economy and Monetary Union, Cote d’Ivoire is one of the wealthiest countries in West Africa.

Cote d’Ivoire is the top exporter of cocoa and cashew in the world. It is one of the most vibrant economies in Africa.

12. Libya

GDP of Libya is 43.236 billion dollars.

The capital and largest city in Libya is Tripoli.

Libya’s energy sector is the primary driver of its economy, which generates approximately 95% of its revenues, 80% of GDP, and 99% of government revenues.

With a GDP of USD 43.236 billion, Libya is the 12th richest country in Africa.

13. The Democratic Republic Of Congo – Richest Country In Africa (Resources)

GDP of DR Congo is 42.692 billion US dollars.

With a population of a little over 81 million and ranking among the top 10 of Africa’s oil-producing countries, DR Congo is endowed with riches.

DR Congo has a huge hydrocarbon reserve estimated to value over 90 billion cubic meters of natural gas and 1.6 billion barrels of oil.

According to the publication by African Business Magazine, the mineral wealth of Congo is estimated at 24 Trillion US dollars.

This is almost equivalent to the combined GDP of the United States of America and Europe.

DR Congo should, undoubtedly, be the richest country in the world. Kinshasa is the capital of DR Congo, and the currency is the Congolese Franc.

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14. Tunisia

GDP of Tunisia is 41.662 billion dollars.

Tunisia, or the Tunisian Republic, is located in the extreme north of Africa. Its capital is Tunis. The main economic drivers are exports, foreign investment, and tourism.

15. Cameroon

GDP of Cameroon is 38.445 billion US dollars.

Cameroon is a lower-middle-income country with timber, agricultural products, minerals, and oil and gas as its main natural resources.

The population of Cameroon is over 24 million. It is one of the largest economies in central Africa and one of the richest countries in Africa in terms of resources.

16. Sudan

GDP of Sudan is 33.249 billion dollars.

Sudan, or the Republic of Sudan. Its capital is Khartoum. The income of this country comes mainly from oil exploitation and export.

17. Uganda – One Of the Richest Countries In East Africa

GDP of Uganda is 27.855 billion US dollars.

The economy of Uganda has slowed recently which has reduced its effect on income and poverty reduction.

World Bank attributed this slowdown to unrest in South Sudan as well as adverse weather conditions among others.

The capital of Uganda is Kampala, and the currency is the Ugandan Shilling.

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18. Zambia

GDP of Zambia is 25.778 billion US dollars.

Zambia is rated as one of the fastest-growing economies in the world. The Zambian currency is the Kwacha, and the capital city is Lusaka.

It is rated lower middle income with a GDP per capita of 1,509.80 US dollars. However, rural poverty and unemployment still remain a significant problem in Zambia.

19. Senegal

GDP of Senegal is 24.240 billion dollars.

Senegal is one of the finest countries in Africa. It is not so rich and not too poor, either.

It is one of the West African countries making strives in terms of economics. Senegal surrounds the Gambia on three (3) sides.

The country shares boundaries with Mali on the east, Mauritania on the north, and Guinea and Guinea-Bissau on the south.

Senegal gained independence from France in 1960. It is one of the most stable countries in Africa.

It has enjoyed annual economic growth of over 6% in the last four (4) years. The capital is Dakar and a population of 15.85 million.

20. Zimbabwe

GDP of Zimbabwe is 19.367 billion dollars.

Zimbabwe is located in Southern Africa with an estimated population of 15 million people. The capital of Zimbabwe is Harare.

The economy of Zimbabwe is heavily dependent on agriculture and mining.

Now you know the richest country in Africa and also the business opportunities available for investors.

The list is too far from perfect so let me hear from what you think in the comment section below.

84 thoughts on “Top 20 Richest Countries In Africa (2020 Update) – IMF & World Bank Latest Data”

    1. Hi Nestor,

      Thanks for your comment. This ranking is purely based on the GDP of the country. With a GPD of 42.692 billion US dollars, I think DRC is not doing bad at all. However, considering the resources, you will agree with me that there is more room for improvement.

    1. Being a rich country does not matter the size of your population. The transformation of a country form a point to another is purely by sharp ideas and vibrant policies, and not the population size. AFRICA , WAKE UP!!!!

    1. My Tanzania has a lot of potentials such as minerals, strong agricultural activities as well as good will of Presid,Magufuli to strengthen infrastructure and power sources for Industries.
      I hope and believe few years to come,our economy will fly like China

    1. Hi Beneau,

      Thanks for the words of encouragement. As you may be aware, GDP is only one of the many metrics used in ranking the strength of the economy of a country.

      Another equally important determinant used in this regard is the GDP per capita.

      If we had based our discussion on this metric then the richest countries in Africa based on GDP per capita would be as follows:

      Seychelles $16,433.9
      Mauritius $11,238.7
      Equatorial Guinea $10,174.0
      Botswana $8,258.6
      Gabon $8,029.8
      South Africa $6,339.6
      Namibia $5,931.5

      In that order…

      This is based on the 2018 World Bank report.

  1. Wow, so happy to know that my country is the richest in Africa and I know they will come up in the world as a whole.

      1. We all know that Nigeria is the richest country in Africa.However it is safe to say that most citizens are not benefiting from this wealth.Poverty is every where and hence the citizens result to migrate to other parts of the world to better their lives. It is a pleasure that my country is at the top.We should also use this wealth to show the rest of the world that we can also as citizens be at the top in world HAPPINESS index.
        Chief Afeakhuye.

        1. I agree completely. The true wealth of the country means very little unless it can be invested into their own people to increase the country’s sustainability to be a wealthy and powerful nation serving the interests and needs of the inhabitants through health, education and work opportunities. Otherwise where is your land’s treasures going? They are being sold for wholesale to profit another person and their country.

    1. Hello Asante,

      Thanks for your comment.

      Every ranking is based on specific indicators and GDP is just one. Though not a perfect indicator of economic development, it is one of the most commonly used.

      1. Absolutely. Especially, in Nigeria where the wealth isn’t distributed, but just concentrated in the hands of some few.

    1. Hi Zomba,

      Botswana has a GDP of around 18.62 billion US dollars so is obviously not in the top 20 countries in Africa.

      But trust me, with a GDP per capita of $8,258.6, Botswana is ranked 4th in Africa based on GDP per capita.

  2. I can see TANZANIA at the top in Africa and the global at large in few years to come. Since, we are among the world richest countries in natural resources. Moreover, we have a leadership under John Magufuli, which is determined to greatness. God BLESS Africa.

    1. Hello Blessing,

      Thanks for your comment. Nigeria is doing well in Africa. This is just a GDP ranking. Let’s hope for the best as there is more room for improvement.

    1. The rating is per gross domestic product.
      But from other angles there is severe poverty from even the richest country in Africa which is Nigeria. If you can agree with me.

    1. Where are you from. Unless your from Mauritius Seychelles Botswana Namibia or SA. Just know where you come from are no better than those countries

    1. When I said the list is not perfect I meant that the ranking is based only on the GDP of the respective countries. There are other indicators of economic development that are used in ranking countries so only the GDP is not enough.

  3. GDP is not the right measurement. At least GDP per capita. Many of those listed countries have a lot of poor people. More than one-third of their population is suffering from poverty. Check and show your customers that GDP doesn’t indicate the wellbeing or state of poverty. Africans shouldn’t decieve ourselve. How much of that country richness is redistributing to the population matters!!

  4. Onigbinde Funso O.

    Nigeria is ranked as the wealthiest based on the national GDP. But, facing the reality of economic context when it has to do with wealth distribution and standard of living, the country is far behind in per capita GDP ranking. Countries of its population class in the world are having higher figures of national GDP. In fact, Nigeria is the capital country of poverty in the world. Having a little more than 50% of its 191 million estimated population living below $1.9 per day, which is the World Bank’s standard.

    1. Hello Funso,
      Thanks for your comment. Let’s hope for the best in Africa. I know we can and, for that matter, we will turn things around for the best.

  5. I’m proud of my country NIGERIA. We have some poor people here but here in nigeria money is everywhere. Once you’re hardworking you must make it. We have men that are richer than some country in africa. So double your hustle so that the sky will be your limit. I love my country Nigeria!!

  6. Waoo I’m so glad to know my country is 1st in Africa (Nigeria) I pray many good things to come more in Nigeria

  7. Why not combine all Africa states so that we have on Gdp/Gdp per capita the boost our African dream of becoming the best and united, Only unity and collapse of borders can take us somewhere it is now evident that one Africa can defeat the enemy of poverty let’s rise and shine we have all resources to make this continent great

  8. Nigeria don’t work for lazy people, so if you are lazy you will be poor , there are many men in Nigeria who are richest than some Africa countries………….. proudly Nigeria 🇳🇬, WE WILL NEVER GO DOWN 💪🇳🇬

  9. Zambia is regarded as one of the countries with a rapid economic change. It is improving and growing in different sectors such as the farming industry, mining industry, technological advancement and other private sectors. We promise to improve the economy cause we are not leaving in competition but to make Zambia a better and peaceful country.

  10. Great article. I like the way you take your time to answer each question and provide a succinct answer. keep it up bro.

  11. Nigeria is well known all over the world as a very rich and vibrant nation. By now, Nigeria should be competing with European countries or Western world but only God knows why. I reserve my comment.

  12. Nigeria is always on top as far as Africa is concerned. In terms of population Nig is number one, GDP Nigeria is number one, the richest man in Africa is from Nig and many more. proudly Nigeria!

  13. Kariuki
    Kenya could be in top five if not for corruption. The country has great resources in Agriculture, tourism and human resource. If only we can have a benevolent dictator!

  14. THANKS FOR THE LIST.LET THE PRESIDENT OF NIGERIA AND THE PRESIDENT OF SOUTH AFRICA DO SOMETHING ABOUT ELECTRICITY.SOUTH AFRICA AND NIGERIA MUST TEAM UP USE THE DRC RESOURCES.

  15. Prince Maliki chimboma

    Wow its great to see Zambia my lovely country as part of the richest country in africa. In short we are all africans regardless of the economical strengh. But its sad that coutris we see to beautiful are actually not good economy’s like Botswana and Namibia. Why?

  16. GEORGE STEPHEN OKELLO

    Tanzania is also doing very well, with the buldoser John Pombe Joseph Magufuli at the helm don’t be astonished to seeTanzania topping the list in few years to come

    1. Hi George,

      Tanzania has performed tremendously in recent times but they still have a lot to do with respect to development.

      Let us hope for the best in the years to come.

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