Top 10 African countries by GDP per capita in 2024

Many African countries have seen steady economic growth, driven by sectors like oil, gas, mining, and telecommunications. Sub-Saharan Africa is home to half of the world’s fastest-growing economies.

GDP per capita, calculated by dividing a country’s total GDP by its population, reflects a nation’s economic output per person. In 2024, several African nations show strong GDP per capita, highlighting their economic progress.

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According to the data from the International Monetary Fund comparing the GDP per capita of every African country in 2024, here are the top 10 African countries by GDP per Capita in 2024

Seychelles

Seychelles ranks as the highest in Africa, with a GDP per capita of $21,875 in 2024. This small island nation, known for its tourism industry, has built a strong economy through luxury travel and services. Its natural beauty attracts millions of visitors annually, contributing significantly to its GDP.

Mauritius

Mauritius has a GDP per capita of $12,973. This island nation has successfully diversified its economy, moving beyond sugar and textiles to include financial services, tourism, and technology. Its strong governance and favourable business environment have made it an attractive destination for foreign investment.

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Gabon

With a GDP per capita of $9,308, Gabon ranks third in Africa. Gabon’s economy is driven by oil exports, along with manganese and timber. Despite its reliance on natural resources, the country has made strides towards diversifying its economy, focusing on infrastructure and sustainable industries.

Botswana

Botswana’s GDP per capita stands at $7,875. The country has managed to develop a stable economy largely due to its diamond industry. Botswana is also known for its political stability, effective governance, and sound economic policies, which have fostered growth and investment.

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Libya

Libya’s GDP per capita is $6,975. Although it has faced significant challenges in recent years, Libya’s oil reserves remain one of the largest in Africa, driving its economy. The country is working towards economic recovery and diversification as it stabilises after years of conflict.

Equatorial Guinea

Equatorial Guinea, with a GDP per capita of $6,733, benefits from its oil and gas reserves. However, the country has also faced criticism for its governance and the unequal distribution of wealth. Nevertheless, oil exports continue to be the backbone of its economy, contributing to its high GDP per capita.

South Africa

South Africa’s GDP per capita is $5,975. As Africa’s most industrialised economy, South Africa has a diverse economy that includes mining, manufacturing, and services. The country is a key player in the African market, but it faces challenges such as high unemployment and inequality, which impact its overall economic performance.

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Algeria

Algeria has a GDP per capita of $5,722. The country’s economy is heavily reliant on oil and natural gas exports, which make up the majority of government revenue. Algeria is working on diversifying its economy, but the oil sector remains dominant in driving economic activity.

Namibia

With a GDP per capita of $4,745, Namibia benefits from mining, particularly in diamonds, uranium, and gold. The country’s stable political environment and well-managed natural resources help sustain its economic growth, despite challenges such as limited diversification.

Cabo Verde

Cabo Verde rounds off the list with a GDP per capita of $4,656. This island nation in the Atlantic Ocean has a services-based economy, with tourism and remittances from abroad playing key roles. Cabo Verde has also made significant strides in infrastructure development, positioning itself as a regional hub for business and tourism.