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2024 Ranking: The 20 Wealthiest African Countries by GDP

The 20 Wealthiest African Countries by GDP in 2024

As the world economy shifts and adapts, Africa’s role becomes increasingly significant. The continent is home to a vibrant mix of economies, rich in natural resources, diverse cultures, and innovative business sectors. In 2024, we take a closer look at the top 20 richest countries in Africa, ranked by their Gross Domestic Product (GDP). This ranking provides a snapshot of the economic powerhouses driving African growth on the global stage.

Understanding GDP

Gross Domestic Product (GDP) is the total value of all goods and services produced over a specific time period within a nation’s borders. It serves as a broad measure of national economic activity and health.

The 2024 GDP Rankings of African Nations

Here’s a detailed look at the top 20 richest countries in Africa by GDP, reflecting their economic status and key contributions to the continent’s overall economic landscape:

RankCountryGross Domestic Product (GDP)
1Nigeria$440.8 billion
2South Africa$419.02 billion
3Egypt$404.14 billion
4Algeria$163.04 billion
5Morocco$142.87 billion
6Ethiopia$111.27 billion
7Kenya$110.35 billion
8Ghana$77.59 billion
9Ivory Coast$70.04 billion
10Tanzania$67.84 billion
11Angola$67.4 billion
12DRC$55.35 billion
13Tunisia$46.69 billion
14Cameroon$45.34 billion
15Libya$42.82 billion
16Uganda$40.53 billion
17Sudan$34.33 billion
18Zimbabwe$28.37 billion
19Senegal$27.63 billion
20Zambia$22.15 billion

Economic Insights and Trends

This ranking reveals significant insights into the economic dynamics across Africa. Nigeria retains its position at the top, buoyed by its diverse economy which includes financial services, oil, and telecommunications. South Africa and Egypt follow closely, with their robust economic infrastructures and substantial industrial bases.

Countries like Ethiopia and Kenya are notable for their rapid economic growth, driven by investment in technology and a boom in construction and services. Meanwhile, nations like Ghana and Ivory Coast are leveraging their natural resources and political stability to attract foreign investment and boost economic growth.

Frequently Asked Questions (FAQs)

Q1:What is the top 10 richest country in Africa?

The top 10 richest countries in Africa in 2024, by GDP, are Nigeria, South Africa, Egypt, Algeria, Morocco, Ethiopia, Kenya, Ghana, Ivory Coast, and Tanzania.

Q2: Who has the strongest economy in Africa?

As of 2024, Nigeria has the strongest economy in Africa based on its GDP of $440.8 billion.

Q3: Is Ghana richer than Nigeria?

No, Nigeria has a larger GDP at $440.8 billion, compared to Ghana’s GDP of $77.59 billion.

Q4: Is Ghana the richest country in Africa?

Ghana is not the richest; it ranks 8th in Africa by GDP.

Q5: Is Ghana poorer than India?

Considering GDP comparisons, India has a much higher GDP than Ghana, making Ghana’s economy smaller in comparison.

Q6: Is Ghana rich or poor?

Ghana’s economy is growing and it is considered one of the faster-growing economies in Africa, but it faces challenges like many middle-income countries.

Q7: Is Kenya richer than Ghana?

Yes, Kenya’s GDP at $110.35 billion is larger than Ghana’s GDP of $77.59 billion.

Q8: Who is the richest family in Ghana?

Details about the richest family in Ghana can vary and are typically based on assets and business holdings, which are not consistently publicly documented.

Q9: Who is the richest female in Ghana?

This would depend on up-to-date data from local news sources and financial trackers.

Q10: Who is the richest artist in Ghana in 2024?

The richest artist in Ghana would depend on current entertainment earnings and personal investments; this information is best obtained from recent entertainment industry reports.

This analysis not only reflects the economic stature of these nations but also underscores the dynamic nature of Africa’s economic landscape, showing both opportunities and challenges that lie ahead.

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