Nigeria Missing, Seychelles Leads as World Bank Releases 2023 List of Top 10 Richest Countries in Africa

Aug 9, 2023 | Entertainment, News

  • The World Bank has provided a breakdown of the wealthiest countries in Africa using their gross domestic product (GDP) per capita
  • Economists use GDP per capita to determine how prosperous countries are based on their economic growth
  • Nigeria, despite having the largest economy in Africa, is missing from the list of the top 10 richest African countries by GDP per capita

Africa, with 54 countries fully recognised by the United Nations and boasting over 1.2 billion citizens, is home to approximately 25% of the world’s population.

Despite being rich in human and natural resources, the living standards of many Africans remain low compared to most of their counterparts around the world.

Richest countries in Africa
Africa is home to over 1.2 billion people.
Photo credit: picture alliance
Source: Getty Images

GDP per capita is a significant economic measure that explains a country’s citizens’ average income and living standards.

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Data released by World Bank shows that as of 2022, Seychelles has the highest GDP per capita in Africa.

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Ironically, Seychelles is the smallest country in Africa as well as the least populated sovereign African country, with an estimated population of 100,600 in 2022.

With $26,905 GDP per capita, Mauritius comes second, while Libya, despite the country’s challenges, came in third with $23,375 GDP per capita.

On the other end of the spectrum, the African countries with the lowest GDP per capita include Madagascar at $1,774, Niger at $1,505, and Burundi at $836.2

Although improving, Nigeria’s GDP per capita of 5,860.3 is still far from the best and is ranked 25th among the African countries captured by the World Bank.

Top 10 countries with highest GDP per capita

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Countries GDP Per capita
Seychelles $35,227
Mauritius $26,905
Libya $26,905
Equatorial Guinea $17,396
Botswana $18,323
Algeria $13,209
Tunisia: $12,489
Namibia $11,205
Eswatini $10,782
South Africa: $15,904

Data shows it’ll take an average Nigerian worker over 3 years to buy new iPhone 14pro

Meanwhile, in another report, reported that Apple revealed its most premium phone range, including the iPhone 14 Pro, which has impressive features.

While Apple’s iPhone pricing at launch is comparable to previous year’s models, Naira depreciation and other factors will make this year’s iPhone the most expensive for Nigerians.

It is even more expensive for an average Nigerian who wants to join the iPhone user club.


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