Gross domestic product is the total value of goods and services produced in a particular country at a given time, while GDP per capita is the total amount per resident in a country regardless of deductions. The GDP per capita is therefore ametrically used to identify the degree of wealth merit per person, which is the resulting quotient from the division of the GDP by the total population.
The real GDP per person in Africa is a matter of average productivity, which closely correlates with the total population. African countries with the highest GDP have a higher population, which implies that productivity is directly proportional to the national GDP, not per capita.
However, the forces behind economic growth affect the national GDP and population development. Africa’s sole major source of revenue is tourism, which is dependent on several factors, further fluctuating the annual fiscal record. The continent hasn’t tapped much on technological and scientific development, which is the biggest revenue generator in developed economies.
California is the wealthiest US state, with a GDP of $3.23 trillion, more than the total GDP of Africa. With a population of 30 million people as of 2023, compared to Africa’s total population of 1.5 billion people, which is fifty-fold more populous than California,. In terms of GDP per capita, Africa has a total of $1.9 trillion—only competing with some of the developed economies like Italy, Russia, South Korea, and Japan.
Seychelles is the richest African country, with a GDP per capita of $21,875 and a total national GDP of $2.203 billion as of 2024. The island’s’ total population is 108,303 people, the lowest demography in Africa and among the lowest in the world. The island’s main revenue generators are tourism, fishing, and farming.
Mauritius has the second highest GDP per capita of $12,973, with a total national GDP of 16.36 billion. Gabon is the third wealthiest economy, with a GDP per person of $9,308. Gabon’s total national GDP stands at $21.01 billion, with an estimated population of 2.40 people as of last year.
In terms of the national gross domestic product, South Africa and Algeria are the only African countries with the highest GDP per capita of $6,452 and $5,722, respectively. Both South Africa and Algeria have a gross domestic product of $400.00 and $266.78 billion, respectively, the first and third largest in Africa.
The unemployment rate on the continent is significantly higher compared to other regions—the biggest weak link to wealth and prosperity. Despite having a tapestry of natural resources, which can bale out stagnating economies, African states rely heavily on international financing of budgets, which has left most of them submerged in huge debts.
African Countries with the Highest GDP per capita
Source: International Monetary Fund
