The International Monetary Fund (IMF) recently made a list of African countries with the highest money made per person, looking into 2024. Even though Nigeria has the biggest economy in Africa, it didn’t make the list. Instead, the IMF included countries like Libya and Mauritius.
This list measures how much each person in a country produces in goods and services over a certain time. It’s a key way to figure out which African countries are the richest by looking at how much value is created per person.
In the latest ranking of rich African countries, smaller nations like Mauritius and Libya stood out. Their wealth is measured in a way that considers differences in prices and living costs, giving a clearer picture of people’s living standards there.
As of February 2024, the IMF has shared a list of the top 10 richest African countries based on how much money is made per person, adjusted for cost differences (PPP).
Mauritius is at the top as the richest in Africa for 2024, with a PPP of $31,157. Mauritius has a varied economy that has grown past its original sectors like sugar and textiles.
Despite facing political and economic issues, Libya made the list with a PPP of $26,527, thanks to its huge oil wealth. Efforts to stabilize its economy are vital for keeping its rich status in Africa.
Botswana, with a PPP of $20,311, is known for its steady economic growth and success in diversifying its economy. It has used its diamond wealth well and has also focused on tourism and agriculture.
Gabon, rich in natural resources like oil and minerals, is fourth with a PPP of $19,865. The country aims for sustainable growth and diversifying its economy.
Egypt is fifth, with a PPP of $17,786, thanks to a diverse economy with key sectors like tourism, agriculture, and manufacturing.
Equatorial Guinea, heavily reliant on oil, has a PPP of $17,237. It’s working on diversifying its economy beyond oil.
South Africa, the continent’s second-largest economy, is seventh with a PPP of $16,625. Despite challenges like inequality and unemployment, its varied economy includes mining, manufacturing, and services.
Algeria relies on oil and gas but is trying to diversify. It has a PPP of $14,227.
Tunisia, with a PPP of $13,695, is focusing on reforms, tourism, and manufacturing.
Morocco, known for its agriculture, tourism, and manufacturing, has a PPP of $10,926.
The International Monetary Fund (IMF) also noted that about 10 African countries have manageable debt compared to their economy size. Nigeria is mentioned as having low debt relative to its economy size, despite concerns over its borrowing habits.
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