Skip to Content

Richest African Countries 2023 (Updated)

Richest African Countries 2023 (Updated)

When people think of living in Africa, it’s normal to assume things are not going to be as luxurious as they might be in other regions of the world.

This is due to the way things are portrayed about this beautiful continent.

While there is poverty in various African nations, there is also wealth and it’s all about taking the time to understand why some nations are weather than others in this part of the world.

We find some of these nations to be world-class and well worth your time as a traveler or someone who wants to live there.

In this guide, we have taken the time to cite the richest nations in Africa and how rich they are.

Richest Countries In Africa


Let’s begin with the richest African country right now.

Seychelles is a beautiful nation and is well-regarded for its beaches. The crystal clear water and warm sand are something you are going to fall in love with as a tourist or even a local.

Due to this beauty, Seychelles is also renowned for being among the richer nations on the planet and that includes Africa.

How rich is Seychelles?

The gross national income in Seychelles is $14,540. This is the highest on the continent illustrating how rich Seychelles is as a nation.

Due to it being a premier tourist destination and a place that is full of luxuries, it makes sense for it to be at the top of the list here.


The gross national income in Mauritius is set at $9,920.

This is the second highest in Africa and also illustrates the charm of a breathtaking nation such as this one. Mauritius is a warm, easy-going place that is full of culture and is quite vibrant. It is known for being welcoming to tourists and is also fun to explore.

The people here do well and it’s common to see wealth in several parts of Mauritius.

This is a rich African nation and one that has the amenities you would want from a world-class place.


Libya is different from the others in this list because it has a robust oil reserve.

This is where the value comes from.

A lot of money is being pumped into the country due to its natural oil reserves. As the oil is sold onto the open market, more money floods in. This has created a situation where the gross national income is set at $8,700 in Libya.

This is also a beautiful nation and it does offer lots to do for those who do come here. Unfortunately, political issues do arise here and that makes things dangerous from time to time. Regardless, it is still a rich nation in Africa.

South Africa

When people talk about wealth in Africa, most are going to think of South Africa.

This is one place that has long been regarded as being a place that has a bit of wealth around it. Places such as Cape Town are well-regarded for being tourist destinations and are quite pleasant when you are there.

The gross national income is $6,530 here and that illustrates why it is such a renowned place around the world. It is rich, a good tourist destination, and there is lots to do.


Gabon is not a nation you are going to think of in Africa when it comes to this list but it has done well around the world due to its oil reserves.

This is a nation that has ample oil, which allows it to sell to the open market.

When the oil is being sold on the open market, Gabon has been earning significant money from it. This has allowed it to develop economic strength and continue to amplify other elements of its infrastructure with each passing year.

To illustrate how wealthy the nation is, it has a gross national income of $6,440.

This is high and puts it in the top five right now within Africa.


Diamonds are a big part of Botswana and it is known for offering premier diamonds to the rest of the world at good rates.

This has made it a trustworthy partner for those who are looking to spend on the continent.

The one thing to remember about Botswana compared to the others would be its economy and overall stability. They have done a good job in making sure politics don’t play a role in ruining their relationships and that has allowed foreign money to come in without a problem.

This is what makes Botswana among the wealthiest African nations right now.

Equatorial Guinea

Equatorial Guinea has a gross national income of $5,150.

The oil and gas reserves in this nation are significant and that makes it easier for them to manage a steady stream of exports to the rest of the world.

There is a demand for these commodities and that has allowed the nation to do well.

Final Thoughts

These are the rich African nations on the continent and each one brings something unique to the region.

The wealth in Africa is often understated but it is present. Some nations are doing well for themselves and this has to do with strong oil and gas reserves along with stable governments for the most part.

This has allowed the nations to thrive when others have not been able to.

We recommend going through our guides on the most expensive places to live and the safest places to live.