Economists commonly employ GDP per capita as a measure to evaluate a nation's prosperity, gauging its economic growth against its population size.
Surprisingly, despite Nigeria's distinction as having the largest economy in Africa, it is notably absent from the list of the continent's top 10 wealthiest countries when considering GDP per capita.
Africa, characterized by its 54 recognized countries and a population exceeding 1.2 billion, constitutes approximately 25% of the global populace. Despite its wealth of both human and natural resources, the living standards for many African citizens remain below those of their global counterparts.
GDP per capita stands as a crucial economic indicator, reflecting the average income and living conditions of a nation's citizens.
According to data released by the World Bank in 2022, Seychelles leads the African continent in GDP per capita. This island nation, the smallest both in terms of land area and population, boasts an estimated 2022 population of 100,600. Following closely, Mauritius secures the second spot with a GDP per capita of $26,905.
Remarkably, Libya, despite facing its own set of challenges, clinches third place with a GDP per capita of $23,375. At the opposite end of the spectrum, countries with the lowest GDP per capita in Africa include Madagascar at $1,774, Niger at $1,505, and Burundi at $836.2.
Nigeria, while experiencing an upward trajectory, still maintains a GDP per capita of 5,860.3, positioning it as the 25th nation among those surveyed by the World Bank. The top 10 countries with the highest GDP per capita are as follows:
1. Seychelles - $35,227
2. Mauritius - $26,905
3. Libya - $26,905
4. Equatorial Guinea - $17,396
5. Botswana - $18,323
6. Algeria - $13,209
7. Tunisia - $12,489
8. Namibia - $11,205
9. Eswatini - $10,782
10. South Africa - $15,904"