Angola And Ethiopia Overtake Kenya On Africa’s Richest Countries List

According to International Monetary Fund, Angola and Ethiopia have surpassed Kenya as the wealthiest nations on the continent (IMF).

Kenya has shifted from sixth to eighth place in terms of wealth in Africa, according to data from Nairobi News, despite an increase in the country's total gross domestic product.

The gross domestic product (GDP) is a commonly used indicator of the value added produced by producing goods and services in a country over a certain period (GDP). Consequently, it also considers the income from that production or the total cost of the finished goods and services (fewer imports).

According to the most recent rankings, Angola has a GDP of 135 billion, Africa's sixth most prosperous country.

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The high cost of fuel is considered a factor in Angola's ascent to dominance in Africa. The country in Southern Africa is the second-largest oil producer on the continent.

The cost of precious metals has nearly doubled over the past year due to external causes like the crisis between Russia and Ukraine.

Due to the quiet that a ceasefire in the internal battle between the Tigray and government forces brought about, Ethiopia's economy has stabilized.

After Nigeria, Ethiopia has the second-highest population in Africa.

In contrast, Kenya's economy slowed dramatically in 2022, primarily because of the election season and anxieties that affected investment. The drought, rising food imports, and shilling's depreciation versus the dollar are further factors that have harmed Kenya's economy.

Due to the high standard of living, the weakening economy has caused many Kenyans to struggle to put food on the table. However, the drought has persisted due to the lack of rain, which has worsened the food supply.

Nigeria remains the wealthiest nation in Africa, closely followed by Egypt and South Africa, despite being constrained by a lack of amenities like power, a reliable road system, and security.

Nigeria's financial highlights are:

Oil exports.
A skilled labour force.
Talented athletes and artists who send millions of dollars home each year.

Meanwhile, South Africa's economy has slowed and is still struggling to fully recover from the effects of the Covid-19 shock, civil unrest, and a chronic electricity shortfall.

Algeria and Morocco are rated fourth and fifth on the rich list. After Kenya, Ivory Coast and Tanzania is number nine in rank and tenth, respectively.

Below are the top ten wealthiest countries in Africa.