Where in the Maghreb are highest bank account savings?

According to data from the World Bank, in 2021, the 28 African countries for which information is available had an average savings of $17.69 billion USD. Nevertheless, some countries surpassed this average by a considerable amount, with Nigeria leading the way with $149.32 billion USD in savings.

In order to assess a country’s financial strength, a variety of economic indicators must be taken into account, including its savings. Gross savings, encompassing savings by households, businesses, and the government, serve as a barometer of a country’s economic stability and potential for growth.

The following are the top 10 African countries with the highest savings in 2021, as per data from the World Bank.

1. Nigeria – 149.32 billion USD

Thanks in large part to its extensive oil reserves, which have made it Africa’s largest economy.

2. South Africa – 67.81 billion USD

Its diversified economy and strong financial sector have contributed to its significant savings.

3. Algeria – 59.56 billion USD

The oil and gas sector is the primary driver of Algeria’s economy, and this is reflected in its high savings.

4. Morocco – 41.17 billion USD

Economic growth with tourism and manufacturing sectors at the forefront.

5. Egypt – 31.09 billion USD

Egypt’s economy is one of the largest in Africa, and its strategic location has made it a key player in global trade.

6. Ethiopia – 27.93 billion USD

With its agriculture and manufacturing sectors driving growth, Ethiopia boasts one of Africa’s fastest-growing economies.

7. Angola – 27.1 billion USD

Angola’s oil reserves have been a significant source of wealth, but the country has also made strides in diversifying its economy.

8. Kenya – 18.11 billion USD

Kenya’s economy is driven by services such as tourism, telecommunications, and financial services.

9. Ghana – 16.87 billion USD

Ghana has seen notable economic growth recently, with its oil and gas sector playing a significant role.

10. DR Congo – 13.27 billion USD

Its natural resources, such as copper and cobalt, have contributed to its economy.