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
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.