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According to the Global Finance Magazine, Seychelles is ranked 56th in the world and tops the list for African countries with a gross domestic product (GDP) and purchasing power parity (PPP) of USD 39,662.
According to the Global Finance Magazine, Seychelles is ranked 56th in the world and tops the list for African countries with a gross domestic product (GDP) and purchasing power parity (PPP) of USD 39,662. Seychelles, an archipelago in the western Indian Ocean, has a population of just over 100,000 people, and its economy depends primarily on tourism and fisheries. In 2023, up to November, Seychelles welcomed 317,915 tourists, contributing USD 873 million to the economy from January to November, a 4.8 per cent increase over the same period in 2022.
Many of the world’s richest countries are also the world’s smallest: the pandemic and the global economic slowdown barely made a dent in their huge wealth. While a country’s GDP represents the total value of goods and services produced, dividing this output by the number of full-time residents yields a more accurate estimate of a country’s relative wealth.
GDP measures the value of all goods and services produced in a nation, dividing this output by the number of full-time residents is a better way of determining how rich or poor one country’s population is relative to another’s. To obtain a more accurate picture of a country’s average standard of living by accounting for inflation rates and the cost of local goods and services. The resulting figure is known as PPP.
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Neighbouring island Mauritius is the second richest African nation and is 66th on the global ranking followed by Libya at 73rd. The top three richest nations are the Republic of Ireland followed by Luxembourg, Singapore, and Qatar. At the other end of the spectrum are South Sudan, Burundi, and the Central African Republic.
