Top 10 African Countries with the Highest Savings in USD

Evaluating various economic indicators, such as savings, is essential to gauge a nation's financial strength. Gross savings, encompassing savings made by households, businesses, and the government, can offer valuable insights into a country's economic stability and potential for growth.

According to the World Bank's data, the average savings of the 28 African countries with available information in 2021 was 17.69 billion U.S. dollars. However, some countries exceeded this average significantly. For instance, Nigeria had the highest savings of 149.32 billion USD.

The following is a list of the top 10 African countries with the highest savings in 2021, based on World Bank data.

Nigeria - 149.32 billion USD

With its massive oil reserves, Nigeria has become the largest economy in Africa, contributing to its impressive savings of 149.32 billion U.S. dollars and placing it at the forefront of the list.

South Africa - 67.81 billion USD

South Africa's position as one of the most developed nations in Africa makes it no surprise that it has ranked second on the list. The country's diverse economy and strong financial sector have enabled it to accumulate significant savings.

Algeria - 59.56 billion USD

Algeria's economy is heavily dependent on the oil and gas sector, which has resulted in the country amassing a noteworthy level of savings. However, the government has been making conscious efforts to broaden the country's economic base through diversification measures in recent times. This proactive step towards economic expansion could signal a bright financial future for Algeria in the years to come.

Morocco - 41.17 billion USD

Morocco's economy has experienced significant growth in recent times, largely due to the success of its tourism and manufacturing industries. This growth has translated into the country accumulating a noteworthy level of savings.

Egypt - 31.09 billion USD

Being one of the largest economies in Africa, Egypt's strategic location has granted it an influential position in the global trade arena. The country's impressive savings serve as a testament to its economic might.

Ethiopia - 27.93 billion USD

Ethiopia's economy is experiencing one of the fastest growth rates in Africa, thanks to its thriving agriculture and manufacturing industries. Additionally, the country's substantial infrastructure investments are expected to pay off in the future, indicating a promising economic outlook.

Angola - 27.1 billion USD

Angola's oil reserves have been a major source of wealth for the country, but it has also made strides in diversifying its economy. This has helped Angola build up significant savings.

Kenya - 18.11 billion USD

Kenya's economy is driven by services such as tourism, telecommunications, and financial services. The country has also made significant investments in infrastructure, which should help it continue to grow.

Ghana - 16.87 billion USD

Ghana has seen impressive economic growth in recent years, with its oil and gas sector playing a major role. The country has also made efforts to diversify its economy, which should help it build up even more savings in the future.

DR Congo - 13.27 billion USD

Despite its challenges, the Democratic Republic of Congo has managed to amass a significant amount of savings. Its natural resources, such as copper and cobalt, have contributed to its economy.

Assessing a country's savings is vital in determining its economic stability and growth potential. Although significant savings alone may not guarantee a strong economy, they remain a crucial barometer of a country's financial security and potential for further development.