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Number a body that provides timely information on world living conditions recently listed the best african country to make money in 2022, and below are the top 12.
South Africa (Average Monthly Net Salary: $1,390.33)
The World Bank classifies South Africa as an upper-middle-income economy, and a newly industrialised country. Its economy is the second-largest in Africa, and the 33rd-largest in the world. In terms of purchasing power parity, South Africa has the seventh-highest per capita income in Africa. However, poverty and inequality remain widespread, with about a quarter of the population unemployed and living on less than US$1.25 a day.
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Having the highest number of wealthy persons in Africa, South Africa is also the continent’s mining, industrial, and financial hub. Most of its highest-paid professionals are software engineers, lawyers, IT managers, air traffic controllers, and architects.
With an average monthly salary of $1,390.33, South is the best African country to make money.
Libya (Average Monthly Net Salary: $676.43)
The Libyan economy depends primarily upon revenues from the oil sector, which account for over half of GDP and 97% of exports. Libya holds the largest proven oil reserves in Africa and is an important contributor to the global supply of crude oil.
Libya faces many structural problems including a lack of institutions, weak governance, and chronic structural unemployment. The economy displays a lack of economic diversification and significant reliance on immigrant labour.
Mauritius (Average Monthly Net Salary: $503.50)
Since independence from Britain in 1968, Mauritius has developed from a low-income, agriculture-based economy to a high-income diversified economy, based on tourism, textiles, sugar, and financial services. The economic history of Mauritius since independence has been called “the Mauritian Miracle” and the “success of Africa”.
In recent years, information and communication technology, seafood, hospitality and property development, healthcare, renewable energy, and education and training have emerged as important sectors, attracting substantial investment from both local and foreign investors.
Morocco (Average Monthly Net Salary: $459.79)
Morocco’s economy is considered a relatively liberal economy governed by the law of supply and demand. Since 1993, the country has followed a policy of privatisation of certain economic sectors which used to be in the hands of the government. Morocco has become a major player in African economic affairs, and is the 5th largest and African economy by GDP (PPP).
Kenya (Average Monthly Net Salary: $396.27)
Kenya’s economy is the largest in eastern and central Africa, with Nairobi serving as a major regional commercial hub. Agriculture, service industry tourism are the major economic driver.
Despite some of its economic and political shortfalls, Kenya has some of the best average wages in Africa. The average monthly salary after tax is $396.27.
Zimbabwe (Average Monthly Net Salary: $396.27)
Zimbabwe is a landlocked country located in Southeast Africa. The capital and largest city is Harare.
Although the country has been in economic decline since the 1990s, attributed mainly to mismanagement and corruption by the government it’s still a good place to earn some good money especially for expatriates and those in ICT.
With an average monthly salary of $396.27, Zimbabwe is the 6th best African country to make money.
Tunisia (Average Monthly Net Salary: $294.03)
Tunisia has a diverse economy, ranging from agriculture, mining, manufacturing, and petroleum products, to tourism.
GDP growth contracted by 8.8% in 2020. Unemployment increased from 15% prior to the pandemic to 17.8% by the end of the first quarter of 2021. Moreover, it continues to affect women (24.9%) and young people aged 15–24 (40.8%) in particular.
Ghana (Average Monthly Net Salary: $289.51)
Ghana’s rich and diverse natural resources, as well as its stable political system and respect for press freedom and free speech, have contributed to the growth of its economy. Apart from the oil sector, its economy is driven by manufacturing, automotive, industrial minerals, ship construction, among others. With an average monthly salary of $289.51, Ghana is the 8th best African country to make money.
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Algeria (Average Monthly Net Salary: $243.75)
Algeria is classified as an upper middle income country by the World Bank. Algeria, whose economy is reliant on petroleum. Having one of the largest reserves of natural gas in the world, hydrocarbons have been the backbone of the economy, accounting for roughly 30% of GDP, and nearly 95% of export earnings. People in Algeria are paid an average of $243.75 a month making them the 9th best African country to make money.
Egypt (Average Monthly Net Salary: $229.40)
Egypt is considered to be a regional power in North Africa, the Middle East and the Muslim world in general. The country has the second-largest economy in Africa, the world’s 33rd-largest economy by nominal GDP, and the 19-largest by PPP.
Ethiopia (Average Monthly Net Salary: $199.51
Ethiopia has a large domestic market of over 100 million people, making it the second-most populous country in Africa after Nigeria. Over the last decade, Ethiopia has had one of the fastest-growing economies in the world, with an average annual growth rate of 14%.
Nigeria (Average Monthly Net Salary: $180.90)
Nigeria is the most populous country in Africa and the seventh-most populous country in the world, with an estimated population of 211 million, the country is the 12th best African country to make money. Its economy is the largest in Africa, the 27th-largest in the world by nominal GDP, and 25th-largest by PPP. Nigeria is often referred to as the “Giant of Africa”, owing to its large population and economy and is considered to be an emerging market by the World Bank.
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