Top 10 African countries with the highest income levels
Income levels in African countries differ substantially due to diverse factors like natural resources, governance, and economic policies.
The World Bank classifies global incomes into four categories using the GNI per capita Atlas method; only nine African nations are in the highest brackets.
Seychelles is Africa's sole high-income country, driven by tourism, strong institutions, and high per capita income.
In many cases, high-income African countries either benefit from abundant extractive resources such as oil, gas, or minerals, or have built dynamic service sectors anchored by financial hubs and trade-friendly policies.
However, a high GDP does not always translate to equitable income distribution or improved living standards for the broader population. Some economies with impressive per capita income figures still grapple with high unemployment, regional disparities, and underinvestment in healthcare and education.
Additionally, external shocks ranging from global commodity price fluctuations to geopolitical instability, can influence both short-term income trends and l ong-term development trajectories.
World bank's global income categories - 2025
The World Bank's 2025 global income classification update ranks 223 economies based on Gross National Income (GNI) per capita using the Atlas method. Countries are grouped into four categories: low, lower-middle, upper-middle, and high income.
The latest data shows 93 economies now hold high-income status, while 55 are upper-middle, 50 lower-middle, and 25 remain low-income.
Shifts in classification reflect changes in economic performance, exchange rates, and demographics, and help guide development aid and investment strategies.
Among African countries, only nine were classified in the highest income brackets—either upper-middle or high income.
S/N Countries Income bracket
1 Seychelles High Income
2 Algeria Upper-middle Income
3 Botswana Upper-middle Income
4 Cabo Verde Upper-middle Income
5 Equatorial Guinea Upper-middle Income
6 Gabon Upper-middle Income
7 Libya Upper-middle Income
8 South Africa Upper-middle Income
9 Mauritius Upper-middle Income
The income classification of African countries highlights the continent's economic diversity. Seychelles is the only African nation classified as high-income, buoyed by tourism, high per capita income, and strong institutions.
Eight others which include Algeria, Botswana, Cabo Verde, Equatorial Guinea, Gabon, Libya, South Africa, and Mauritius fall under the upper-middle income bracket.
Oil exporters like Algeria, Libya, Gabon, and Equatorial Guinea owe their status to hydrocarbon revenues, while Botswana and Mauritius have achieved steady growth through diversified economies and sound governance.
South Africa, despite deep challenges, remains an economic leader due to its industrial strength and financial systems.
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The Company will also post an updated investor presentation titled 'Investor Presentation August 2025', in addition to a "August 2025 Growth Projects Update" video, at in the "Presentations' section under 'News & Events' tab on the Company's Investor Relations webpage prior to the conference call. About Atlas Energy Solutions Atlas Energy Solutions Inc. (NYSE: AESI) is a leading solutions provider to the energy industry. Atlas's portfolio of offerings includes oilfield logistics, distributed power systems, and the largest proppant supply network in the Permian Basin. With a focus on leveraging technology, automation, and remote operations to enhance efficiencies, Atlas is centered on a core mission of improving human access to the hydrocarbons that power our lives and, by doing so, maximizing value creation for our shareholders. 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Examples of forward-looking statements include, but are not limited to statements regarding: the anticipated financial performance of Atlas following the recent acquisition of Moser Energy Systems (the 'Moser Acquisition'), expected accretion to Adjusted EBITDA, expectations regarding the leverage and dividend profile and expectations of Atlas, our plans and expectations regarding our stock repurchase program; the expected synergies and efficiencies to be achieved as a result of the Moser Acquisition; expansion and growth of Atlas's business following the Moser Acquisition, our business strategy, industry, future operations and profitability, expected capital expenditures and the impact of such expenditures on our performance, statements about our financial position, production, revenues and losses, our capital programs, management changes, current and potential future long-term contracts and our future business and financial performance. Although forward-looking statements reflect our good faith beliefs at the time they are made, we caution you that these forward-looking statements are subject to a number of risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks include but are not limited to: uncertainties as to whether the Moser Acquisition will achieve its anticipated benefits and projected synergies within the expected time period or at all; Atlas's ability to integrate Moser's operations in a successful manner and in the expected time period; unforeseen or unknown liabilities, future capital expenditures and potential litigation relating to the Moser Acquisition; unexpected future capital expenditures; our ability to successfully execute our stock repurchase program or implement future stock repurchase programs; commodity price volatility, including volatility stemming from the ongoing armed conflicts between Russia and Ukraine and Israel and Hamas; increasing hostilities and instability in the Middle East; adverse developments affecting the financial services industry; changes in tariffs, trade barriers, price and exchange controls and other regulatory requirements, including such changes that may be implemented by U.S. and foreign governments; our ability to complete growth projects, on time and on budget; the risk that stockholder litigation in connection with our recent corporate reorganization may result in significant costs of defense, indemnification and liability; changes in general economic, business and political conditions, including changes in the financial markets; transaction costs; actions of OPEC+ to set and maintain oil production levels; the level of production of crude oil, natural gas and other hydrocarbons and the resultant market prices of crude oil; inflation; environmental risks; operating risks; regulatory changes; lack of demand; market share growth; the uncertainty inherent in projecting future rates of reserves; production; cash flow; access to capital; the timing of development expenditures; the ability of our customers to meet their obligations to us; our ability to maintain effective internal controls; and other factors discussed or referenced in our filings made from time to time with the U.S. Securities and Exchange Commission ('SEC'), including those discussed under the heading 'Risk Factors' in our Annual Report on Form 10-K, filed with the SEC on February 25, 2025 and Quarterly Report on Form 10-Q, filed with the SEC on May 6 2025, and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. Atlas Energy Solutions Inc. Condensed Consolidated Statements of Cash Flows (unaudited, in thousands) Three Months Ended June 30, 2025 March 31, 2025 June 30, 2024 Operating activities: Net income (loss) $ (5,558 ) $ 1,219 $ 14,837 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation, depletion and accretion expense 41,717 38,264 25,886 Amortization expense of acquired intangible assets 6,465 4,785 3,768 Amortization of debt discount 1,399 1,109 1,083 Amortization of deferred financing costs 97 106 118 Loss on disposal of assets — — 11,098 Stock-based compensation 8,290 6,518 5,466 Deferred income tax (3,002 ) 1,379 2,758 Credit loss expense 4,110 — — Other (108 ) (122 ) (744 ) Changes in operating assets and liabilities: 35,232 (60,708 ) (3,414 ) Net cash provided by (used in) operating activities 88,642 (7,450 ) 60,856 Investing activities: Purchases of property, plant and equipment (40,268 ) (52,389 ) (115,790 ) Acquisition, net of cash acquired — (181,511 ) — Proceeds from insurance recovery — 5,398 — Net cash used in investing activities (40,268 ) (228,502 ) (115,790 ) Financing Activities: Proceeds from equity offering, net of issuance costs — 253,070 — Proceeds from term loan borrowings — 188,805 3,039 Principal payments on term loan borrowings (4,752 ) (4,725 ) (4,217 ) Payment on ABL credit facility — (70,000 ) — Payment on Deferred Cash Consideration Note — (101,252 ) — Payments under finance leases (732 ) (959 ) (846 ) Repayment of equipment finance notes (1,223 ) (841 ) (855 ) Repurchases of Common Stock under share repurchase program (200 ) — — Dividends (30,906 ) (30,435 ) (24,168 ) Taxes withheld on vesting RSUs (426 ) (595 ) — Issuance costs associated with debt financing — (146 ) (416 ) Net cash provided (used in) by financing activities (38,239 ) 232,922 (27,463 ) Net increase (decrease) in cash and cash equivalents 10,135 (3,030 ) (82,397 ) Cash and cash equivalents, beginning of period 68,674 71,704 187,120 Cash and cash equivalents, end of period $ 78,809 $ 68,674 $ 104,723 Expand Atlas Energy Solutions Inc. Condensed Consolidated Balance Sheets (in thousands) As of As of June 30, 2025 December 31, 2024 (unaudited) Assets Current assets: Cash and cash equivalents $ 78,809 $ 71,704 Accounts receivable, net 185,978 165,967 Inventories, prepaid expenses and other current assets 69,672 51,747 Total current assets 334,459 289,418 Property, plant and equipment, net 1,551,241 1,486,246 Right-of-use assets 23,271 18,666 Goodwill 137,326 68,999 Intangible assets 198,155 105,867 Other long-term assets 3,323 3,456 Total assets $ 2,247,775 $ 1,972,652 Liabilities and stockholders' equity Current liabilities: Accounts payable, including related parties 90,663 119,244 Accrued liabilities and other current liabilities 87,730 80,085 Current portion of long-term debt 36,355 43,736 Total current liabilities 214,748 243,065 Long-term debt, net of discount and deferred financing costs 492,069 466,989 Deferred tax liabilities 240,812 206,872 Other long-term liabilities 28,814 19,170 Total liabilities 976,443 936,096 Total stockholders' equity 1,271,332 1,036,556 Total liabilities and stockholders' equity $ 2,247,775 $ 1,972,652 Expand Non-GAAP Financial Measures Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash Flow, Adjusted Free Cash Flow Margin, Adjusted Free Cash Flow Conversion and Maintenance Capital Expenditures are non-GAAP supplemental financial measures used by our management and by external users of our financial statements such as investors, research analysts and others, in the case of Adjusted EBITDA, to assess our consolidated operating performance on a consistent basis across periods by removing the effects of development activities, provide views on capital resources available to organically fund growth projects and, in the case of Adjusted Free Cash Flow, assess the financial performance of our assets and their ability to sustain dividends or reinvest to organically fund growth projects over the long term without regard to financing methods, capital structure, or historical cost basis. These measures do not represent and should not be considered alternatives to, or more meaningful than, net income, income from operations, net cash provided by operating activities or any other measure of financial performance presented in accordance with GAAP as measures of our financial performance. Adjusted EBITDA and Adjusted Free Cash Flow have important limitations as analytical tools because they exclude some but not all items that affect net income, the most directly comparable GAAP financial measure. Our computation of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash Flow, Adjusted Free Cash Flow Margin, Adjusted Free Cash Flow Conversion and Maintenance Capital Expenditures may differ from computations of similarly titled measures of other companies. Non-GAAP Measure Definitions: We define Adjusted EBITDA as net income before depreciation, depletion and accretion, amortization expense of acquired intangible assets, interest expense, income tax expense, stock and unit-based compensation, loss on extinguishment of debt, loss on disposal of assets, insurance recovery (gain), unrealized commodity derivative gain (loss), other acquisition related costs, and other non-recurring costs. Management believes Adjusted EBITDA is useful because it allows management to more effectively evaluate the Company's consolidated operating performance and compare the results of its operations from period to period and against our peers without regard to financing method or capital structure. We exclude the items listed above from net income in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Certain prior period non-recurring costs of goods sold are now included as an add-back to adjusted EBITDA in order to conform to the current period presentation and to more accurately describe the Company's consolidated operating performance and results period over period. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by total sales. We define Adjusted Free Cash Flow as Adjusted EBITDA less Maintenance Capital Expenditures. Management believes that Adjusted Free Cash Flow is useful to investors as it provides a measure of the ability of our business to generate cash. We define Adjusted Free Cash Flow Margin as Adjusted Free Cash Flow divided by total sales. We define Adjusted Free Cash Flow Conversion as Adjusted Free Cash Flow divided by Adjusted EBITDA. We define Maintenance Capital Expenditures as capital expenditures excluding growth capital expenditures, reconstruction of previously incurred growth capital expenditures, equipment assets acquired through debt, and asset retirement obligations. Certain prior period equipment assets acquired through debt and asset retirement obligations have been removed from capital expenditures in order to conform to the current period presentation and to more accurately describe the Company's consolidated operating performance and results period-over-period. Atlas Energy Solutions Inc. – Supplemental Information Reconciliation of Adjusted Free Cash Flow to Net Cash Provided by Operating Activities (unaudited, in thousands, except percentages) Three Months Ended June 30, 2025 March 31, 2025 June 30, 2024 Net cash provided by (used in) operating activities $ 88,642 $ (7,450 ) $ 60,856 Current income tax expense (benefit) (5) 1,325 914 308 Change in operating assets and liabilities (35,232 ) 60,708 3,414 Cash interest expense (5) 13,459 11,831 10,813 Maintenance capital expenditures (5) (21,589 ) (15,533 ) (5,418 ) Credit loss expense (4,110 ) — — Other non-recurring costs (3) 4,298 849 7,049 Other acquisition related costs (4) 1,969 7,317 5,888 Insurance recovery (gain) (2) — — (10,000 ) Other 108 122 744 Adjusted Free Cash Flow $ 48,870 $ 58,758 $ 73,654 Adjusted EBITDA Margin 24 % 25 % 28 % Adjusted Free Cash Flow Margin 17 % 20 % 26 % Adjusted Free Cash Flow Conversion 69 % 79 % 93 % Expand (1) Represents loss on disposal of assets as a result of the fire at one of the Kermit plants that caused damage to the physical condition of the Kermit asset group. (2) Represents insurance recovery (gain) deemed collectible and legally enforceable related to the fire at one of the Kermit plants. (3) Other non-recurring costs includes costs incurred during our 2025 Term Loan Credit Facility transaction, credit loss expense due to a dispute with a counterparty, reorganization under a new public holding company (the 'Up-C Simplification'), temporary loadout, and other infrequent and unusual costs. (4) Represents transactions costs incurred in connection with acquisitions, including fees paid to finance, legal, accounting and other advisors, employee retention and benefit costs, and other operational and corporate costs. (5) A reconciliation of these items used to calculate Adjusted Free Cash Flow to comparable GAAP measures is included below. Expand (1) Positive working capital changes reflect capital expenditures in the current period that will be paid in a future period. Negative working capital changes reflect capital expenditures incurred in a prior period but paid during the period presented. In addition, this amount includes equipment assets acquired through debt and asset retirement obligations. Expand Expand Expand
