New Estimates of Capital Flight from African Countries, 1970 – 2022

The estimates presented in this report continue to indicate a staggering level of financial hemorrhage of African economies. Over the 53-year period 1970-2022, the 30 countries covered by the report lost an estimated $2.7 trillion through capital flight, which is roughly equal to these countries’ total GDP (99 percent) in 2022, and to 91 percent of total GDP of the entire continent (including other countries). Since 2010, the continent is losing an astounding $97 billion annually through unrecorded capital outflows. Natural resource-rich countries are particularly affected, with six of the top 10 countries with the highest amount of capital flight being oil exporters. To some extent, capital flight is one of mechanisms of the ‘resource curse’ in Africa.