AFRICA: Four richest Africans wealthier than half the continent Oxfam reports

The four wealthiest individuals in Africa hold more combined wealth than roughly half of the continent’s 750 million people, according to a new report by anti-poverty charity Oxfam.

The findings highlight how extreme inequality is undermining democracy and economic progress across Africa.

Oxfam identified Nigerian billionaire Aliko Dangote, Africa’s richest person, as one of the four. Forbes lists the others as South Africans Johann Rupert and Nicky Oppenheimer, along with Egyptian tycoon Nassef Sawiris.

Over the past five years, African billionaires saw their fortunes grow by 56 percent, with the wealthiest among them gaining even more.

The report also noted that nearly half of the world’s 50 most unequal countries are in Africa. Oxfam criticised government policies for favouring the rich, allowing the continent’s elite to accumulate even greater wealth.

“Most African countries are not fully leveraging progressive taxation to effectively tax the super-rich and address inequality,“ the report stated.

Inequality is worsened by International Monetary Fund policies and illicit financial flows, including offshore tax havens.

Oxfam warned that wealth concentration is eroding democracy, slowing poverty reduction, and worsening climate impacts. Political influence by the wealthy weakens pro-poor policies and public institutions.

In Nigeria, Africa’s largest democracy, high political campaign costs exclude many from running for office, while vote-buying remains widespread in a nation where millions live in poverty.

Despite these challenges, nearly 90 percent of African nations have rolled back policies on taxation, labour rights, and minimum wages since 2022.

Oxfam urged reforms to tax systems, which are nearly three times less effective at redistributing wealth in Africa compared to the global average.

The continent also loses an estimated $88.6 billion yearly through illicit financial flows. A review of 151 countries found Africa as the only region where effective tax rates have not risen since 1980.