A new report by anti-poverty organization Oxfam has revealed that Africa’s four wealthiest individuals now possess more wealth than half of the continent’s population combined roughly 750 million people highlighting an alarming surge in inequality.
The report, released on Thursday, singled out Nigerian industrialist Aliko Dangote as Africa’s richest man. The remaining top three, according to Forbes, include South African billionaires Johann Rupert and Nicky Oppenheimer, as well as Egyptian tycoon Nassef Sawiris.
Oxfam noted that African billionaires have witnessed their fortunes grow by more than 56% over the past five years, with the wealthiest among them achieving even higher returns. The charity attributes much of this lopsided growth to systemic issues in governance, taxation, and global financial structures.
Nearly 25 of the world’s 50 most unequal countries are located in Africa, according to the report. Oxfam contends that current government policies tend to favor the wealthy elite, while neglecting mechanisms that could alleviate poverty and foster economic balance.
“Many African nations are failing to apply progressive taxation effectively, allowing the super-rich to avoid contributing their fair share,” the report stated.
The growing inequality, Oxfam warned, is having broader consequences beyond economics it is eroding democracy, weakening institutions, and stalling efforts to fight climate change. The organization also pointed to the role of international factors, such as regressive IMF policy recommendations and illicit financial flows, including widespread use of offshore tax havens.
In Nigeria, Africa’s most populous democracy, Oxfam highlighted how political participation is often stifled by high nomination fees and entrenched vote-buying practices, further deepening the divide between the elite and the general population.
Despite the severity of the issue, Oxfam reported that nearly 90% of African countries have reversed course on vital social policies cutting back on labour protections, minimum wages, and fair taxation since 2022.
The charity is calling for comprehensive reform of Africa’s tax systems, which it says are significantly less effective at redistributing wealth than the global average. A recent analysis of 151 countries found that Africa is the only region where effective tax rates have not increased since 1980.
In total, the continent is estimated to lose about $88.6 billion every year due to illicit financial outflows funds that could otherwise be used to improve healthcare, education, and infrastructure for millions living in poverty.
