A new report has revealed that the combined wealth of Africa’s four richest individuals now exceeds that of over 50 percent of the continent’s 750 million poorest citizens. The report, released Thursday by international anti-poverty organisation Oxfam, warns that deepening inequality is threatening democracy and undermining development across Africa.
While only Nigerian billionaire Aliko Dangote was named in the report, Forbes lists the continent’s top four billionaires as Dangote, South Africans Johann Rupert and Nicky Oppenheimer, and Egyptian businessman Nassef Sawiris.
According to Oxfam, African billionaires have seen their net worth grow by 56 percent over the past five years, with the richest among them gaining disproportionately more.
“This is not just about economics—it’s about power,” the report said. “Extreme wealth in the hands of a few is weakening public institutions, stalling poverty reduction efforts, and eroding democratic governance.”
The charity further stated that nearly half of the world’s 50 most unequal countries are in Africa, attributing this to poor tax policy and the growing influence of ultra-wealthy elites.
“Most African countries are not fully leveraging progressive taxation to effectively tax the super-rich and address inequality,” the report noted.
Oxfam also criticised international financial institutions for enabling inequality on the continent. “The influence of regressive IMF policies, along with widespread use of tax havens and illicit financial flows, continues to drain resources that could be used for social services,” it added.
In Nigeria, Africa’s most populous nation, the report highlighted the damaging role of money in politics. “Exorbitant nomination fees and widespread vote-buying are locking ordinary citizens out of the democratic process,” the report said, describing it as a form of political exclusion driven by poverty.
The report also criticised African governments for weakening labour protections. “Since 2022, nearly nine out of ten African nations have rolled back on crucial policies such as minimum wage guarantees and labour rights,” it stated.
Oxfam estimates that Africa loses nearly $89 billion annually through illicit financial flows, further exacerbating inequality.
The organisation is calling for a comprehensive reform of the continent’s tax systems. “Africa’s tax regimes are nearly three times less effective at redistributing income from the richest one percent compared to the global average,” it said.
“In a world where poverty persists, the concentration of such extreme wealth is unjust and unsustainable,” the report concluded, urging policymakers to act boldly to reverse the trend.
