MWE Correspondent
A new report has brought to light Africa’s deepening wealth inequality, revealing that just four of the richest individuals on the continent now possess more wealth than half of Africa’s population—roughly 750 million people.
These four individuals collectively hold an estimated $57.4 billion (€48.9 billion), according to a recent report released by Oxfam International. The figure underscores a troubling trend: while a small group of ultra-wealthy individuals accumulate vast fortunes, millions continue to live in poverty across Africa.
The report notes a dramatic shift in wealth concentration. In the year 2000, Africa had no billionaires. Today, it boasts 23, whose combined net worth has skyrocketed by 56% over just the past five years—reaching $112.6 billion.
Even more striking is the statistic that the top 5% of Africans own nearly $4 trillion in assets. That’s more than double the wealth of the rest of the continent’s population combined.
While countries like Nigeria, South Africa, and Kenya are seen as economic engines of Africa, their rapid growth has not translated into prosperity for all. Sub-Saharan Africa remains one of the world’s most unequal regions, with high levels of income and opportunity disparity.
The World Bank estimates that over 430 million Africans live on less than $2.15 a day, qualifying as extreme poverty under global standards.
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Meanwhile, billionaires continue to profit from investments in sectors such as oil, telecommunications, banking, and mining—industries that often lack strong regulation or taxation frameworks.
According to the report, the rising inequality is driven by:
- Weak taxation systems that favor the wealthy
- Corporate loopholes and tax evasion
- Lack of investment in public services like education and healthcare
- Unequal access to credit, technology, and land ownership
These trends contribute to a cycle where the rich keep getting richer while the rest struggle to escape poverty.
Economists and development experts are urging African governments, as well as international institutions, to take action. Proposed steps include:
- Implementing progressive taxation
- Investing in public education and healthcare systems
- Strengthening social protection programs
- Increasing transparency in financial dealings and political accountability
“Tackling inequality is not just about redistribution—it’s about building fairer societies where everyone has the chance to succeed,” said one of the report’s contributors.
The wealth gap is not unique to Africa, but its impact is especially acute here, where millions lack access to basic services. Unless addressed, inequality threatens to undermine efforts toward sustainable development, economic resilience, and Agenda 2063—the African Union’s vision for a prosperous and integrated continent.
