Four of Africa’s richest men control $57.4 billion, a fortune greater than the combined wealth of 750 million people.
- Africa’s billionaire count rose from zero in 2000 to 23 today, with their wealth increasing over 50% in the last five years.
- Four African billionaires possess $57.4 billion, surpassing the wealth of 750 million people.
- The richest 5% hold $4 trillion, over double the combined wealth of the remaining population.
Four of Africa’s richest men control $57.4 billion, a fortune greater than the combined wealth of 750 million people, or half of the continent’s population, according to a new report by Oxfam.
The report, Africa’s Inequality Crisis and the Rise of the Super-Rich paints a stark picture of growing inequality in Africa.
In 2000, Africa didn’t have a single billionaire. Today, there are 23. And in just the last five years, their wealth has jumped by more than 50% to over $112 billion.
The richest 5% on the continent hold nearly $4 trillion, more than double what the other 95% of people own combined.
Even if the top five billionaires gave away almost all their wealth, leaving themselves with just 0.01%, they’d still be 56 times richer than the average African. That kind of extreme wealth isn’t just unfair, it’s having real consequences for everyone else.
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The cost of inequality
Africa remains one of the most unequal regions globally, with poverty rising and the gap between rich and poor growing wider. According to the report, nearly half of the world’s 50 most unequal countries are on the continent.
Even more concerning, seven out of every ten people living in extreme poverty today are in Africa.
While the majority struggle, many African governments are doing little to close the gap. Instead of investing more in healthcare, education, and social safety nets, budgets are being cut. And while ordinary people pay more through taxes like VAT, the ultra-rich are taxed at some of the lowest rates in the world.
Africa collects just 0.3% of GDP in wealth taxes, far behind Asia (0.6%), Latin America (0.9%), and OECD nations (1.8%). That already small share has declined by nearly 25% over the past decade.
Meanwhile, for every dollar African governments raise from income or wealth taxes, they get nearly three dollars from indirect taxes like VAT, making life even harder for everyday people.
Income inequality has either worsened or stalled in nearly 20 African countries over the past 10 years. But change is possible.
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A fairer future
Oxfam estimates that introducing a modest 1% wealth tax and a 10% income tax on the richest 1% could raise $66 billion a year. That’s enough to provide free, quality education for all, and ensure universal access to electricity.
Some countries are already proving it can be done. In Morocco and South Africa, property taxes bring in over 1% of GDP, among the highest in Africa.
In Seychelles, the poorest half of the population has seen their income share rise by 76% since 2000, while the richest 1% have seen their share fall by two-thirds.
The government there offers free quality education, universal healthcare, and a strong safety net for its most vulnerable citizens.
And while inequality affects everyone, it’s also gendered. In Africa, men own three times more wealth than women, the widest gender wealth gap of any region in the world.
