Faith Nyasuguta
A powerful new report by Oxfam has laid bare Africa’s alarming wealth divide, revealing that just four billionaires hold more wealth than over half of the entire continent’s population combined. Released to coincide with the African Union Summit, the findings shine a harsh light on inequality in Africa – a region blessed with vast resources but plagued by widespread poverty.
According to Oxfam’s analysis, these four mega-rich tycoons – Aliko Dangote, Nicky Oppenheimer, Johann Rupert, and Nassef Sawiris – together control an eye-watering $57.4 billion, surpassing the total wealth of around 750 million Africans, roughly half the continent’s 1.4 billion people.
At the top of this ultra-elite club is Nigeria’s Aliko Dangote, best known for his cement empire, with an estimated fortune of $13.5 billion. South African diamond magnate Nicky Oppenheimer, luxury goods tycoon Johann Rupert, and Egyptian construction billionaire Nassef Sawiris complete the quartet whose combined fortunes highlight the huge gulf between Africa’s richest and poorest.
Oxfam argues this shocking inequality is not accidental but the result of tax loopholes, weak regulation, and economic systems tilted in favor of the rich. The charity is now calling for African governments to impose wealth taxes on billionaires and millionaires, plug tax leaks, and clamp down on evasion to help lift millions out of poverty.
“We live on a continent of plenty, yet half our people struggle daily while a tiny few stash billions,” said Peter Kamalingin, Oxfam’s Pan Africa Program Director. “Inequality on this scale is an injustice. We need fair taxes and strong policies to build an economy that works for everyone, not just the privileged few.”
Oxfam’s report also reveals how recent crises have made things worse. During the COVID-19 pandemic and economic shocks that followed, Africa’s billionaires saw their collective wealth grow by nearly $3 billion in 2023 alone, while food and fuel costs skyrocketed for ordinary citizens. Across the continent, wages remain low, job opportunities are scarce, and basic services are overstretched – especially for the region’s fast-growing youth population.
Oxfam’s experts say a 5% wealth tax on Africa’s wealthiest could raise at least $16 billion every year – enough to strengthen healthcare, fund schools, and protect communities from climate disasters. Without bold reforms, they warn, the gap between the super-rich and everyone else will only widen.
Some African leaders, like South Africa’s President Cyril Ramaphosa, have acknowledged the urgent need to tackle inequality. But critics argue that deep reforms are unlikely while Africa’s richest continue to wield huge influence over politics and policy.
The charity also highlights the hidden cost borne by women and informal workers who keep Africa’s economies running yet are most often excluded from the wealth they help create. In rural areas, families are forced to travel miles for basic healthcare, while many children still lack access to decent education.
Oxfam says the solution lies in fair taxation, stronger labor protections, fairer trade deals, and public investment in social services – rather than depending on billionaires’ charity donations that rarely address the root causes of poverty.
With Africa’s population expected to double by 2050, Oxfam’s message is blunt: unless the hoarded billions of the super-rich are taxed and shared, half the continent’s people will remain trapped in poverty while a tiny few thrive.
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