A new Oxfam report has revealed that the four richest Africans now possess more wealth than half of the continent’s 750 million people, highlighting growing inequality that threatens democracy.
A new Oxfam report has revealed that the four richest Africans now possess more wealth than half of the continent’s 750 million people, highlighting growing inequality that threatens democracy. Only Aliko Dangote, Africa’s richest man, was named, but Forbes includes Johann Rupert, Nicky Oppenheimer, and Nassef Sawiris in the top four. According to Oxfam, African billionaires’ wealth has surged 56% in five years.
“Most African countries are not fully leveraging progressive taxation to effectively tax the super-rich and address inequality,” the report stated.
The report also cited “regressive” IMF policies and illicit financial flows, including tax havens, as key contributors to inequality. Oxfam warned that political systems are increasingly captured by the wealthy, weakening “pro-poor government policies and the effectiveness of public institutions.”
The charity criticized recent rollbacks on tax, labour, and wage policies across Africa, urging tax reforms. It estimates $88.6 billion is lost annually through illicit financial flows.