Just four of Africa’s richest individuals possess more wealth than half of the continent’s population—approximately 750 million people—according to a new report by international charity Oxfam.
The report, titled “Africa’s Inequality Crisis and the Rise of Ultra-Wealth,” was released on July 9 and highlights growing disparities amid rising poverty and hunger across the continent.
Collectively, the four billionaires hold an estimated $57.4 billion in wealth:
Aliko Dangote of Nigeria: $23.3 billion
Johann Rupert and family of South Africa: $14.2 billion
Nicky Oppenheimer and family of South Africa: $10.2 billion
Nassef Sawiris of Egypt: $9.4 billion
In contrast, nearly 850 million Africans face food insecurity, a number that has grown by 20 million since 2022. Meanwhile, the number of billionaires in Africa has climbed from zero in 2000 to 23 today, with their total combined wealth reaching $112.6 billion, up 56% over the past five years.
Oxfam warns that this extreme concentration of wealth is deepening inequality and undermining governments’ ability to fund essential public services such as education, healthcare, and social protection.
Weak Wealth Taxation
The report also criticizes Africa’s tax systems, stating that African governments collect only 0.3% of GDP from wealth taxes—the lowest rate globally—compared to 1.8% in OECD countries. Most public revenue instead comes from regressive indirect taxes, such as value-added tax (VAT), which disproportionately impact lower-income populations.
To address these gaps, Oxfam proposes a 1% wealth tax and a 10% income tax on the richest individuals, which it says could generate up to $66 billion annually—enough to close critical funding gaps in education and energy access across Africa.
“The wealth of Africa is not missing—it is being looted,” said Fati N’Zi-Hassane, Oxfam’s Africa Director. “This is a political failure. It is deeply unjust, but it is also entirely reversible.”
The report comes ahead of the African Union’s mid-year coordination meeting in Malabo, Equatorial Guinea, where Oxfam hopes the findings will drive urgent action toward economic justice.
