Africa’s Wealth Gap Widens as Four Billionaires Hold More Than Half of Continent’s Population — Oxfam

Africa’s Wealth Gap Widens as Four Billionaires Hold More Than Half of Continent’s Population — Oxfam

Africa’s wealth inequality has deepened sharply, with Aliko Dangote and three other billionaires now controlling more wealth than half of the continent’s population, according to a new report by Oxfam.

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The report revealed that billionaire wealth in Africa surged by 36.5 per cent within just one year—more than twice the global average growth rate—underscoring a rapidly widening economic divide.

Oxfam also drew attention to structural weaknesses in tax systems across the continent, citing Nigeria as a key example where highly profitable corporations reportedly paid effective tax rates as low as two per cent. The organisation warned that such practices deprive governments of critical revenue needed to fund public services.

The findings come amid a worsening debt crisis across many African countries, which has forced governments to slash spending on essential sectors including healthcare, education, and social protection.

Oxfam noted that while billionaire fortunes continue to rise, millions of Africans are struggling with the cost-of-living crisis, unemployment, and shrinking public services, calling on governments to strengthen progressive taxation, close corporate tax loopholes, and prioritise investments in people.

The organisation stressed that without urgent reforms, inequality will continue to undermine economic stability and social cohesion across the continent.

Africa’s Wealth Gap Widens as Four Billionaires Hold More Than Half of Continent’s Population — Oxfam