Oxfam Report Reveals Africa’s Four Richest Men Are Wealthier Than Half the Continent’s Population

A new report by Oxfam has revealed that just four of Africa’s wealthiest individuals now hold more wealth than over 50 percent of the continent’s population—an estimated 750 million people.

The report, released ahead of the African Union Heads of State Summit in Malabo, Equatorial Guinea, highlights the alarming extent of wealth inequality and calls for urgent reforms in tax policies and wealth redistribution strategies across Africa.

According to Oxfam, Nigerian industrialist Aliko Dangote, South African billionaires Johann Rupert and Nicky Oppenheimer, and Egyptian businessman Nassef Sawiris collectively possess an estimated $57.4 billion in wealth.

This staggering figure exceeds the combined wealth of hundreds of millions of Africa’s poorest citizens. The report notes that since 2020, the combined wealth of African billionaires has increased by 56 percent, reaching $112.6 billion.

At the same time, the economic realities for ordinary Africans have worsened significantly. Oxfam estimates that around 850 million Africans face food insecurity, with 20 million more added to this figure since 2022. The continent now accounts for seven out of ten of the world’s people living in extreme poverty.

The report further reveals that 23 of the 50 most unequal countries globally are in Africa, highlighting the deep structural and economic inequalities that persist.

One of the report’s key findings is that tax policies across African countries have failed to adequately address wealth disparity. Wealth taxes contribute only 0.3 percent of GDP on the continent, far below Asia’s 0.6 percent and the OECD’s 1.8 percent. Over the past decade, Africa has seen a 25 percent drop in revenue from taxes on wealth, inheritance, and property. Instead, governments have increasingly relied on value-added taxes (VAT), which disproportionately burden the poor and middle class.

To bridge this inequality gap, Oxfam proposes a series of progressive tax reforms. A 1 percent tax on wealth and a 10 percent surcharge on income from the richest 1 percent could raise approximately $66 billion annually. These funds, Oxfam argues, would be enough to provide universal education and electricity access across Africa. The report also highlights countries like Morocco and South Africa, which collect more substantial property tax revenues, and Seychelles, where equitable policies have led to significant gains for low-income populations.

Fati N’Zi-Hassane, Oxfam’s Africa Director, emphasized that the growing wealth gap is not accidental but a result of deliberate policy choices. She called on African leaders to reform economic systems that she described as “rigged” in favor of the ultra-rich. “Africa is not poor,” she stated, “it is being impoverished by corruption, tax injustice, and exploitation.”

As African heads of state prepare to convene in Malabo, Oxfam is urging them to take immediate steps toward redistributing wealth, closing tax loopholes, and creating inclusive economic policies that uplift the majority rather than enrich a few. The report stands as a call to action for leaders to confront inequality head-on and ensure that economic growth translates into tangible improvements for all Africans—not just the wealthiest.