A new report has shed light on a staggering disparity in wealth across Africa. According to Oxfam, just four men now control more wealth than half of the continent’s entire population approximately 750 million people. Their combined fortune stands at an estimated $57.4 billion, a figure that underscores the growing gulf between the ultra rich and the rest of Africa.
Leading the list is Nigeria’s Aliko Dangote, whose cement empire has helped him amass a net worth exceeding $23 billion. He is followed closely by Johann Rupert, the South African luxury goods tycoon, worth around $14.5 billion. Fellow South African Nicky Oppenheimer, known for his diamond legacy, holds more than $10 billion. Egypt’s Nassef Sawiris, with substantial investments in construction and sports, rounds out the top four with a net worth nearing $10 billion.
This revelation comes at a time when nearly 500 million Africans live below the poverty line, surviving on less than $2.15 a day. While a handful of billionaires thrive, millions struggle to access basic necessities like clean water, electricity, and education. Oxfam warns that this level of economic inequality is not just morally troubling it is dangerous.
What’s even more alarming is that this wealth gap has widened significantly in recent years. Since 2000, the number of African billionaires has grown from zero to at least 23, and their total wealth has jumped by more than 50% in just the last five years. Despite this boom, public infrastructure and social services remain underfunded across many countries.
Experts argue that tax systems in Africa play a critical role in maintaining this inequality. Wealthy individuals and corporations often benefit from loopholes and lenient tax laws, while ordinary citizens bear the brunt through consumption taxes like VAT. Oxfam suggests that implementing even a modest wealth tax just 1% on billionaires’ assets could generate billions in revenue, enough to fund universal access to electricity and education across the continent.
Beyond economic imbalance, the report also highlights the gender disparity in wealth. In Africa, men own three times more wealth than women, making the continent the most gender-unequal region globally in terms of financial distribution.
This eye opening report calls for urgent reforms. Progressive taxation, stronger social safety nets, and meaningful investment in healthcare, education, and job creation could help reverse the tide of inequality. Until then, the reality remains stark: in a continent full of potential, prosperity is still the privilege of a few.