The four wealthiest individuals in Africa collectively possess a staggering $57.4 billion (€48.9 billion), outpacing the total wealth of approximately half of the continent’s 750 million inhabitants. This information is derived from a report released by Oxfam, an organization dedicated to combating poverty. Originally published on Thursday, the report highlights that in 2000, Africa did not have any billionaires; however, as of today, there are 23 billionaires whose combined wealth has surged by 56% over the last five years, reaching $112.6 billion. Furthermore, the top 5% of Africans hold nearly $4 trillion, which is more than double the combined wealth of the rest of the population.
The report also points out that almost half of the world’s most unequal countries can be found in Africa. Oxfam asserts that government policies across the continent are skewed against the poor and enable the super-rich to amass even more wealth. Notably, Africa’s tax systems are nearly three times less effective at redistributing income from the richest 1% compared to the global average. Implementing an additional 1% tax on the wealth of the wealthiest 1% in Africa could potentially raise $66 billion annually, a sum sufficient to address funding gaps for education and electricity access.
Additionally, the continent experiences significant financial loss, estimated at $88.6 billion annually, due to illicit financial flows. Oxfam’s report underscores the challenges posed by inequality, including its impact on democracy, poverty reduction, and the exacerbation of the climate crisis. In nations like Nigeria, the largest democracy in Africa, high political party fees and widespread vote-buying further entrench these issues, particularly affecting those in abject poverty.
Edited by Saim Dušan Inayatullah
Source: https://www.dw.com/en/4-rich-africans-reportedly-wealthier-than-half-the-continent/a-73220927?maca=en-rss-en-all-1573-rdf
