Africa’s Three Richest Billionaires Hold 40% of Africa’s Wealth – Oxfam Report

Must Read

Misery Index: South Africa Has The Third Most ‘Miserable Economy’ In The World

South Africa has been ranked as the world's most miserable economy after Venezuela and Argentina. Bloomberg's Misery Index, which ranks...

Fighting Slavery With Suicide: The Fascinating Story of Africa’s Kru People

The Kru or Kroo are a West African ethnic group who are indigenous to eastern Liberia. During the Slave trade era, they were also infamous amongst early European slave raiders as being especially averse to capture

The Mbuti People Of Congo And Their Sister Exchange Form Of Marriage

In the Mbuti tribe, marriage is by sister exchange: Based on reciprocal exchange, men from other bands exchange sisters...



A recently released Oxfam report has revealed that the continent’s three richest billionaires have more wealth than the poorest 40% – or 650 million people across the continent.

Africa's Three Richest Billionaires Hold 40% of Africa’s Wealth

The three richest people on the continent according to Forbes 2019 billionaires list are Aliko Dangote ($14.1 billion), Nicky Oppenheimer ($7.7 billion) and Johann Rupert ($7 billion dollars).

The report, called “ A Tale of Two Continents”, was launched at African political and business leaders gathered last week for the World Economic Forum Africa meeting in Cape Town, South Africa. It shows how rising and extreme inequality across Africa is undermining efforts to fight poverty and achieve the Sustainable Development Goals.

Furthermore, it explained that the continent was rapidly becoming the epicenter of global extreme poverty. It adds that a massive reduction in the number of those living on less than $1.90 a day has been achieved in Asia, while in Africa the number is rising.

Winnie Byanyima, Executive Director of Oxfam International, said:
“Africa is ready to rise – but only once it’s leaders have the courage to back a more human economy that works for the many and not a few super-rich men. They can achieve this by investing in inequality-busting, universal and quality public services like health and education and by developing truly progressive tax systems.

“According to the report, while the richest Africans fortunes are increasing, extreme poverty is also on the rise on the continent. The report further provides an analysis of how unsustainable levels of debt and a rigged international tax system are depriving African governments of billions of dollars in lost revenue each year. It asserts that this is the money that could have been invested in education, healthcare, and social protection.

Related:   Christiane Ossouka Raponda Appointed As First Female Prime Minister of Gabon

The report also revealed that African women and girls are also most likely to be poor. They also stand to lose the most when public services like healthcare and education are underfunded.

“African political and business leaders face a clear choice. They can stay on the path of increasingly extreme inequality, where poverty continues to rise while wealth in the hands of a tiny elite and foreign companies’ spirals. Or they can choose another way: towards a more prosperous and equal Africa that invests in and respects the dignity of all its people.” Ms Byanyima said.



Uzonna Anele
Anele is a web developer and a Pan-Africanist who believes bad leadership is the only thing keeping Africa from taking its rightful place in the modern world.

Subscribe to receive email updates

With a subscription profile, you automatically receive updates without having to return to the website and check for changes

Just In

Misery Index: South Africa Has The Third Most ‘Miserable Economy’ In The World

South Africa has been ranked as the world's most miserable economy after Venezuela and Argentina. Bloomberg's Misery Index, which ranks...

Fighting Slavery With Suicide: The Fascinating Story of Africa’s Kru People

The Kru or Kroo are a West African ethnic group who are indigenous to eastern Liberia. During the Slave trade era, they were also infamous amongst early European slave raiders as being especially averse to capture

The Mbuti People Of Congo And Their Sister Exchange Form Of Marriage

In the Mbuti tribe, marriage is by sister exchange: Based on reciprocal exchange, men from other bands exchange sisters or other females in his...

Slavery Abolition Act 1833: Slavery Was Abolished Throughout The British Empire On This Day

The Slavery Abolition Act of 1833 that abolished slavery in most British colonies, freeing more than 800,000 enslaved Africans in the Caribbean and South Africa and making the purchase or ownership of slaves illegal

According To Reputation Poll International (PI), These Are The 100 Most Reputable Africans In 2020

Reputation Poll International, a leading global reputation-management firm, has released the 2020 list of 100 Most Reputable Africans. The list features 47 women and 53...

More Articles Like This