Africa’s wealth inequality has reached alarming proportions, with four of the continent’s richest individuals now holding more wealth than half of Africa’s population combined, according to a new report released ahead of the World Economic Forum in Davos.
Business Insider Africa The report, published by international development organisation Oxfam, highlights that billionaire fortunes in Africa have surged significantly, even as many African countries grapple with deepening debt burdens that are squeezing public spending on essential services such as health, education, and social protection.
Key Findings: The Super-Rich vs. the MajorityAliko Dangote Africa’s richest individual along with three other African billionaires, now possess more wealth than half of the continent’s population, a staggering figure when compared to the economic plight facing ordinary Africans.
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Billionaire wealth across Africa grew by approximately 36.5 % in 2025, far outpacing global gains and highlighting the rapid concentration of wealth at the top.
Dangote’s estimated net worth alone climbed to around $24.8 billion, even as many African citizens struggle with rising living costs and limited access to basic social services.
The report underscores the stark contrast between the wealth accumulation of a few ultra-rich individuals and the persistent poverty faced by hundreds of millions across the continent.
Structural Inequality Amid a Debt Crisis: Oxfam’s analysis links the growth of billionaire wealth to structural policies and economic conditions that critics argue disproportionately benefit the richest.
In particular:The effective tax rates paid by highly profitable firms including those controlled by wealthy business leaders are often significantly lower than those borne by small businesses and ordinary citizens, according to case studies highlighted in the report.
In Nigeria, for example, Dangote Cement which has posted strong profit margins paid an effective corporate tax rate of just 2 % over the period reviewed, despite enjoying robust earnings.
Meanwhile, public spending on crucial services remains under strain as government budgets are increasingly allocated to servicing soaring public debt, estimated to be significantly higher than combined expenditures on education, healthcare, and social protection across many African nations.
Ahmed Hamza Tijani, Oxfam’s Country Director in Nigeria, noted that these dynamics highlight “deep structural failures” in economic systems that favour the ultra-wealthy at the expense of broad-based sustainable development.
Growing Calls for Policy ReformsIn response to the findings, Oxfam is advocating for progressive taxation and stronger regulatory oversight to address the growing imbalance between the ultra-rich and the rest of society.
The organisation argues that fairer tax regimes, improved transparency, and policies designed to broaden economic participation could help mitigate inequality and ensure that economic gains are more widely shared.
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Context: Wealth Trends and Global ComparisonsThe latest Oxfam report also places African wealth trends within a global context:Globally, total billionaire wealth is estimated to have reached $18.3 trillion in 2025, with overall billionaire wealth growing at more than three times the rate of the previous five-year average.
In Africa, this growth is even more pronounced, with billionaire net worth expanding at a rate more than double the global average, underscoring the rapid enrichment of a small elite amid broader economic challenges.
Why It MattersThe report’s findings highlight a deepening socio-economic divide in Africa at a time when many of the continent’s nations face mounting debt repayments and limited fiscal space to invest in basic services.
Economic experts warn that without concerted policy responses, such disparities could undermine social cohesion, hamper inclusive economic growth, and exacerbate long-standing development challenges across the continent.
ConclusionThe revelation that Dangote and three other billionaires now hold more wealth than half of Africa’s population underscores the dramatic inequalities that persist on the continent. As Africa confronts mounting debt pressures and constrained public budgets, calls for equitable economic reforms and enhanced social investment continue to gain urgency among development advocates and policy makers alike.
Image Credit: Business Insider Africa
Source: Business Insider Africa
