Africa’s Billionaire Boom Masks Rising Inequality – Oxfam Report Warns
August 2, 2025 | By Trend Brio Despite a surge in African billionaires, a new Oxfam report has revealed stark inequality across the continent, warning that the growing concentration of wealth among elites is worsening poverty and undermining economic progress for millions. Titled Africa’s Inequality Crisis and the Rise of the Super-Rich, the report shows that just four of Africa’s wealthiest individuals – including Nigeria’s Aliko Dangote and South Africa’s Johann Rupert – now hold a combined $57.4 billion, surpassing the total wealth of nearly 750 million Africans. The top 5% of Africans now control about $4 trillion in assets, while more than half the population lives in poverty. Nigeria and South Africa, the continent’s largest economies, exemplify the trend, where politically connected tycoons have amassed fortunes through privatisation and state-backed reforms. Critics point to Nigeria’s Dangote Group and South Africa’s BEE-linked moguls as symbols of “crony capitalism” – where political ties, rather than innovation, drive business success. While intended to foster domestic enterprise and Black economic empowerment, such policies have often entrenched elite capture, sidelining ordinary citizens. Oxfam and policy analysts are calling for urgent reforms, including wealth and income taxes on the richest Africans. A 1% wealth tax and 10% high-income levy could raise $66 billion annually – funds that could help close critical gaps in public services like education, healthcare, and electricity access. With unemployment and inequality rising, especially among youth and women, the report urges African governments to dismantle oligarchic structures and adopt equity-driven economic policies. “We, the neglected and disenfranchised 95 percent, stand against oligarchy,” columnist Tafi Mhaka writes, echoing growing calls for systemic change across the continent.