By Jones Gadama
Oxfam Africa has sounded the alarm on the growing wealth inequality across the continent, highlighting the dire consequences of policy failures that favor the rich at the expense of the poor.
According to the organization’s latest report, “Africa’s Inequality Crisis and the Rise of the Super-Rich,” Africa is one of the world’s most unequal regions, with some of the highest poverty rates.
The report reveals that Africa’s four richest billionaires hold a staggering $57.4 billion in wealth, more than the combined wealth of 750 million people, or half the continent’s population.
The richest 5% of Africans now hold nearly $4 trillion in wealth, more than double the combined wealth of the remaining 95% of the population. Meanwhile, the poorest 50% own less than 1% of the continent’s wealth.
Fati N’Zi-Hassane, Africa Director for Oxfam, attributes the alarming disparities to policy failures, stating, “Africa’s wealth is not missing. It’s being siphoned off by a rigged system that allows a small elite to amass vast fortunes while denying hundreds of millions even the most basic services.”
The report notes that African governments collect only 0.3% of GDP in wealth taxes, the lowest rate globally.
The report urges African governments to adopt more equitable policies, including progressive taxation and increased investment in public services. N’Zi-Hassane emphasizes, “Tax the rich and invest in the majority. Anything less is a betrayal.”
The report’s findings serve as a call to action for African leaders to address the growing wealth inequality and promote more inclusive economic growth.
