According to a report published on July 9, 2025, by the NGO Oxfam, Africa’s four wealthiest men possess more wealth than half of the continent’s entire population. This alarming statistic highlights growing economic inequality in a region where the number of people living in extreme poverty continues to rise, making it the only such region globally.
In 2000, there were no African billionaires. Today, there are 23, with a combined net worth estimated at roughly $112 billion. This surge in individual wealth hasn’t translated into improved living conditions for most Africans. Resources exist but are concentrated in the hands of a small elite, without effective government policies to rebalance the situation.
The report condemns the passive or complicit role of public authorities: two-thirds of African countries have no inheritance tax, and many have reduced or eliminated wealth taxes. Oxfam is leveraging the opening of the African Union Coordination Summit in Malabo to appeal to governments to introduce fairer taxation, particularly by taxing large fortunes.
Some countries are cited as positive examples: Morocco with its land tax system; South Africa with more robust redistribution mechanisms; and Kenya, which recently tripled its capital gains tax, generating an annual $64 million in tax revenue.
Oxfam’s message is clear: poverty in Africa isn’t inevitable; it’s a direct consequence of political and economic choices that favor the wealthy at the expense of the most vulnerable.
