New Report Names 4 Africans Wealthier Than Half The Continent, Dangote Leads
- A new report by the non-governmental organisation, Oxfam, has shown that four Africans are wealthier than half of the people on the continent
- The Oxfam report noted that the four men hold about $57.4 billion in wealth and are richer than 50% of 750 million Africans
- It noted that government policies are against the poor, and tax systems have remained largely ineffective in redistributing wealth on the continent
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Oxfam, the anti-poverty non-governmental organisation, has warned that growing inequality is stunting democracy in Africa.
The four wealthiest Africans have more wealth than half of the continent’s population, the report said.
Source: Getty Images
From zero to 23: The rise of Africa’s billionaires
According to Oxfam, the four wealthiest Africans hold about $57.4 billion and are richer than about 50% of Africa’s 750 million people, a recent report released on Thursday, July 10, 2025, by the NGO said.
It disclosed that Africa had zero billionaires in 2000, but today it boasts 23 billionaires whose combined wealth has surged by 56% in just five years, hitting a whopping $112.6 billion.
Also, the top five per cent of Africans have almost $4 billion in wealth, which is more than twice the total wealth of the rest of Africa combined.
The Oxfam report also revealed that almost half of the world’s 50 most unequal countries are on the continent.
In January 2025, the not-for-profit organisation reported that billionaire wealth was growing faster than ever globally.
Anti-people policies are driving poverty in Africa
Oxfam noted that government policies are skewed against the poor and allow Africa’s super-rich to accumulate more wealth.
According to the report, Africa’s tax systems are almost three times less effective at redistributing income from the richest to one per cent of the poorest.
It stated that imposing an additional one per cent tax on the wealthy and 10% on the income of the richest in Africa could raise $66 billion annually.
Oxfam noted that this amount is more than enough to close the funding gaps for free, quality education and universal access to electricity.
Who are Africa’s super-rich four?
Africa also loses an estimated $88.6 billion annually via illicit financial flows.
The organisation named Aliko Dangote, a Nigerian billionaire and industrialist, as the richest African, with an estimated net worth of $23.3 billion.
Other billionaires on the top four list include South Africa’s Johann Rupert and Nicky Oppenheimer, and Egyptian businessman Nassef Sawiris.
The organisation warned that inequality hinders democracy, impedes poverty reduction, and worsens the climate challenge in Africa.
Nigeria is Africa’s challenge
According to the NGO, political capture by the wealthy undermines pro-poor government policies and the effectiveness of public institutions.
It cited Nigeria, Africa’s largest democracy, stating that exorbitant fees demanded by political parties often price people seeking political office out of running.
Source: Getty Images
It noted that vote-buying is commonplace in Nigeria, where millions of people live in abject poverty.
Dangote reclaims crown as Africa's richest man
Legit.ng earlier reported that Aliko Dangote reclaimed his title as Africa's richest man, months after losing it following the Central Bank of Nigeria's decision to float the naira.
According to Forbes, Dangote's net worth increased by $17 million (about N13.03 billion) or 0.16% to $10.9 billion on Monday, August 14, 2023.
This amount is now higher than that of Johann Rupert's net worth of $10.8 billion as at Monday, August 14.
Source: Legit.ng
