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5d ago

Africa’s Richest Four Control More Wealth Than 750 Million People as Oxfam Urges New Tax Plan

Modest taxes on the wealthiest 1% could raise $66 billion a year to close funding gaps in critical public services

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Aliko Dangote, a Nigerian known as the “cement king”, tops the list of Africa’s billionaires

Overview

  • Four individuals—Aliko Dangote, Johann Rupert, Nicky Oppenheimer and Nassef Sawiris—collectively hold $57.4 billion, exceeding the combined wealth of around 750 million Africans
  • Africa’s billionaire count has climbed to 23, with their combined wealth surging 56% over the past five years to $112.6 billion
  • The top 5% of Africans now control nearly $4 trillion, which is more than twice the combined wealth of the remaining 95%
  • Most African governments collect just 0.3% of GDP from wealth taxes while losing an estimated $88.6 billion annually to illicit financial flows
  • Cases like Morocco, South Africa and Seychelles—with higher wealth levies and stronger social spending—offer roadmaps for proposals set to be debated at the African Union Summit