According to Oxfam Report, the top three wealthiest billionaires in Africa today have more wealth than the bottom 50% of the population of Africa – approximately 650 million people.
The wealth of the bottom 50% of the African population is $22.98 billion, while the wealth for the three richest billionaires in Africa is approximately $30.83 billion.
The three wealthiest people on the continent according to Forbes 2019 billionaires list are Aliko Dangote ($16.2 billion, Nigeria); Nicky Oppenheimer ($7.1 billion, South Africa); and Johann Rupert ($7 billion, South Africa).
Wealth inequality:
Furthermore, the report explained that Africa was rapidly becoming the epicenter of global extreme poverty. Today, Africa is home to more than half of the world’s extreme poor, with 413 million people living on less than $1.90 a day. And if current trends continue, 87% of the world’s extreme poor will be in Africa by 2030.
There are 20 billionaires in Africa, living alongside 413 million people in extreme poverty. The richest 0.0001% own 40% of the continent’s entire wealth.
Top three richest people in Africa:
- Aliko Dangote
Net worth: $16.2 billion
Country: Nigeria - Nicky Oppenheimer
Net worth: $7.1 billion
Country: South Africa - Johann Rupert
Net worth: $7.0 billion
Country: South Africa
Economic prosperity remains elusive for the vast majority of African citizens.
Poverty is stubbornly high across the region; according to the World Bank’s latest data, 41% of people in sub-Saharan Africa live in absolute destitution, below the $1.90 poverty line.13 The Bank also estimates that 87% of the global poor will be concentrated in sub-Saharan Africa by 2030 if current economic trends continue.14
African governments can choose to fight inequality
Nonetheless, African governments can take concrete steps to do the right thing, even in the face of such global challenges. Africa’s largest, best educated generation is coming of age. By 2025, half of the continent’s population will be under 25. These young women and men are by far Africa’s best natural resource, more valuable than all the gold, copper, oil and gas that lies under African soil. Investing in them and building economies that can support them with decent jobs is paramount.
African leaders face a clear choice. They can choose the path of ever- increasing inequality and poverty. Or they can choose another path, to a more prosperous, equal Africa built for the many not the few.
Sources
– Wealth Inequality: Africa’s 3 Richest Billionaires Hold 50% Africa’s Wealth | CEOWorld
– A table of 2 continents, Fighting inequality in Africa | OXFAM BRIEFING PAPER – SEPTEMBER 2019
