The wealth concentration among Africa's richest individuals is extreme, with four billionaires holding $57.4 billion, more than half of the continent's population. The number of billionaires in Africa has surged to 23, with their wealth increasing by 56% in the past five years, totaling $112.6 billion. The richest 5% control almost $4 trillion in wealth, highlighting vast inequality. Ineffective tax systems further exacerbate this issue, and reforms could raise significant funds to improve essential services like education and electricity access, while illicit financial flows amount to $88.6 billion annually.
The combined wealth of the four wealthiest Africans amounts to $57.4 billion, exceeding that of nearly half of the continent's 750 million inhabitants.
Africa's top 5% possess nearly $4 trillion in wealth, which is more than twice the total wealth of the remaining population combined.
Imposing an extra 1% tax on the wealth and 10% on the income of the richest 1% in Africa could generate $66 billion annually for essential services.
Oxfam's report reveals that Africa's tax systems are nearly three times less effective at redistributing income from the richest than the global average.
Collection
[
|
...
]