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Africa’s richest four hold more wealth than half the continent (www.oxfam.org)

submitted 1 week ago by Pro@reddthat.com to c/global@reddthat.com

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In 2000, Africa had no billionaires. Today it has 23 whose combined wealth has soared by 56% in just the past five years, reaching a staggering $112.6 billion.

Africa’s richest 5% hold nearly $4 trillion in wealth – more than double the combined wealth of the rest of the continent.

Despite soaring poverty, African governments show least commitment to reducing inequality, and that commitment has declined since 2022.

An extra 1% tax on wealth and 10% tax on income of Africa’s richest 1% could raise $66 billion annually, more than enough to close the funding gaps for free quality education and universal access to electricity.

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