Table of Contents
Key Points
- Africa’s richest 5% now control $4 trillion—twice the wealth of the remaining 95% of the population, according to a new Oxfam report.
- Just 0.02% of Africans are millionaires, yet they hold nearly 20% of the continent’s total wealth, worsening inequality and social division.
- Food insecurity is rising, with 846 million people facing hunger in 2024, while billionaire wealth has surged over 50% in five years.
In a continent often described as the future of global growth, a sobering reality is setting in. Africa’s richest citizens, the top 5 percent, now control around $4 trillion in wealth, more than double the combined holdings of the remaining 95 percent of the population.
That staggering imbalance is at the heart of a new Oxfam report that lays bare the depth of inequality spreading across the continent. Hailed as a continent of rising opportunity, Africa is now being shaped by the increasing concentration of wealth and a growing divide that threatens to leave millions behind.
That $4 trillion tells a story of success in some corners. From bustling tech hubs in Lagos and Nairobi to industrial giants in Johannesburg and Cairo, African entrepreneurs have built companies that now compete on the global stage.
Billionaire wealth surges across Africa
Billionaires have emerged as symbols of ambition and growth. But while their fortunes have climbed, most Africans are still struggling. The bottom 95 percent hold just $1.8 trillion in wealth, less than half of what the richest 5 percent own, highlighting a deeply entrenched economic gap that isn’t narrowing.
The numbers are difficult to ignore. Oxfam reports that African dollar millionaires, who make up just 0.02 percent of the population, control nearly 20 percent of the continent’s wealth. Meanwhile, the poorest half of the population owns less than one percent.
In much of Africa, inequality is not just a number, it shapes how people live, eat, and dream. To put it in perspective, four billionaires, Nigeria’s Aliko Dangote, South Africa’s Johann Rupert and Nicky Oppenheimer, and Egypt’s Nassef Sawiris, together hold a fortune of $57.4 billion. That’s more than what 750 million Africans own combined, half the continent’s population.
And the divide is only getting wider. Twenty years ago, there wasn’t a single African billionaire. Today, there are 23, and their combined wealth has grown by over 50 percent in just five years, now standing at $112.6 billion. These figures often make headlines and are seen as signs of economic success. But the reality on the ground tells a different story, one where more wealth at the top is matched by rising hardship for many others.
Hunger deepens as inequality widens
The consequences are becoming harder to ignore. Africa is now home to 70 percent of the world’s extremely poor, a sharp increase from 1990 when it was just 10 percent. Food insecurity is worsening, too. The 2024 State of Food Security and Nutrition report shows that 846 million people across the continent faced moderate to severe hunger last year, up from 826 million the year before. The issue isn’t just about the availability of food, but who has access to it. As the rich grow richer, millions are being left behind—hungry not just for food, but for opportunity.
Oxfam paints a sobering picture of just how deep the gap runs. Someone in Africa’s top 1 percent can earn in three days what it would take someone in the bottom half a full year to make. And even if the continent’s five wealthiest men lost nearly everything and kept only 0.01 percent of their fortunes, they would still be dozens of times richer than the average person.
This is not only about class. The inequality also cuts across gender. African men hold three times more wealth than African women, the largest gender wealth gap in the world. That imbalance makes global goals like gender equality and the end of poverty feel more like distant dreams than achievable targets. At the current pace, both targets, set for 2030, are nowhere in sight.
Billionaires tackle inequality with wealth
Yet in the face of these challenges, some of Africa’s wealthiest individuals are choosing to give back in meaningful ways. Their philanthropy won’t fix everything, but it shows a growing sense of responsibility to help close the gap.
In 2019, Nigerian billionaire Femi Otedola drew national and international attention when he donated $14 million to Save the Children UK. The funds were directed toward children affected by conflict in northeast Nigeria. It remains the largest private cash donation ever made in the country, a gesture that set a new standard for local giving.
South African billionaire Patrice Motsepe was the first African to join the Giving Pledge, promising to give away most of his wealth during his lifetime. He has backed wide-ranging causes, from land reform to HIV/AIDS education. That includes a $9.4 million grant to the RED campaign and a $192.5 million effort focused on rural development.
In Nigeria, Abdul Samad Rabiu, founder of BUA Group, has taken a more structured approach. His ASR Africa initiative sets aside $100 million each year to support critical infrastructure in health, education, and security. Half of the funds go toward projects in Nigeria, while the other half is committed to work across the continent.
And though he rarely seeks publicity, Mike Adenuga, the billionaire behind Globacom and Conoil, has supported programs in education and entrepreneurship, especially for young people and underserved communities. His approach may be low-profile, but its impact is far-reaching.
Closing the wealth gap needs policy
Economists and policy experts agree that closing Africa’s wealth gap will require more than private generosity. Governments must adopt policies that encourage fair taxation, block capital flight, and invest more heavily in public goods, especially education, health, and women’s empowerment. The Oxfam report makes a clear call for fiscal reform to ensure that growth lifts more people, not just those at the very top.
Africa’s wealth boom is real. So is its inequality crisis. There is no question that the continent is home to remarkable stories of resilience, innovation, and financial success. But as long as that success is concentrated in the hands of a few, the idea of shared prosperity remains out of reach for most. The real question now isn’t whether Africa can grow richer, but whether that wealth can be spread more fairly. Without deliberate action, the promise of an African century could remain a dream for many, even as it becomes a reality for a lucky few.
