Fri Aug 01 10:10:29 UTC 2025: **Summary:**
An Oxfam report reveals a stark wealth disparity in Africa, where a small number of billionaires control a disproportionate amount of wealth, exceeding that of millions of ordinary citizens. This concentration of wealth is attributed to crony capitalism and elite capture, where political connections are leveraged for economic gain. The rise of billionaires like Aliko Dangote in Nigeria and Patrice Motsepe in South Africa is highlighted as examples of how politically connected individuals have amassed vast fortunes, while poverty persists and economic inequality widens. The article calls for wealth taxes and policies focused on equity to address the crisis and promote inclusive economic development.
**News Article:**
**Oxfam Report: African Billionaires’ Wealth Exceeds That of Half the Continent, Fuels Inequality**
**Johannesburg, South Africa – July 10, 2025** – A new report from Oxfam International reveals a shocking wealth disparity in Africa, where the combined wealth of just four billionaires surpasses the total wealth of approximately 750 million Africans, roughly half the continent’s population. The report, titled “Africa’s Inequality Crisis and the Rise of the Super-Rich,” highlights how a small elite controls a vast share of the continent’s wealth, exacerbating poverty and hindering inclusive economic development.
According to Oxfam, the top 5 percent of Africans now control nearly $4 trillion in wealth, more than double the combined assets of the remaining 95 percent. The report identifies Aliko Dangote of Nigeria, Johann Rupert and family and Nicky Oppenheimer and family of South Africa, and Nassef Sawiris of Egypt as the continent’s wealthiest individuals, holding a combined fortune of $57.4 billion.
The report criticizes the rise of crony capitalism, where political connections are leveraged for economic gain, as a key driver of this inequality. It cites examples like Dangote’s rise to billionaire status after a substantial donation to a presidential campaign, followed by acquisitions of state-owned enterprises.
“This isn’t economic progress, it’s elite capture,” said [Hypothetical Oxfam Spokesperson Name]. “Millions of Africans are locked in poverty while a select few amass vast fortunes through political connections and monopolistic practices.”
The report also examines South Africa’s Black Economic Empowerment (BEE) initiatives, which aimed to address historical economic disparities, but have primarily benefitted a small group of ANC insiders and aligned business elites.
With unemployment rates soaring and over half the population living in poverty in South Africa, similar trends in Nigeria show that these countries’ economic systems are dysfunctional.
Oxfam is calling for urgent action to address the crisis, including the implementation of wealth taxes on high-net-worth individuals and the redirection of revenue towards essential services in impoverished areas. The organization estimates that a modest wealth tax and income tax on the richest individuals could generate $66 billion annually, enough to address critical funding gaps in education and electricity access.
“African nations must adopt economic policies focused on equity to reduce poverty and improve wellbeing,” [Hypothetical Oxfam Spokesperson Name] added. “The current system is unsustainable and perpetuates a cycle of inequality that must be broken.”
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