Rising Billionaire Fortunes, Growing Poverty: Oxfam Flags Inequality in Nigeria, Africa
A new report by Oxfam has revealed a sharp rise in wealth inequality across Africa, showing that four of the continent’s richest individuals now control more wealth than half of Africa’s population combined, even as millions struggle with worsening poverty and rising living costs.
The report, launched at the World Economic Forum in Davos, Switzerland, indicates that billionaire wealth in Africa increased by 36.5 per cent in the past year amounting to more than twice the global average.
It names Nigerian industrialist Aliko Dangote as Africa’s wealthiest person, with an estimated fortune of $24.8 billion, alongside South African business figures Johann Rupert, Nicky Oppenheimer, and Nigerian billionaire Abdulsamad Rabiu.
Oxfam noted that while billionaire fortunes surged, ordinary Africans faced declining purchasing power, reduced public services and increasing taxes and levies. It highlighted Nigeria as a key example of this divide, pointing to the country’s ongoing cost-of-living crisis, rising inflation, and shrinking household incomes.
According to the report, more than half of Nigeria’s population lives in multidimensional poverty, lacking adequate access to education, healthcare, clean water, and decent housing. Similar hardship persists in other parts of the continent, driven by conflict, climate shocks, debt burdens, and weak social services.
Oxfam’s analysis also raises concerns about tax practices, citing Nigeria’s system as one that places heavy burdens on small businesses and low-income earners while offering significant concessions to large corporations and high-net-worth individuals.
It referenced cases where major companies recorded high profits but paid relatively low effective tax rates.
Ahmed Hamza Tijani, Oxfam’s Country Director in Nigeria, said the findings point to structural weaknesses in economic governance, where public revenue systems fail to adequately tax extreme wealth, leaving governments reliant on borrowing.
The report further warns that African countries now spend substantially more on servicing debt than on education, healthcare, and social protection combined, limiting their ability to address poverty and inequality.
Oxfam is calling for progressive tax reforms, stronger regulation of corporate practices, and improved investment in public services to prevent further concentration of wealth and widening social divides.
The organisation cautioned that without urgent policy changes, the gap between Africa’s wealthiest individuals and struggling citizens will continue to grow, posing long-term risks to economic stability and social cohesion across the continent.
