Four richest Africans wealthier than half the continent: Oxfam
LONDON
The four richest Africans are wealthier than about half of the continent's 750 million people, anti-poverty charity Oxfam said in a report published yesterday, warning widening inequality was hampering democracy.
Oxfam named only Nigerian billionaire Aliko Dangote, the continent's richest man, in its report.
But according to Forbes, the top four are rounded out by South Africans Johann Rupert and Nicky Oppenheimer, along with Egyptian businessman Nassef Sawiris.
Over the past five years, African billionaires have seen their wealth soar by 56 percent, with the richest among them recording even higher gains, Oxfam said.
Nearly half of the top 50 most unequal countries in the world are also on the continent, according to the report.
Oxfam argued that government policies are skewed against the poor and provide leeway for the continent's super-rich to amass even more wealth.
"Most African countries are not fully leveraging progressive taxation to effectively tax the super-rich and address inequality," the report said.
However it also blamed mounting inequality on "regressive" International Monetary Fund policies and illicit financial flows, notably the use of tax havens to hide wealth abroad.
Additionally, the continent loses an estimated $88.6 billion annually through illicit financial flows.
