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Thursday, September 19, 2019

Big Picture

Wealth Inequality: Africa’s 3 Richest Billionaires Hold 50% Africa’s Wealth

Aliko Dangote

Top three wealthiest billionaires in Africa today have more wealth than the bottom 50% of the population of Africa – approximately 650 million people, that’s according to Oxfam report.

The wealth of the bottom 50% of the African population is $22.98 billion, while the wealth for the three richest billionaires in Africa is approximately $30.83 billion.

The three wealthiest people on the continent according to Forbes 2019 billionaires list are Aliko Dangote ($16.2 billion, Nigeria); Nicky Oppenheimer ($7.1 billion, South Africa); and Johann Rupert ($7 billion, South Africa).

Wealth inequality:

Furthermore, the report explained that Africa was rapidly becoming the epicenter of global extreme poverty. Today, Africa is home to more than half of the world’s extreme poor, with 413 million people living on less than $1.90 a day. And if current trends continue, 87% of the world’s extreme poor will be in Africa by 2030.

There are 20 billionaires in Africa, living alongside 413 million people in extreme poverty. The richest 0.0001% own 40% of the continent’s entire wealth.

Top three richest people in Africa:

  1. Aliko Dangote
    Net worth: $16.2 billion
    Country: Nigeria
  2. Nicky Oppenheimer
    Net worth: $7.1 billion
    Country: South Africa
  3. Johann Rupert
    Net worth: $7.0 billion
    Country: South Africa

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Ryan Miller
Senior associate editor at ​the CEOWORLD magazine. Raised in Boston with a Brooklyn accent.
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