25/07/2022
Inequality in Africa
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While the richest Africans get ever richer, extreme poverty in the continent is rising. Africa is the second most unequal continent in the world, and home to seven of the most unequal countries. The richest 0.0001% own 40% of the wealth of the entire continent. Africa’s three richest billionaire men have more wealth than the bottom 50% of the population of Africa, approximately 650 million people.
Meanwhile, Africa is rapidly becoming the epicentre of global extreme poverty. While massive reductions in the numbers living on less than $1.90 a day have been achieved in Asia, these numbers are rising in Africa. The World Bank estimates that 87% of the world’s extreme poor will be in Africa by 2030, if current trends continue.
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Source: A Tale of Two Continents - Fighting Inequality in Africa (Oxfam, September 2019)
https://oi-files-d8-prod.s3.eu-west-2.amazonaws.com/s3fs-public/file_attachments/bp-tale-of-two-continents-fighting-inequality-africa-030919-en.pdf