A new report by Oxfam highlights stark wealth disparities in Africa, revealing that the four wealthiest individuals hold a combined wealth of $57.4 billion, surpassing the total wealth of half the continent's population.

Among Africa's richest are Nigerian billionaire Aliko Dangote, South Africans Johann Rupert and Nicky Oppenheimer, and Egyptian Nassef Sawiris.

The top 5% of Africans control nearly $4 trillion, more than twice the wealth of the remaining 95%, and Africa hosts nearly half of the world's most unequal countries.

These extreme inequalities threaten democracy, hinder poverty reduction, worsen climate crises, and exacerbate gender and social injustices, according to the report.

The African Union has committed to reducing inequalities by 15% over the next decade, recognizing that current disparities undermine fundamental rights and dignity.

The concentration of wealth among a small elite is linked to political failures, including tax policies favoring the rich and the transfer of fortunes abroad, with Africa being the only region where effective tax rates have not increased since 1980.

Implementing a 1% wealth tax and a 10% income tax on Africa's richest 1% could generate $66 billion annually, funding essential services like education and electricity and addressing inequality.

Africa faces significant financial losses, estimated at $88.6 billion annually, due to illicit financial flows.

Oxfam criticizes African governments for neglecting the poor and enabling wealth accumulation among the rich, often through ineffective taxation, corruption, and monopolistic practices.

The report also notes that African governments are among the least active in reducing inequalities, with tax systems nearly three times less effective at income redistribution than the global average.

A small privileged elite is accused of squandering Africa's wealth through a rigged system, depriving millions of basic services and worsening social injustices.

Over one-third of Africa's population, approximately 460 million people, live below the extreme poverty line, with poverty levels rising according to the World Bank.

In the past five years, the wealth of African billionaires has increased by 56%, with their total wealth reaching $112.6 billion and the number of billionaires rising from none in 2000 to 23 today.