Why Africa’s Richest 5% Own More Than the Other 95%

Africa, often celebrated as the next frontier of global development in prosperity is slowly becoming the privilege of a very small few. Africa’s richest 5% now control an estimated $4 trillion in wealth more than double what the remaining 95% of the population owns combined.

 This isn’t just a statistical oddity. It’s a reality that defines how millions live, work, and survive on the continent today.

While cities like Lagos, Nairobi, and Johannesburg pulse with entrepreneurial energy and growing tech hubs, the benefits of Africa’s economic momentum aren’t reaching everyone. 

According to a new Oxfam report, inequality across Africa is deepening at an alarming rate. And it’s not just about billionaires, it’s about a system where wealth increasingly flows upward, away from the people who need it the most.

Continent divided by wealth

There are now over 20 billionaires in Africa, with fortunes built across sectors like oil, telecoms, banking, and construction. On paper, they symbolize Africa’s rise, a generation of business leaders who’ve made their mark globally. 

But the gap between them and the average African is widening. While the richest 5% sit atop $4 trillion in assets, the bottom 95% share just $1.8 trillion among themselves.

Even more striking, just 0.02% of Africans, those with millionaire status own nearly 20% of the continent’s total wealth. Meanwhile, over 800 million Africans are grappling with food insecurity. This isn’t just about the presence of wealth; it’s about the lack of distribution.

The report notes that four men, Aliko Dangote, Johann Rupert, Nicky Oppenheimer, and Nassef Sawiris hold more wealth than 750 million Africans combined. 

These billionaires aren’t to blame for the poverty crisis, but their success highlights a system that rewards a small elite while leaving the majority behind.

Hunger, poverty, and missed opportunities

This imbalance is not just economic, it’s deeply human. Across many parts of Africa, inequality determines who eats, who learns, and who survives. The number of Africans facing hunger rose to 846 million in 2024. 

At the same time, billionaire wealth across the continent jumped by more than 50% in just five years. Oxfam paints a brutal picture: someone in the top 1% can earn in three days what it would take someone in the bottom half a full year to make. 

Add to that the fact that African men hold three times more wealth than African women, and you begin to understand how this crisis is also racialized, gendered, and structural.

Goals like ending poverty and achieving gender equality by 2030? At the current pace, they’re slipping out of reach.

Can the rich help close the gap?

Still, some of Africa’s richest are trying to be part of the solution. Philanthropic efforts are growing. Nigerian billionaire Femi Otedola made headlines with a $14 million donation to support children in conflict zones. 

South Africa’s Patrice Motsepe has committed to giving away most of his fortune in his lifetime, funding health, land reform, and education programs. 

Abdul Samad Rabiu is investing $100 million annually into infrastructure and security across Africa, and Mike Adenuga has consistently backed low-profile but impactful programs in education and youth development. These gestures matter, but they can’t replace the role of government.

What needs to change?

Private giving is commendable, but it won’t fix an economy rigged against the majority. The wealth gap won’t close unless African governments make bold policy choices. 

Experts are calling for stronger tax systems, curbs on capital flight, and serious investment in health, education, and gender equity.

Fiscal reform is essential especially when many of Africa’s richest park their wealth offshore, escaping local taxes entirely. Without fair taxation, public infrastructure suffers, and the wealth gap continues to expand.

Africa has a rich continent with a fragile future

Africa is undeniably rich in resources, in youth, in potential. But potential doesn’t feed families or build futures. The continent is at a crossroads. 

Will its growth be inclusive, or will it remain concentrated in the hands of a few? 

The future of Africa should not be determined by the 5% alone. The question is no longer whether Africa can grow wealthier, it already is. The real challenge is whether that wealth will lift the many, not just the few. If not, the promise of Africa’s rise could become yet another story of missed opportunity.