Dangote, 6 Other African Billionaires Wealthier Than 700 Million People in Africa - Report
- A new Oxfam report has shown that seven richest Africans are wealthier than half of Africa’s poorest population
- The report claimed the billionaires' wealth increased at a rate 3 times faster than inflation since 2020
- Nigeria’s richest man, Aliko Dangote, owns more wealth than the bottom half of Nigerians, according to the report
Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.
An Oxfam report has stated that the 700 million people who comprise the poorest half of Africa's population are not as wealthy as the seven richest men in the continent.
The report was presented by the acting country director of Oxfam Nigeria, Hamza Tijani, to journalists in Abuja.
Legit.ng earlier highlighted the 20 richest Africans to include, Aliko Dangote, Johann Rupert, Nicky Oppenheimer, Abdulsamad Rabiu, and others.
Source: UGC
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More about billionaires in Africa:
- Billionaire Theophilus Danjuma sets record, donates $1.36m to Nigerian University
- 70-yr-old Nigerian joins Dangote, Adenuga, others as Africa's billionaire
- South African billionaire starts 2024 as Africa’s richest man, Dangote gets new position
Billionaires dominate big firms
According to the report on inequality and global power, seven out of 10 of the world’s biggest corporations have a billionaire as a chief executive officer (CEO) or principal shareholder.
The Guardian reported that the aggregate value of these firms is $10.2 trillion, which is over four times the GDP of all of Africa.
According to the survey, billionaires' wealth increased by $3.3 trillion since 2020, rising at a rate three times faster than inflation.
Oxfam said that since the COVID-19 epidemic, there has been a sharp rise in inequality, with the richest 1% of people on the planet owning 59% of all financial assets worldwide, including stocks, bonds, and shares in privately owned companies.
Throughout the last three years, there has been a significant increase in extreme wealth, but the level of poverty worldwide has not decreased from pre-pandemic levels, the reported added.
This, the report said, could be further seen by how the five richest men in the world have more than doubled their wealth to $869 billion since 2020, while the world's poorest people—roughly five billion people—have lost money.
World to produce first trillionaire within a decade
The report projected that within ten years, the globe would produce its first trillionaire due to the widening wealth disparity.
The research also issued a warning, stating that it will take another 229 years to alleviate global poverty if present trends continue.
Billionaire taxes
The report advocated more taxes on billionaires. It said an equitable wealth tax on African millionaires and billionaires, with rates of two percent on net wealth exceeding $5 million, two percent on net wealth exceeding $50 million, and five percent on wealth exceeding $1 billion, could yield an annual income of $11.9 billion.
It stated that this amount is almost sufficient to cover the $12.5 billion humanitarian needs of the United Nations for Eastern and Southern Africa in 2023.
It said:
“Aliko Dangote, Africa’s richest person, holds a ‘near-monopoly’ on cement in Nigeria. He owns Dangote Cement, which has enjoyed some of the world’s highest profit margins on cement at 45 percent, while paying a tax rate of one per cent, over 15 years.
“In Nigeria, Aliko Dangote owns more wealth than the bottom half of Nigerians (109 million people). Dangote and Abdulsamad Rabiu, the country’s second richest man, have increased their fortunes by 29 per cent since 2020, while the bottom 99 percent have become poorer.
Billionaire donates to Nigerian university
Legit.ng reported that Theophilus Danjuma, a Nigerian billionaire and one of the most affluent investors on the Nigerian exchange, set a new record for philanthropic acts in the country.
The 84-year-old businessman, politician, and retired army general made a $1.36 million donation to the College of Medicine, University of Ibadan (CoMUI).
Tribune reported that the billionaire was represented by his wife, Daisy Danjuma, at the ceremony for the hostel's construction.
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