US EditionAfrica's Richest Four Control More Wealth Than 750 Million People as Oxfam Urges New Tax Plan
- Nearly nine-in-ten African countries have reversed policies addressing taxation and labor rights since 2022, according to Oxfam.
- Oxfam suggested an overhaul of tax systems to effectively tax the super-rich and reduce inequality, highlighting that Africa's tax effectiveness is underperforming globally.
- The report indicated that Africa's tax systems are nearly three times less effective at redistributing income than the global average, contributing to the growing wealth gap.
33 Articles
33 Articles
Africa's richest billionaires have increased their assets by 56 percent in five years.
A new report by Oxfam shows that the four richest Africans have more wealth than half of the continent's population. Their wealth is growing rapidly as inequality continues to rise. Criticism of governments is growing.
The four richest Africans own more wealth than about half of the continent's 750 million people, the non-governmental organization Oxfam said in a new report, highlighting the pressing problem of inequality and tax policies in many African countries that neglect the poor and allow the rich to accumulate wealth.
According to the aid organization Oxfam, the four billionaires own about 49 billion euros. That is more than the total assets of the approximately 750 million Africans
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