Africa’s Inequality Crisis and the Rise of the Super-Rich

Executive summary

Africa faces a double crisis of inequality. Not only are the continent and its countries among the world’s most unequal, but its governments are on average among the least committed to reducing inequality. This has created a situation in which a few people are becoming rich beyond their wildest dreams, while the majority endure increasing hardship: 

• Africa’s four richest people – all of whom are men – have more wealth than half of the region’s 750 million people combined.
• Over the past five years, African billionaires have increased their wealth by 56%; the five richest African billionaires have increased their wealth by 88%.
• Nearly half of the 50 most unequal countries in the world are African.
• Since 2020, the average income of the richest 1% in Africa has increased five times faster than that of the bottom 50%.
• African dollar millionaires, who account for 0.02% of the population, own nearly a fifth of the region’s wealth, while the bottom 50% own less than 1%.
• In Africa, men own three times more wealth than women; this is the highest gender wealth gap of all regions and is double the world ratio.