Oxford Committee for Famine Relief (Oxfam), an NGO that has been fighting famine, since 2020, revealed that the richest 1 percent grabbed 66% of the wealth produced in the world. Indeed, billionaire fortunes have increased by $2.7 billion a day since the COVID-19 crisis, according to Oxfam.
Africa is not immune to the phenomenon. The continent is facing a crisis of extreme inequality which is undermining growth, preventing poverty eradication and contributing to insecurity. The six richest African billionaires are now wealthier than the poorest 50% of Africans combined.
Oxfam has been publishing its report on global inequality, every year for the past 10 years, on the occasion of the World Economic Forum in Davos, a major gathering of the world’s economic and political elites.
