In the past two decades‚ Africa’s rich have benefited immensely from unprecedented economic growth‚ while there are more citizens living in poverty than ever before. New data from the Brookings Institute revealed that levels of inequality in a number of African countries are far higher than previously thought.
A growing population meant there were 50 million more people living in extreme poverty in sub-Saharan Africa in 2012 than in 1990‚ the report says.
“Seven of the 20 most unequal countries in the world are African: Swaziland is the world’s most unequal‚ now closely followed by Nigeria‚” the statement read.
“In South Africa‚ three billionaires own the same wealth as the poorest half of the population – around 28 million people.”
According to Oxfam‚ “decades of record GDP growth have benefited a wealthy elite but left millions of ordinary Africans behind and as a consequence‚ poverty has declined more slowly in Africa than any other region”.
It said forecasts predict a further 250 to 350 million people could be living in conditions of extreme poverty in the next 15 years.
“Inequality in Africa is fuelling poverty‚ fracturing our societies‚ and stifling the potential of millions of people‚” said Winnie Byanyima‚ executive director of Oxfam "Africa should stop imitating the failing policies of Europe and America and develop a new economic model that works for all Africans – not just the fortunate few."
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