Top 10 African countries with the lowest wealth inequality

At the global level, wealth is concentrated in the hands of a few. According to reports from organizations like Oxfam and the World Inequality Lab, the richest 1% of the world’s population controls more wealth than the remaining 99% combined.

This inequality isn’t just limited to income, it includes ownership of assets like real estate, stocks, and businesses.

Developed nations, particularly North America and Europe, account for most of global wealth. However, even within these regions, inequality is rising, fueled by tax policies favouring the rich, automation reducing middle-class jobs, and access to education and healthcare becoming increasingly tied to wealth.

In Africa, wealth inequality manifests in a unique but equally concerning manner. While the continent is rich in natural resources like oil, gold, and diamonds, the benefits often fail to trickle down to the average citizen.

Instead, these resources disproportionately enrich a small elite, exacerbating existing disparities.

According to the World Bank, Sub-Saharan Africa remains one of the most unequal regions globally. South Africa, for instance, has one of the highest Gini coefficients, a measure of income inequality, in the world.

A legacy of apartheid, unequal land distribution, and systemic economic exclusion still leaves the majority of its population without access to significant wealth.

According to Henley & Partners’ 2024 Africa Wealth Report, Africa has 135,200 high-net-worth individuals (HNWIs) with investable wealth exceeding USD 1 million. The continent also boasts 342 centi-millionaires, each worth USD 100 million or more, along with 21 billionaires.

The wealthiest markets in Africa, South Africa, Egypt, Nigeria, Kenya, and Morocco, account for 56% of the continent’s millionaires and over 90% of its billionaires.

Algeria boasts the lowest inequality index in Africa at 27.6%, ranking 152nd globally. Following closely is Egypt, with an index of 31.5%, placing it 133rd worldwide, while Seychelles ranks third in the region at 32.1%, holding the 129th spot globally.