Top 3 African countries aiding inequality

An African may not be on list, that however does not mean the situation here is rosy by any means.

Top 3 African countries aiding inequality

The world as we know it is owned by eight men, eight men who have converted the expansive mother earth into their playground, eight men who hold the fate of 3.6 billion people.

A new report by Oxfam international released yesterday, has reveal that just eight individuals own the same wealth as the 3.6 billion people who make up the poorest half of humanity.

The eight super wealthy individuals named in the report are Microsoft co-founder, Bill Gates, Amancio Ortega of Zara fashion chain, veteran investor Warren Buffett, Mexico's telecommunications magnate, Carlos Slim, Amazon boss Jeff Bezos, Facebook's founder, Mark Zuckerberg, Oracle co-founder, Larry Ellison and former New York City mayor and entrepreneur, Michael Bloomberg all of who own a combined total net worth of $426.2 billion (44.3 trillion Kenya shillings)

Individually Bill gates lead the pack with an estimated net worth of $75 billion followed by Amancio Ortega with a net worth: $67 billion, Warren Buffett net worth: $60.8 billion, Carlos Slim net worth: $50 billion and Jeff Bezos with net worth: $45.2 billion.

Mark Zuckerberg of Facebook comes sixth with a net worth: $44.6 billion, followed by Larry Ellison who has a net worth: $43.6 billion and lastly CEO of Bloomberg LP, Michael Bloomberg with a net worth: $40 billion.

Oxfam bases its calculations on global wealth distribution data provided by Swiss bank Credit Suisse and Forbes.

The report shows the gap between the rich and the poor is wider than ever before or originally feared.

The report comes against the backdrop of the World Economic Forum (WEF) meeting to be held in Davos, Switzerland, where decision makers and many of the super-rich will be meeting to highlight the urgent need for action to tackle inequality.

An African may not be on the top eight list,  that however does not mean  the situation here is rosy by any means.

The poorest continent in the world is also the one of the most unequal, unlike the west whereby at least governments have invested in social safety nets and in cases of poverty there are food banks to go to, in Africa that is a dream, the government elected by the people for the people leaves you high and dry.

Here are some African countries with the highest rates of inequality.

South Africa

South Africa holds the crown in being the most unequal country not just in Africa but the world too.

Despite having one of the biggest economies in Africa, well it is second now after it was overtaken by Nigeria last year. This southern African country has the biggest gap between the rich and the poor.

Inequality in South Africa is actually greater today than it was at the end of apartheid.

According to the Oxfam report, 2016 in SA the richest 1% of the population own 42% of the total wealth of the country.

South Africa has failed to act and even sometimes aided the super-rich to keep on fueling the inequality crisis by dodging taxes, driving down wages and using their power to influence politics.

Zambia

Despite having huge deposits of minerals resources, this country still has one of the highest poverty prevalence  in Africa

Zambia is internationally recognized as a major producer of copper and cobalt, actually ranked as the seventh and second highest world producer respectively. Apart from that it also produces precious metals such as gold, silver, gemstones, emerald etc. all which should contribute a tidy sum to the Zambian economy and reduce the gap between the rich and the poor.

Weak laws occasioned by huge loopholes has effectively enabled multinational mining companies to dodge paying taxes for years.

Overly generous tax incentives provided to companies by the Zambian government has not helped either.

Kenya

Kenya does not fare well in terms of equality either, the richest Kenyans’ net worth is more than 70 billion yet 42 per cent of the countries 44milion people live below poverty line.

According to the Oxfam report, Kenya lost more than 100 billion in 2011 through tax incentives to corporations, depriving the country of vital revenue.

The same system however completely crushes the enterprising spirit of jobless Kenyans. Informal traders for instance undergo through difficult application processes and strict requirements in order to acquire credit services such as loans.

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