In 2024, billionaire wealth surged globally by $2 trillion, growing three times faster than the previous year, according to Oxfam’s latest report, Takers Not Makers. The report highlights that 204 new billionaires were minted in 2024, with at least five trillionaires predicted to emerge within the next decade.
In Nigeria, the wealth gap has reached crisis levels. Billionaire wealth in the country is increasingly concentrated among a small elite, with 60% derived from inheritance, monopoly power, or crony connections. This concentration of wealth is occurring alongside widespread poverty, with over 133 million Nigerians — about 70% of the population — facing hunger. Women and girls make up nearly 63% of the affected population.
Read also: Meet 4 Nigerian billionaires worth more than two African countries’ GDP – Forbes.
The wealth disparity is stark. The combined wealth of just four Nigerian billionaires, totalling $23.7 billion, could cover Lagos city in ₦500 notes. Meanwhile, the country grapples with a regressive tax system and a high cost of governance, which benefits the wealthy elite disproportionately.
Oxfam’s Africa Director, Fati N’zi-Hassane, noted, “The chasm of wealth inequality between rich countries and Majority World countries is not an accident — it’s the legacy of colonialism.” She explained that the financial systems designed during the colonial era continue to extract wealth from the Global South, including Nigeria.
Read also: Africa’s 5 richest men among the world’s wealthiest in 2025
Nigeria’s economic disparities are exacerbated by debt servicing, with the country’s debt-to-service ratio rising to 162% in 2024, up from 128% the previous year. Low- and middle-income countries, on average, spend nearly half of their national budgets on debt repayments, often to creditors in the Global North.
Oxfam also addressed the global context of inequality. The richest 1% in the Global North extracted $30 million per hour from the Global South in 2023 through the financial system. Billionaire wealth, Oxfam argues, is largely unearned, with many fortunes tied to inheritance and monopolies. Globally, half of the world’s billionaires live in countries with no inheritance tax for direct descendants.
John Makina, Oxfam’s Country Director in Nigeria, described the nation’s wealth gap as a “moral and social crisis.” He stated, “While a few individuals amass immense wealth, over 133 million Nigerians face hunger daily. This extreme inequality is largely unearned, built on inheritance, monopolies, and unfair advantages.”
Read also: Top 10 richest people hold $1.9 tn in combined wealth 2025
The report calls for urgent action to address inequality through taxing the richest, including inheritance taxes, to dismantle economic aristocracies. With only 40 wealthy Nigerians reportedly paying taxes, fiscal reforms are essential. The organisation urges former colonial powers to offer reparations, cancel debts, and restructure global financial institutions for equitable representation. Reducing the income gap between the top 10% and bottom 40% could accelerate poverty eradication threefold, according to the World Bank.
Oxfam’s report coincides with the World Economic Forum’s meeting in Davos and the inauguration of Donald Trump as U.S. President. It serves as a reminder that economic inequality remains a pressing global challenge, with its effects acutely felt in Nigeria.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
