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Three Richest Billionaires Hold 40% Africa’s Wealth - Oxfam International - TheCityPulseNews.com
An Oxfam International report has revealed that the richest persons in Africa own 40 per cent of the wealth in the entire continent, adding that three richest billionaires have more wealth than the bottom 50 per cent of the population in the continent. The report explained that the continent was rapidly becoming the epicentre of global extreme poverty, adding that while massive reduction in the number of those living on less than $1.90 a day have been achieved in Asia, the number was rising in Africa. “The World Bank estimates that 87 per cent of the world’s extreme poor will be in Africa by 2030, if current trends continue. African women and girls are most likely to be poor. Levels of gender inequality are among the highest in the world, combining with economic inequality to create a suffocating web of exclusion. “Women and girls are also responsible for the bulk of unpaid care and domestic work that contributes to their family, community and the economy,” the report noted. READ MORE: Xenophobic Attack: FG Vows To Take Immediate And Definitive MeasuresThe report titled: ‘A tale of two continent’ explained that the economic prospects for Africa ware poor, stating that the International …