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Article

18 Jul 2012

Author:
Tom Burgis, David White, Financial Times

Nation dominated by a rich elite [Angola]

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...[J]ust as Sonangol dominates Angolan commercial life, with interests spanning banking, real estate, a portfolio of international investments, an airline and a football team, so the elite that rules with a tight grip amassed fabulous wealth. Most of the country’s 20m people can only look on from a position of penury that oil money is not assuaging...Angola’s economy has been one of the fastest growing in the world during the past decade of postwar recovery. But, despite the buzz among foreign investors about its enormous potential, it remains the least diversified economy on the continent...“The brewing problem in this country is the gap between those who have and those who don’t,” says one international official. “And it seems to be widening rather than narrowing.”