Colonial German descendants: 2% of population, but own 70% of Namibian land?

Saw an Instagram post (by @AidanSimardone) with this claim, which caught my attention.

I guess one shouldn't be surprised by the abysmal lasting legacy of colonialism. But nonetheless I looked into the claim to learn more.

TLDR: the claim is an exaggeration/simplification, but the actual figures/stats are "still bad".

The first article I stumbled onto was this BBC article: "What's the right price to pay for genocide?".

It summarises Germany's brutal 1904-1908 colonial campaign in (present day) Namibia, noting:

As many as 65,000 of the 80,000 Herero living in German South West Africa at the start of colonial rule are estimated to have perished, as well as perhaps 10,000 of an estimated 20,000 Nama.

and the two countries' efforts to account for it:

Since 2015, when Germany formally acknowledged that the atrocities constituted genocide, it has been negotiating a restorative justice deal with Namibia that will set a global precedent.

On the 70% land figure, the article highlights the historical land distribution/seizure:

... most of their land was split into private farms for German settlers. And today most Herero and Nama live either on small overcrowded areas of communal land that were later allocated to them ... .

and specifically on today's ownership:

German Namibians are believed to be the biggest group among the white farmers who own about 70% of the country's farmland.

So according to the article, it's not exactly 70% of all land, but 70% of farmland. And it's not "white Germans" only, but they are the biggest group.

So the original claim is off, but the sentiment remains.

So what are the actual numbers?

I found this piece by "Namibia Fact Check" (an initiative by a Namibian think tank) – that did the math based on Namibia Statistics Agency (NSA) data:

1. It states "previously advantaged farmers" own ~70% of commercial (freehold) farmland.

2. The piece says "Previously advantaged farmers" isn't strictly speaking "white Germans", and says it's not clear what percentage of the population they make up (but it sounds like that data isn't officially available, and it is understood to mean white Germans and South Africans pretty much. From googling it sounds like white make up ~2-6%).

And commercial (freehold) farmland constitutes ~42% of total land surface.

And so, "previously advantaged farmers" (basically white Germans and South Africans, that make up 2-6% of the population) own ~a third of total land (70% x 42%).

So yes, the original claim seems to be an exaggeration – but the sentiment remains. The actual figures aren't exactly rosey.