How much money do you need to be among SA’s 1%?
A recent report shows how much a person’s net worth would have to be in order to be among South Africa’s richest 1%.
It is no secret that South Africa is one of the countries with the biggest wealth gaps in the world.
According to a 2021 report by Time magazine, the richest 10% of South Africa’s population owns more than 85% of household wealth, while over half the population have more liabilities than assets.
New statistics by Knight Frank’s Wealth Sizing Model revealed how much South Africans would have to earn to fall within the richest 1% of the country.
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The report showed residents need a net wealth of $109,000 (R2.08-million) to join the top 1% of the wealthiest South Africans.
Today, South Africa still holds the position as the world’s most unequal society, according to the Thomas Piketty-backed World Inequality Lab.
Interestingly, the Thomas Piketty-backed World Inequality Lab’s report showed that attempts by the now-democratic government to wipe away the legacy of apartheid and colonialism have failed to narrow the imbalance between rich and poor.
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“There is no evidence that wealth inequality has decreased since the end of apartheid,” the group said. “Asset allocations before 1993 still continue to shape wealth inequality.”
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