Business News: Richest 1% in South Africa Hold 41% of the Country's Wealth
- South Africa, Russia, Brazil and the US are the four countries with the highest wealth inequality in the world, according to a study
- South Africa's richest 1% holds around 41% of the country's wealth, which is supposed to be sitting on about 35%, a whole 6% difference
- The 1% of people include around 376 000 adults with them controlling $311 billion of South Africa's wealth
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Credit Suisse, a global financial group, has published its Global Wealth Report for 2021 which shows that wealth in South Africa is rising to the top. This means that the country's wealthiest 1% hold more of the money than ever before.
The group's Wealth Databook revealed that the richest 1% in the country hold around 41% of the total wealth in South Africa. In 2021, this is an estimated $763 billion. The report explained that as compared to 2019, this is a significant increase.
In 2019, the wealth they held was 35%. The 1% is about 376 000 people which is based on the last census of 37.6 million adults. The 1% controls around $311 billion of the country's total wealth. This around $828 000 per individual.
Source: Getty Images
BusinessTech reported that the inequality of wealth is higher than ever. Wealth inequality is high in all countries, however, certain companies have a higher difference than others. The report explained that the typical values would be 35% with the 10% holding 65%
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Brazil, Russia and South Africa country lead the world in wealth inequality while the US is the most unequal of all, according to alainet.org.
South Africa's inflation rate may assist with a low interest rate
Previously, Briefly News reported that the increase in the country's inflation rate to a 30-month high is not likely to bring any interest rate hike forward due to the central bank forecasting a second-quarter price growth spike.
The consumer price rose by 5.2% in May after an entire year before it should have, in comparison with the 4.4% recorded in April. This is according to a statement by Statistics South Africa on its website.
This matched the median of the estimates given by 15 economists and was above the midpoint of 4.5% from the central bank's target range for the first time in around 15 months.
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Source: Briefly News
