SA’s top executives earn more than the entire budget for social grants

SA’s top executives earn more than the entire budget for social grants

- A survey released on Sunday has revealed who the top 20 executives of JSE-listed companies are and what they are worth

- The survey also showed that the combined shares of these executives are worth more than the entire budget for social grants or the department of health

- These executives are worth a mind-numbing R280 billion in just shares

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South Africa’s top 20 executives are worth more than the entire budgets for either the department of health or the social grants scheme and that’s just what they are worth in shareholdings, not their entire asset profile.

A survey which was released on Sunday has found that the top 20 executives in Mzansi are worth a mind-numbing R280 billion just in the shares which they own. This amount exceeds the total value of telecoms giant Vodacom by R50 billion and makes the health budget of R205 billion look like chump change.

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Even the staggering budget for social welfare which includes the monthly payment of social grants to more than a third of the South African population of R259 billion doesn’t really come close to what these men (yes all of them are men and most of them are white) are worth.

Briefly.co.za gathered that the only woman to feature only comes into the picture once the list is expanded to the top 50 executives. Magda Wierzycka from Sygnia makes it to number 40 on the list.

These figures are according to the City-Press Wealth Index and shows that white men have actually increased in wealth as compared to 10 years ago. The survey only includes the share value owned by these executives and does not include any other assets or information on net worth.

BusinessInsider.co.za reported that the survey shows that 10 years ago there were 13 black people in top executive positions and now there are only five.

The results reinforce the findings by various other surveys and studies which show South Africa as being one of the most unequal societies in terms of wealth distribution in the world.

It should be noted that the survey is imperfect and samples a relatively small pool of only 2600 people, some of whom have nothing to do with South Africa apart from being in an executive position of a JSE-listed company.

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Source: Briefly.co.za

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