Poor South Africans Become Poorer Despite Country Gaining 60k Millionaires and 7.4 m Taxpayers, Study Reveals

Poor South Africans Become Poorer Despite Country Gaining 60k Millionaires and 7.4 m Taxpayers, Study Reveals

  • South Africa’s “millionaire class” is on a steady increase despite millions of people being unemployed
  • A study was conducted by BrandMapp that found that some have become poorer, while others have become richer
  • The entire country is not becoming poor and the number of taxpayers grew from 6.9 million to 7.4 million

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JOHANNESBURG - While millions are unemployed in the country and others struggling to make ends meet, South Africa’s “millionaire class” is on a steady increase.

Data from the Treasury department reveals that there are at least 60 000 people who are earning well in the millions who emerged last year.

South Africa, 60k millionaires, 500k taxpayers, unemployment, poor, joblessness
While the rich in the country is getting richer, many are feeling the pinch of unemployment. Image: Dino Lloyd/Gallo Images & Stock image
Source: Getty Images

A study was conducted by BrandMapp that found that some have become poorer, while others have become richer. Director of Storytelling for BrandMapp Brandon de Kock told Business Insider South Africa that it is irrefutable that the millionaire class is on the rise.

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He said the entire country is not becoming poor. According to the study, the middle-class taxpayer base increased by 500 000 and the number of taxpayers grew from 6.9 million to 7.4 million.

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Recently, South Africa also became the home of two of the world's richest people. Forbes’ annual Billionaires List for 2022 shows that South Africans, Johann Rupert and Nicky Oppenheimer are considered some of the leading businesspeople in the world, Business Tech reported.

SA not having it

Social media users believe the newfound millionaires are members of the government and said unemployment is still real in the country:

Madelaine Herrmannsen Goetsch said:

“Millionaires from where? I have my suspicions but will keep them to myself. From where I sit, I see many people leaving this country so where do these new millionaires come from?”

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Nhlanhla Ka Bhebhe commented:

“Those PPE Covid tenders worked well for those people, there will be even more since they are busy with the KZN flood relief funds.”

Xolani Moikangoe wrote:

“But that doesn't change inflation and unemployment rate.”

Fezekile Gxalaba posted:

“Those millionaires are the ANC comrades and their children.”

Anthony Theodoridis added:

“Those 60000 millionaires are probably all dodgy government officials and tenders.”

South Africa’s unemployment rate improves, declines slightly to 34.5% in 1st quarter, 7.9 million unemployed

In a related matter, Briefly News also reported the country’s rate of unemployment saw a slight improvement in the first quarter of the year compared to the fourth quarter of last year. However, 7.9-million people remain jobless in the country. Statistics SA released its findings related to the unemployment rate on Monday 30 May.

During the fourth quarter of 2021, the unemployment rate stood at 35.3%, which was a record high, the figure decreased to 34.5% in 2022. The expanded unemployment rate also saw a decline from 46.2% to 45.5%. According to Fin24, the expanded rate includes citizens who had given up on searching for work. Almost 370 000 job vacancies were filled between the 2021 fourth quarter and the 2022 first quarter. Community and social services, manufacturing and trade saw the biggest increase in job gains while in private households, finance, construction and agriculture saw major losses.

Source: Briefly News

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