71% of SA wealth in hands of richest 10%

In South Africa, 63 000 people are among the top 1% of the wealthiest people in the world. The wealthiest 10% of our population hold 71% of the country’s wealth, according to a global wealth report by the Credit Suisse Research Institute. Rich South Africans have (73%) of their wealth held in financial assets. Inequality has risen since 2008, particularly in developing economies, says Mark Stierl, a researcher at the Credit Suisse Research Institute. In Africa, total wealth grew by 6.3%. The US and Europe were up by 10%. Africa now has 144 000 dollar millionaires, and Credit Suisse predicts rapid growth over the next five years. By 2019, Africa will have about 279 000 dollar millionaires. South Africans’ wealth is almost US$23 000 (N$255 000) on average, per person, up from US$20 000 (N$220 000) in 2013. South Africa’s average household wealth grew rapidly before the global financial crisis, from $8 400 in 2000 to $25 800 in 2007. JOHANNESBURG NEWS24