Rich still getting richer

2014-10-19 15:02

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 most (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 $23?000 (R255?000) on average, per person, up from $20?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.

Join the conversation! encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions. publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Inside News24


Book flights

Compare, Book, Fly

Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.