July riots rob investors, taxpayers

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 The days-long looting spree that took place during the riots in July left South African households more than R452 billion poorer. Photo: AFP
The days-long looting spree that took place during the riots in July left South African households more than R452 billion poorer. Photo: AFP

BUSINESS

The significant decline in the real value of households’ assets in the third quarter of this year can largely be attributed to the sharp decline in the value of pension funds and unit trusts, both of which invest investors’ money in shares and government bonds, among other things.

The definition of household wealth is the value of financial and nonfinancial assets minus debt, explains Johann van Tonder, economist at Momentum.

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