Wealth inequality has not decreased since the end of apartheid, and the bottom 50%'s liabilities actually outweigh their assets.
The top 1% in SA owns a higher share of wealth than the bottom 99%, and these levels of wealth concentration have remained remarkably stable since the end of apartheid, despite economic growth and supposed social transformation. This is the highest inequality in the world, when compared to countries where similar research was done. This specific survey was done by the World Inequality Lab on wealth inequality in South Africa between 1993 and 2017.
According to the researchers, a growing number of studies measured the distribution of household income and consumption, but not dynamics of household wealth, especially in the developing world where available data sources are scarce, not detailed enough, and prone to important measurement errors. Comparable, high-quality estimates of wealth distribution were done in France, the United Kingdom, the United States, Russia, China, and India.
The survey showed that the top 10% wealth share has fluctuated between 80% and 90% between 1993 and 2017, mainly due to the rise and fall of household debt before and after the 2007-2008 financial crisis, with no sign of long-run trends. These levels of inequality in South Africa were found in all forms of assets, including housing, pension funds, and financial assets. There was no sign of decreasing inequality since the end of apartheid.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Once-in-50-year heatwaves now happening every decade — UN climate reportExtreme heatwaves that previously only struck once every 50 years are now expected to happen once per decade because of global warming, while downpours and droughts have also become more frequent, a UN climate science report said on Monday.
Read more »
Once-in-50-year heatwaves now happening every decade -UN climate reportExtreme heatwaves that previously only struck once every 50 years are now expected to happen once per decade because of global warming, while downpours and droughts have also become more frequent, a UN climate science report said on Monday.
Read more »
Women must lead the struggle for a society free of social & economic ills - RamaphosaRamaphosa, delivering a speech on the 65th anniversary of the anti-pass women's march to the Union Buildings, said just as the women of 1956 fought against the injustices of their time, the women of today are engaged in a new frontier of struggle.
Read more »
Women must lead the struggle for a society free of social & economic ills - RamaphosaPresident Cyril Ramaphosa has called on SA women to lead the struggle for a society that is free of inequality, discrimination, marginalisation, poverty and violence and the patriarchal relations that cause them.
Read more »
NEVA MAKGETLA: Finding the new normal in the economyThe pandemic demands that we tackle structural problems to sustainably reduce inequality
Read more »
NEVA MAKGETLA: Finding the new normal in the economyThe pandemic demands that we tackle structural problems to sustainably reduce inequality
Read more »