How long it would take to become the richest person in South Africa
The massive wealth gap between the rich and the poor is a topic which gets pulled into focus on a regular basis on platforms such as the World Economic Forum, and Oxfam.
Earlier in 2016, the latter, a charity and civil rights group, published a report showing that the 62 wealthiest individuals in the world hold the same amount of wealth as the poorest half of the world’s population – around $1.72 trillion.
The figure is staggering by any measure, but is also lost in its enormity. For example, the wealth of the world’s richest man, Bill Gates, sits at $75 billion – a figure which is only put into perspective when you realise South Africa’s richest man, Nicky Oppenheimer’s $6.6 billion fortune is 11 times smaller.
To put Oppenheimer’s wealth into perspective – it would take the average South African 434,000 years to build the same fortune. South Africans earning the average minimum wage would have to work 2.8 million years to achieve the same result.
Read: How much money the average person in South Africa gets paid
So ridiculous is billionaire wealth, that with a mere 6% return on Gates’ wealth he would match the weekly South African wage (around R4,370) in a matter of seconds (under 3 seconds, at current exchange rates).
Using data from Expertmarket.co.uk, as well as local data from Stats SA and information from the International Labour Organization and OECD, we take a look at how long it would take for minimum wage and average wage earners to match the wealth of the richest person in their country.
The wages below represent the average and minimum hourly wages in each of the countries listed, based on a 40 hour work week (expressed in USD).
How long it would take a minimum wage earner to become their country’s richest person:
| Country | Richest person | Wealth (Forbes 2016) | Minimum hourly wage | Years needed to work |
|---|---|---|---|---|
| Australia | Gina Rinehart | $8.8 billion | $15.58 | 271 551 |
| UK | Hinduja family | $14.5 billion | $11.85 | 588 283 |
| Japan | Tadashi Yanai | $14.6 billion | $6.54 | 1 073 277 |
| Germany | Beate Heister | $25.9 billion | $11.28 | 1 103 894 |
| Canada | David Thomson | $23.8 billion | $9.45 | 1 210 826 |
| France | Liliane Bettencourt | $36.1 billion | $12.83 | 1 352 749 |
| South Africa | Nicky Oppenheimer | $6.6 billion | $1.14 | 2 783 401 |
| USA | Bill Gates | $75 billion | $7.25 | 4 973 475 |
| Brazil | Jorge Paulo Lemann | $27.8 billion | $2.12 | 6 304 427 |
| Russia | Leonid Mikhelson | $14.4 billion | $0.93 | 7 444 169 |
| Nigeria | Aliko Dangote | $15.4 billion | $0.65 | 11 390 533 |
| China | Wang Jianlin | $28.7 billion | $0.80 | 17 247 596 |
| India | Mukesh Ambani | $19.3 billion | $0.31 | 29 931 762 |
| Mexico | Carlos Slim Helu | $50 billion | $0.69 | 34 838 350 |
How long it would take an average wage earner to become their country’s richest person:
| Country | Richest person | Wealth (Forbes 2016) | Average hourly wage | Years needed to work |
|---|---|---|---|---|
| Australia | Gina Rinehart | $8.8 billion | $26.74 | 158 219 |
| UK | Hinduja family | $14.5 billion | $19.75 | 352 970 |
| Japan | Tadashi Yanai | $14.6 billion | $17.97 | 390 608 |
| South Africa | Nicky Oppenheimer | $6.6 billion | $7.31 | 434 073 |
| Canada | David Thomson | $23.8 billion | $24.99 | 457 875 |
| Germany | Beate Heister | $25.9 billion | $25.46 | 489 078 |
| France | Liliane Bettencourt | $36.1 billion | $21.19 | 819 055 |
| USA | Bill Gates | $75 billion | $25.08 | 1 437 707 |
| Russia | Leonid Mikhelson | $14.4 billion | $3.43 | 2 018 390 |
| China | Wang Jianlin | $28.7 billion | $4.50 | 3 066 239 |
| Mexico | Carlos Slim Helu | $50 billion | $6.67 | 3 603 967 |
| Nigeria | Aliko Dangote | $15.4 billion | $1.59 | 4 656 507 |
| Brazil | Jorge Paulo Lemann | $27.8 billion | $2.83 | 4 722 751 |
| India | Mukesh Ambani | $19.3 billion | $0.40 | 23 197 115 |
More on wealth
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