Are you richer than the ‘average Joe’ in South Africa?

Data from New World Wealth shows that the per capita wealth in South Africa amounts to $12,900 (R170,500), up from $11,300 (R149,000) in 2016.

Wealth, according to NWW, refers to the net assets of a person. It includes all assets – property, cash, equity, business interests – less any liabilities.

Similarly, a report by Allianz Global showed that South Africa’s gross financial assets per capita amounted to €9,470 (R146,000), while net financial assets amounted to €7,080 (R110,000) per capita.

Allianz calculated that South Africa’s GDP per capita has increased to €5,350 (R82,661) from €4,351 in 2016.

And in a more recent report, as part of the AfrAsia Bank South Africa Wealth Report 2018, New World Wealth looked at where South Africa stands in the global wealth picture.

It showed that the average household net-adjusted disposable income per capita is $10,872 (R143,706).

The country is home to 43,600 HNWIs, each with net assets of $1 million or more, and 2,200 multimillionaires, each with net assets of US$10 million or more.

The country has as many as 98 centi-millionaires, each with net assets of $100 million or more, that’s R1.22 billion at the current rate of exchange, NWW’s report found.

Average salary

Stats SA meanwhile, reported in June that the average monthly salary for South Africans has declined, while other data shows that the average take-home pay has dropped dramatically.

According to Stats SA, average monthly earnings paid to employees in the formal non-agricultural sector decreased from R20,060 in November 2017 to R19,858 in February 2018 – though this was up 5% year on year from R18,913 in February 2017.

Expressed as an annual salary, this equates to R238,300 a year.

A separate release from BankservAfrica showed that the average take-home salary was significantly lower at R13,621 a month – or R163,450 a year.


Read: How much money South Africa’s top CEOs earn

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Are you richer than the ‘average Joe’ in South Africa?