{"id":124247,"date":"2016-05-19T19:30:48","date_gmt":"2016-05-19T17:30:48","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=124247"},"modified":"2016-05-19T17:52:51","modified_gmt":"2016-05-19T15:52:51","slug":"how-south-africas-super-rich-spend-their-cash-vs-the-poor","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/124247\/how-south-africas-super-rich-spend-their-cash-vs-the-poor\/","title":{"rendered":"How South Africa’s super-rich spend their cash vs the poor"},"content":{"rendered":"

A new report\u00a0 by Standard Bank reveals the disparity between South Africa’s wealthy, and poor when it comes to their spending habits.<\/p>\n

For the lowest income earners, it’s all about necessity, while the more fortunate are able to fork out on luxury items.<\/p>\n

The bank notes that 62.3% of households fall within the poorest income bracket – below R86,000 per annum, while middle income groups (R86,001 – R1.48 million per annum) comprise a combined 26.4% of South African households.<\/p>\n

The wealthiest households in South Africa only account for 1.2% (R1.48 million – R2.36 million+ per annum).<\/p>\n

Standard Bank puts the annual income classification of the South African consumer at:<\/p>\n

\n
\n\n\n\n\n\n\n\n\n\n\n
Annual income<\/th>\nMonthly income<\/th>\nClassification<\/th>\n<\/tr>\n
R0 – R19,000<\/strong><\/td>\nR0 – R1,583<\/strong><\/td>\nLowest<\/strong><\/td>\n<\/tr>\n
R19,001 – R86,000<\/td>\nR1,584 – R7,167<\/td>\nSecond lowest<\/td>\n<\/tr>\n
R86,001 – R197,000<\/td>\nR7,168 – R16,417<\/td>\nLow emerging middle<\/td>\n<\/tr>\n
R197,001 – R400,000<\/td>\nR16,418 – R33,333<\/td>\nEmerging middle<\/td>\n<\/tr>\n
R400,001 – R688,000<\/strong><\/td>\nR33,334 – R57,333<\/strong><\/td>\nLower middle<\/strong><\/td>\n<\/tr>\n
R688,001 – R1,481,000<\/td>\nR57,334 – R123,417<\/td>\nUpper middle<\/td>\n<\/tr>\n
R1,481,001 -R2,360,000<\/td>\nR123,418 – R196,667<\/td>\nUpper income\/Emerging affluent<\/td>\n<\/tr>\n
R2,360,001+<\/strong><\/td>\nR196,668+<\/strong><\/td>\nAffluent<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

Low income groups:<\/strong><\/p>\n