{"id":125347,"date":"2016-06-05T15:00:00","date_gmt":"2016-06-05T13:00:00","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=125347"},"modified":"2016-06-03T18:19:44","modified_gmt":"2016-06-03T16:19:44","slug":"how-many-south-african-households-earn-r1-million","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/125347\/how-many-south-african-households-earn-r1-million\/","title":{"rendered":"How many South African households earn R1 million"},"content":{"rendered":"

New data by Standard Bank finds that around 200,000 households in South Africa earn an income, after tax of more than R1 million.<\/p>\n

The bank found that around 136,000 households earned an average salary of R1 785 895, while 66,000 homes earned an average of as much as R5 399 102 annually.<\/p>\n

Overall, however, 94.5% of households in the country have negative net incomes, with the poorest showing the largest deficit in net income.<\/p>\n

Only 5.5% of South African households \u2013 those within the three highest income brackets \u2013 potentially have the ability to save each month, the bank said.<\/p>\n

Standard Bank pointed out that low income households already have very low disposable income before any expenditure is deducted.<\/p>\n

\"Standard<\/a>Standard Bank used a simple equation\u00a0 \u2013 expenditure per household versus income net of taxes, to assess affordability and the savings patterns of South African households.<\/p>\n

\"Standard<\/a>Standard Bank, using data from the Bureau of Market Research (BMR), puts the annual income classification of the South African consumer at the following:<\/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 \u2013 R19,000<\/strong><\/td>\nR0 \u2013 R1,583<\/strong><\/td>\nLowest<\/strong><\/td>\n<\/tr>\n
R19,001 \u2013 R86,000<\/td>\nR1,584 \u2013 R7,167<\/td>\nSecond lowest<\/td>\n<\/tr>\n
R86,001 \u2013 R197,000<\/td>\nR7,168 \u2013 R16,417<\/td>\nLow emerging middle<\/td>\n<\/tr>\n
R197,001 \u2013 R400,000<\/td>\nR16,418 \u2013 R33,333<\/td>\nEmerging middle<\/td>\n<\/tr>\n
R400,001 \u2013 R688,000<\/strong><\/td>\nR33,334 \u2013 R57,333<\/strong><\/td>\nLower middle<\/strong><\/td>\n<\/tr>\n
R688,001 \u2013 R1,481,000<\/td>\nR57,334 \u2013 R123,417<\/td>\nUpper middle<\/td>\n<\/tr>\n
R1,481,001 -R2,360,000<\/td>\nR123,418 \u2013 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

More on wealth in SA<\/h3>\n

This graph shows how we spend our money each month in South Africa<\/strong><\/a><\/p>\n

How South Africa\u2019s super-rich spend their cash vs the poor<\/strong><\/a><\/p>\n

What you need to know about South Africa\u2019s middle class<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

New data by Standard Bank finds that around 200,000 households in South Africa earn an income, after tax of more than R1 million.<\/p>\n","protected":false},"author":10,"featured_media":120191,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961,9880],"tags":[26,499],"class_list":["post-125347","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-wealth","tag-headline","tag-standard-bank"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/125347","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=125347"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/125347\/revisions"}],"predecessor-version":[{"id":125723,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/125347\/revisions\/125723"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/120191"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=125347"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=125347"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=125347"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}