{"id":278477,"date":"2018-10-21T18:11:46","date_gmt":"2018-10-21T16:11:46","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=278477"},"modified":"2018-10-21T08:14:13","modified_gmt":"2018-10-21T06:14:13","slug":"this-is-how-much-money-the-top-one-percenter-is-worth-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/wealth\/278477\/this-is-how-much-money-the-top-one-percenter-is-worth-in-south-africa\/","title":{"rendered":"How much money you need to earn to be in the top 1 percent in South Africa"},"content":{"rendered":"

Credit Suisse has published its Global Wealth Report for 2018, showing the breakdown of wealth in South Africa, and what it takes to be a 1% earner.<\/p>\n

According to the report, approximately 61,000 South Africans are part of the global 1%, representing a tiny fraction (0.2%) of the\u00a035.434 million adults in the country.<\/p>\n

South Africa has high levels of inequality when it comes to the distribution of wealth, with the country\u2019s top 10% of wealth holders controlling 68% of the total $786 billion wealth (ie, 3.5 million people have $534.5 billion in wealth).<\/p>\n

But this imbalanced distribution becomes more alarming the further it is broken down.<\/p>\n

The top 5% control 57.8% of the wealth ($867 billion) \u2013 while the top 1%, controls 36.4% of the wealth ($546 billion).<\/p>\n

\n
\n\n\n\n\n\n
Category<\/th>\nNumber of adults<\/th>\n% of wealth<\/th>\nWealth in USD<\/th>\nAverage wealth per person<\/th>\nZAR<\/th>\n<\/tr>\n
Top 10%<\/td>\n3.54 million<\/td>\n67.9%<\/td>\n$534.5 billion<\/td>\n$150 860<\/td>\nR2.1 million<\/td>\n<\/tr>\n
Top 5%<\/td>\n1.77 million<\/td>\n57.8%<\/td>\n$454.3 billion<\/td>\n$256 660<\/td>\nR3.7 million<\/td>\n<\/tr>\n
Top 1%<\/td>\n354 340<\/td>\n36.4%<\/td>\n$286.1 billion<\/td>\n$807 400<\/td>\nR11.6 million<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

Using this data, we can determine that anyone with net wealth totalling roughly $151,000 (R2.1 million) is easily within the top 10% richest people in the country – while the average one-percenter is worth $807,000 (R11.6 million)<\/strong>.<\/p>\n

While the breakdown provides a general idea of how wealth is distributed at the top, the reality is quite different.<\/p>\n

The Top 10% average (R2.1 million) includes the one-percenters, who account for more than half the held wealth. Half of the top 10 percenters only account for R80.2 billion (an average of $45,300 or R660,000 per person) – meaning the barrier for entry into the ‘top earners’ list is lower than you think.<\/p>\n

The graphic below breaks down the wealth spread further.<\/p>\n

\"\"<\/a><\/p>\n

\n
\n\n\n\n\n\n\n
Category<\/th>\nNumber of adults<\/th>\n% of wealth<\/th>\nWealth in USD<\/th>\nAverage wealth per person<\/th>\nZAR<\/th>\n<\/tr>\n
Top 1%<\/td>\n354 340<\/td>\n36.4%<\/td>\n$286.1 billion<\/td>\n$807 400<\/td>\nR11.6 million<\/td>\n<\/tr>\n
Top 5% (minus 1 percenters)<\/td>\n1.42 million<\/td>\n21.4%<\/td>\n$168.2 billion<\/td>\n$118 870<\/td>\nR1.7 million<\/td>\n<\/tr>\n
Top 10% (minus 5 percenters)<\/td>\n1.77 million<\/td>\n10.2%<\/td>\n$80.2 billion<\/td>\n$45 311<\/td>\nR660 000<\/td>\n<\/tr>\n
Rest of South Africa<\/td>\n31.9 million<\/td>\n32.0%<\/td>\n$251.1 billion<\/td>\n$7 886<\/td>\nR113 000<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

The middle class<\/strong><\/p>\n

Globally speaking, the middle class band of wealth is between $10,000 (R144,000) and $100,000 (R1.44 million) – in South Africa, approximately 33.1% of the adult population fall into this category, representing about 11.72 million adults.<\/p>\n

The majority, however, are still below the $10,000 mark –\u00a063.7% of the adult population (22.58 million adults) have a net worth below this level.<\/p>\n

\n

Read:\u00a0This is how many dollar millionaires there are in South Africa \u2013 and how many are part of the world\u2019s richest 1%<\/a><\/strong><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Credit Suisse has published its Global Wealth Report for 2018, showing the breakdown of wealth in South Africa, and what it takes to be a 1% earner in South Africa.<\/p>\n","protected":false},"author":10,"featured_media":205318,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9880],"tags":[223,26],"class_list":["post-278477","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wealth","tag-credit-suisse","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/278477","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=278477"}],"version-history":[{"count":9,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/278477\/revisions"}],"predecessor-version":[{"id":278635,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/278477\/revisions\/278635"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/205318"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=278477"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=278477"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=278477"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}