The average billionaire could stretch their wealth over a decade, spending $1 million a day – with the world’s richest man, Bill Gates, able to stretch his current net worth over 228 years.<\/p>\n
This is according to findings by charity<\/span> organisation, Oxfam, in a report<\/a> highlighting the “massive inequality” between the rich and poor across the globe.<\/p>\n The Oxfam report notes that 85 of the richest people in the world have the same wealth as the poorest half of the global population, approximately 3.5 billion people.<\/p>\n According to Oxfam, if the world’s 10 richest people had to spend ‘only’ $1 million a day, it would take between 100 and 200 years to use up their individual wealth.<\/p>\n The latest data available on the Bloomberg’s billionaire’s list shows that the world’s richest man, Bill Gates, could stretch out his total wealth over 228 years, spending $1 million a day.<\/p>\n Oxfam’s data finds that these billionaires are earning between $2 million and $12 million per day, based on ordinary (1.95%) and average billionaire (5.3%) interest rates.<\/p>\n The Billionaire Census compiled by Wealth-X, notes that there are 2,325 dollar billionaires in the world, which have a total net worth of $7.3 trillion \u2013 up 12% from $6.5 trillion in 2013 – averaging $3.15 billion per person.<\/p>\n Using Oxfam’s measure, the average billionaire would thus be able to spend $1 million a day for close to nine years.<\/p>\n The problem of inequality and wealth disparity is not just a “rich country” problem, Oxfam said.<\/p>\n According to its report, there are 16 billionaires in sub-Saharan Africa (10 of which are in South Africa, according to Wealth-X), alongside the 358 million people living in extreme poverty.<\/p>\n “From Ghana to Germany, South Africa to Spain, the gap between rich and poor “In South Africa, inequality is greater today than at the end of Apartheid.”<\/p>\n While South Africa’s richest couldn’t stretch their wealth hundreds of years in dollar terms, the country’s richest man, according to Forbes, could still spend $1 million dollars a day for the next 21 years.<\/p>\n In rand terms, however, the local billionaires would be able to extend their wealth for much longer – to the point where it would take Rupert 228 years (the same as Bill Gates, using dollar terms) to expend his current net worth.<\/p>\n In rands, Bill Gates could spend R1 million a day for two and a half millennia (2,496 years).<\/p>\n “Some inequality is necessary to reward talent, skills and a willingness to innovate and take entrepreneurial risk,” the group noted.<\/p>\n “However, today\u2019s extremes of economic inequality undermine growth and progress, and fail to invest in the potential of hundreds of millions of people.”<\/p>\n Oxfam acknowledges that super wealthy individuals, such as Bill Gates and Warren Buffet are also massive contributors to international welfare, donating as much as half their wealth to charities.<\/p>\n In 2013, the top 50 American contributors made donations totaling $7.7 billion, and made additional pledges of $2.9 billion.<\/p>\n However, Oxfam supports the call for bigger taxes for people who earn over $1 million, saying that “the number of billionaires and their combined wealth has increased so rapidly that in 2014 a tax of 1.5% could fill the annual gaps in funding needed to get every child into school and to deliver health services in those poorest countries.”<\/p>\n New dollar billionaires in South Africa<\/a><\/strong><\/p>\n South Africa\u2019s dollar billionaires<\/a><\/strong><\/p>\nTop 10 billionaires<\/h3>\n
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\n Billionaire<\/strong><\/td>\n Net Worth (US$bn)
\n<\/strong><\/td>\nYears ($1m\/d)
\n<\/strong><\/td>\n<\/tr>\n\n Bill Gates<\/td>\n 83.2<\/td>\n 228<\/td>\n<\/tr>\n \n Carlos Slim<\/td>\n 78.0<\/td>\n 213<\/td>\n<\/tr>\n \n Warren Buffett<\/td>\n 68.5<\/td>\n 187<\/td>\n<\/tr>\n \n Ortega<\/td>\n 58.7<\/td>\n 161<\/td>\n<\/tr>\n \n Koch<\/td>\n 52.1<\/td>\n 143<\/td>\n<\/tr>\n \n Koch<\/td>\n 52.1<\/td>\n 143<\/td>\n<\/tr>\n \n Larry Ellison<\/td>\n 42.9<\/td>\n 117<\/td>\n<\/tr>\n \n Kamprad<\/td>\n 42.0<\/td>\n 115<\/td>\n<\/tr>\n \n Walton<\/td>\n 38.4<\/td>\n 105<\/td>\n<\/tr>\n \n Walton<\/td>\n 37.0<\/td>\n 101<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n South African Billionaires<\/h3>\n
\nis rapidly increasing, and economic inequality has reached extreme levels,” Oxfam said.<\/p>\n\n\n
\n Billionaire<\/strong><\/td>\n Net Worth (US$bn)<\/strong><\/td>\n Years ($1m\/d)<\/strong><\/td>\n<\/tr>\n \n Johan Rupert<\/td>\n 7.6<\/td>\n 21<\/td>\n<\/tr>\n \n Nicky Oppenheimer<\/td>\n 6.7<\/td>\n 18<\/td>\n<\/tr>\n \n Christo Wiese<\/td>\n 3.2<\/td>\n 9<\/td>\n<\/tr>\n \n Patrice Motsepe<\/td>\n 2.7<\/td>\n 7<\/td>\n<\/tr>\n \n Koos Bekker<\/td>\n 1.3<\/td>\n 4<\/td>\n<\/tr>\n \n Allan Gray<\/td>\n 1.3<\/td>\n 4<\/td>\n<\/tr>\n \n Stephen Saad<\/td>\n 1.3<\/td>\n 4<\/td>\n<\/tr>\n \n Desmond Sacco<\/td>\n 1.3<\/td>\n 4<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n \n\n
\n Billionaire<\/strong><\/td>\n Net Worth (ZARbn)<\/strong><\/td>\n Years (ZAR1m\/d)<\/strong><\/td>\n<\/tr>\n \n Johan Rupert<\/td>\n 83.2<\/td>\n 228<\/td>\n<\/tr>\n \n Nicky Oppenheimer<\/td>\n 73.4<\/td>\n 201<\/td>\n<\/tr>\n \n Christo Wiese<\/td>\n 35.0<\/td>\n 96<\/td>\n<\/tr>\n \n Patrice Motsepe<\/td>\n 29.7<\/td>\n 81<\/td>\n<\/tr>\n \n Koos Bekker<\/td>\n 14.2<\/td>\n 39<\/td>\n<\/tr>\n \n Allan Gray<\/td>\n 14.2<\/td>\n 39<\/td>\n<\/tr>\n \n Stephen Saad<\/td>\n 14.2<\/td>\n 39<\/td>\n<\/tr>\n \n Desmond Sacco<\/td>\n 14.2<\/td>\n 39<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n More on billionaires<\/h3>\n