South Africa taxes its highest earners at 41% of their income, which means that the country’s richest 530,000 people gross close to R1.2 million per annum, on average.<\/p>\n
One notable caveat to the data is that it excludes capital gains, and disregards selling stocks, bonds or real estate or any other source of income the wealthiest individuals may tap into.<\/p>\n
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<\/a>Top earners<\/p><\/div>\n
Global wealth<\/h3>\n
Wealth in the context of purchasing power within a country is vastly different when placed in a global context.<\/p>\n
BusinessTech previously reported<\/a> <\/strong>on what levels you would need to earn to be considered part of the richest 1% in the world – R175,000 a year.<\/p>\n South African economist, Mike Schussler previously said that someone making R8,500 per month (R102,000 p.a.) would likely be in the top 5% of the world’s wealthiest.<\/p>\n Looking at net worth (total assets, minus debt), Credit Suisse estimates that 63,000 South Africans are part of the top 1% of global wealth holders \u2013 and 47,000 of these individuals are dollar millionaires.<\/p>\n Approximately 68.2% of the population has a net worth under $10,000, while 3% of the adult population are worth more than $100,000, the group reported.<\/p>\n To be considered one of the world’s richest 1%, you would need a net worth of R9.2 million, according to Credit Suisse’s data.<\/p>\n