While the bottom 50% of working adults earn roughly R12,300 a year, the top 10% earn more than 60 times that at around R780,300, says the World Inequality Report.
Estimates suggest that income inequality has been extreme in the country throughout the 20th and 21st centuries – the bottom 50% of the total population has never captured more than 10% of the national income.
Wealth distributions follow a similar trend line to income, with the richest South Africans boasting levels of wealth comparable to Europeans. The bottom 50% of the population, yet again, is far worse off with no wealth at all. The founder of National Debt Advisors, Sebastien Alexanderson, said that thousands of South Africans are“The average South African is spending up to 75% of their disposable income on debt repayments – a 5% increase from the long-term average of 70% as reported by the South African Reserve Bank.”shows that rising inflation and its effects should start to ease towards the end of this year, with the average nominal salary recovering to R14,688.
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