South Africa is now one of the most unequal countries in the world with the top 10% earning 60 times more than the bottom 50%, according to the latest World Inequality Report.
The report says while the richest South Africans have wealth levels broadly comparable with those of affluent Western Europeans, the bottom 50% in South Africa own no wealth at all.
“The top 10% own close to 86% of total wealth and the share of the bottom 50% is negative, meaning that the group has more debts than assets. Since 1990, the average household wealth for the bottom 50% has remained under zero,” the report says.
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