Inequality still the curse of SA

17 January 2017 - 08:57 By GENEVIEVE QUINTAL and NOMHLUBI JORDAAN
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Image: Gallo Images/ IStock

The total net wealth of only three billionaires in South Africa is equivalent to the total wealth of the poorest half of the population, says an Oxfam report released yesterday.

This country is still one of the most unequal in the world, said Oxfam SA economic justice manager Ayabonga Cawe.

Oxfam's report on inequality globally was released ahead of the World Economic Forum's annual meeting in Davos, Switzerland. Deputy President Cyril Ramaphosa leads South Africa's Davos delegation.

The report, An economy for the 99%, said that the gap between rich and poor was far greater than had been thought.

According to Oxfam, in South Africa the richest 1% of the population has 42% of the wealth.

"Such inequality is a sign of a broken economy, from global to local, and lack of will by the government to change the status quo," executive director Sipho Mthathi said.

"Governments, including South Africa's, can act to help everyone, not just those at the top."

Globally, eight men owned as much wealth as the 3.6billion people who made up the poorest half of humanity.

"The richest are accumulating wealth at such an astonishing rate that the world could see its first trillionaire in just 25 years," the report said.

"You would have to spend $1-million a day for 2738 years to spend $1-trillion."

This when one in 10 people survives on less than $2 a day.

Women and girls remain the lowest-paid workers, often under the imposition of "the most precarious conditions".

"Women are more likely to find themselves in the bottom half of the income distribution worldwide."

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