South Africa's Wealth Inequality Has Increased Markedly Over Past Two Decades - UBS

Steve Kretzmann / GroundUp (CC BY-ND 4.0)
(File photo)
16 August 2023
Daily Maverick (Johannesburg)
By Ed Stoddard

Wealth inequality in South Africa has risen significantly over the past two decades, according to the latest UBS Global Wealth Report published this week.

The terrible trifecta of poverty, unemployment and inequality is casting a long shadow over South Africa's stagnant economy and, by most measures, things are only improving marginally - or worsening.

On the wealth front - which refers to the value of the assets you own - inequality has been on the rise, according to the UBS Global Wealth Report for 2023. It compares South Africa with Nigeria as the pair represents Africa's largest economies.

"At the end of 2022, the Gini coefficient for wealth was 86.5 in Nigeria and 88.8 in South Africa, up from 72.1 and 80.4, respectively, in 2000."

So, South Africa's Gini coefficient for wealth has risen to 88.8 from 80.4 over that period, and these figures are quite stark. Like the Gini measurement for income distribution, 0 represents absolute equality and 1 - or 100 - represents absolute inequality.

The bottom line: The haves have got more and the have-nots have got less.

South Africa also tops the global charts on income inequality and unemployment, which are not the topics of this report. The UBS report does not provide a comprehensive global ranking on the wealth inequality score, but it does provide a table with a...

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