SA named most unequal country in world: Poverty shows Apartheid’s enduring legacy

CAPE TOWN- The World Bank has named South Africa the most unequal in the world, in their annual report that listed 149 countries.

The report focused on South Africa’s post apartheid progress, focusing during 2006 and 2015.

The report found that the most wealthy of South Africans, the 1 percent own 70.9% of the country’s wealth. Whilst the 60% of the bottom only control 7% of the country’s assets.

Namibia, Botswana were named second and third.

The top 10 was completed by Zambia‚ Central African Republic‚ Lesotho‚ Swaziland‚ Brazil‚ Colombia and Panama .

55 .5% of South Africans about 30-million people live below the national poverty line of R992 per month. The number has increased since 2011.

The group worst effected by the gap is black South Africans, the unemployed, women headed-households, less educated, big families and children.

The official unemployment rate is 27.7%, while youth unemployment is 38.6%.

The report found apartheid spatial planning had major influence, “Poverty remains concentrated in previously disadvantaged areas‚ such as the former homelands.”

Nkosazana Dlamini-Zuma “South Africa as one of the most unequal countries in the world‚ with consumption inequality having increased since 1994. Wealth inequality is high and has been rising over time. A polarised labour market results in high wage inequality.”

Paul Noumba UN of the World Bank said, “South Africa has a dual economy where on the one hand is a small high-skilled‚ high-productivity economy and on the other hand‚ a large low-skilled‚ low-productivity one.”

“The people at the bottom in South Africa‚ they get wages comparable to the people who live in Bangladesh. It’s very‚ very poor.”

He added, “If you take the top 10%‚ they live like in Austria. So it’s a very high level even by European standards or even by U.S. standards. And we are talking just about employees‚ people who are getting paid. And not the super-rich who are earning income from factories or property or other investments.”

Photo Credit- TimesLIVE

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