The total net wealth of just three billionaires in SA is equivalent to that of the bottom 50% of country’s population, according to Oxfam’s inequality report released on Monday. The country was still one of the most unequal in the world, said OxfamSA economic justice manager Ayabonga Cawe. Oxfam’s international report on inequality was released ahead of the World Economic Forum’s annual meeting in Davos, Switzerland. Deputy President Cyril Ramaphosa leadse SA’s delegation at the meeting. The report, titled An economy for the 99%, showed that the gap between rich and poor was far greater than feared, the organisation said. According to Oxfam, in SA the richest 1% of the population has 42% of the total wealth. "Such inequality is a sign of a broken economy, from global to local, and lack of will from government to change the status quo," executive director Sipho Mthathi said. "Governments including the South African government, can act to help everyone, not just those at the top. Givi...

Subscribe now to unlock this article.

Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).

There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.

Cancel anytime.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.