Redressing inequality through skills development and entrepreneurship
Three South African individuals’ net wealth is equivalent to the poorest 50% of the country’s populace — such inequality is not sustainable, writes Ryan Ravens
Inequality emerged as a major theme at the World Economic Forum in Davos last week, and remains a pressing concern globally and in SA. Research shows that eight individuals own as much as 50% of the global population and, closer to home, three individuals’ net wealth is equivalent to the poorest 50% of South Africans. Such inequality is simply not sustainable and, given our current trajectory, inequality is likely to worsen rather than improve. The inequality debate is polarised between pro-growth and redistributionist camps, and the danger with the inequality data is that political leaders could use it to fuel an anti-business rhetoric. Inclusive private-sector growth is really our only hope to address the undeniable inequality in SA as the government and civil society are simply not able or willing to do so on their own. Attempts by the government to create jobs have resulted in an over-burdened public sector administration that is too large given the size of our economy, resultin...
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