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71 000 dollar millionaires and counting...

21 Oct 2011

South Africa has more than 71 000 dollar millionaires and this number is likely to climb to more than 240 000 over the next five years according to Credit Suisse's Global Wealth Report. Average household income in this country has risen from $8 400 in 2000 to $34 300 a year by the middle of 2011.

Business Day quotes the Global Wealth Report as saying that South Africa is home to 116 000 members of the top one percent of households that own 38,3% of global wealth and the country is the 17th-largest contributor to wealth growth around the world.

The report says that South Africa's social welfare system had resulted in a "remarkable" decrease in the number of absolutely poor people in South Africa. Global wealth is expected to increase by 50% in the next five years to $345-trillion, equivalent to growth of 8,4% a year.

Household wealth in Africa is forecast to rise by more than 90% to $5,8-trillion by 2016.

Read the full article on www.businessday.co.za.
View the Credit Suisse Global Wealth Report.