Wealth inequality – striking new insights from tax data

Although South Africa is known for its extreme income inequality, the degree of wealth inequality is even greater. New tax and survey data suggest that 10% of the population own at least 90–95% of all assets, in contrast to their earning ‘only’ about 55–60% percent of all income. The finding supports the ongoing proposed reforms to close loopholes in estate taxation (Davis Tax Committee) and expand the coverage of pension systems (National Treasury).