Attorney Michael de Broglio on: South Africa, Law, Politics, Attorneys, Sport, Photography, Technology, Gadgets, Media, Crime, Road Accidents Fund,
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Joining the top 1% is cheaper in South Africa than most countries. The annual report from worldwide estate agents, Knight Frank, indicates that to join the top 1% of earners in Monaco would mean you would have to be worth $7,9 million. By comparison, to be in the top 1% of the wealthiest people in South Africa you need to be worth $180,000 or at current rates about R2,7 million. If you or your parents between their house minus their mortgage and your other assets are worth R2,7 million then you are in the top 1% of the wealthiest people in SA. To make the top 1% in Kenya is even cheaper – it will only cost $20,000 or a little over R300,000 which tells you precisely how poor Kenya is. To make the top 1% in Russia you would need to be worth $400,000 and to make the top 1% in the United States you need to be worth $4,4 million. South Africa is the most expensive country in the whole of Africa for entry into the top 1%.
Posted by Michael de Broglio on Monday 29-Mar-21
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Comments
thembi said:
on Monday 24-May-21 04:32 PM
Government takes into account how are people supposed to survive especially with pandemic how are they supposed to survive.
Patrick Sedutla said:
on Thursday 06-May-21 04:04 PM
Despite the low thresh hold it will be extremely very hard for many of us to break into this ranks. life is get more and more expensive unless you are into tenders.
sandra said:
on Monday 03-May-21 07:15 AM
R2,7 million is not the same to what it used to be. Considering inflation in everyday living R2,7 mill is not even enough to retire on or possibly survive, especially if you are a still young person and still have to look for property investments. It is sad how we got to it.
Lauren said:
on Tuesday 13-Apr-21 10:59 AM
R2.7 Million is a lot but at the same time is not that much if you look at the bigger picture and how expensive life is in general.
Kayla said:
on Wednesday 07-Apr-21 02:03 PM
Its interesting to see what the entry mark is to fall into the top 1% to be labeled wealthy around the world. South Africa however, is by the day getting more expensive and the cost of living is just increasing. Don't think the Government takes into account how are people supposed to survive especially with pandemic where some of the population have not even received increases or a full salary , how are they supposed to survive. And a R300 grant doesn't even hardly help for groceries.
Prishani said:
on Tuesday 06-Apr-21 01:53 PM
Very interesting stats, I wonder how many people are actually in the top 1% and don't even know it!
Alexis said:
on Thursday 01-Apr-21 04:07 PM
That is a very interesting fact that I can say I would never had known. It is odd to think that you need so much to be part of that 1%
Helen said:
on Thursday 01-Apr-21 03:58 PM
Very interesting to read, I would imagine SA is the biggest country on African continent, and everyone is running to South Africa to find work and reallocate.
fikile said:
on Thursday 01-Apr-21 02:28 PM
This is very interesting to read and very surprising that South Africa is the the most expensive country in Africa when it has such a big unemployment rate. Who are these rich people and where are they hiding because people are struggling out the.
Victoria said:
on Tuesday 30-Mar-21 04:30 PM
Wow it is crazy to think that South Africa is the most expensive country in the whole of Africa. Very interesting stats.
Tersia said:
on Tuesday 30-Mar-21 11:09 AM
Quite interesting. It's cheaper in South Africa to reach, but still so many of us will never be able to reach that 1%. A lot of people live on the borderline and only barely survive with their salary a month in this country.
I wonder what the amount would have to be to reach that 1% in New Zealand as so many people emigrate there...
Henrietta said:
on Tuesday 30-Mar-21 10:11 AM
Interesting, but not surprising. Its one think to think we the most expensive county in Africa but to have it confirm is just different. We can be grateful that we not in a poor country have a good job and stability. Not everyone is a lucky.
Megan said:
on Tuesday 30-Mar-21 09:15 AM
This is very interesting to read, interesting stats and Nicolene's comment as well. Investment opportunities after Covid, I would think that after this pandemic it would be more difficult to get into that top 1%.
Ziyanda said:
on Tuesday 30-Mar-21 08:11 AM
This is very interesting to read however I am not surprised that joining the top 1% is cheaper in South Africa than most countries.
Claudia B said:
on Monday 29-Mar-21 03:58 PM
Very interesting stats and figures. Can't believe SA is the most expensive country. I'm sure those stats will change because of Covid.
Michelle B said:
on Monday 29-Mar-21 02:54 PM
It does make sense when you look at how cheap it is to stay in South Africa compared to most first world countries.
Melissa van Tellingen said:
on Monday 29-Mar-21 10:52 AM
Interesting read. I think it's very possible fore families to reach it. It also just shows you how blessed we re compared to other African countries.
Nicolene Rich said:
on Monday 29-Mar-21 09:50 AM
This is very interesting. I also read about it now in Business Insider and they say we are entering a new economic cycle and the prospects for wealth creation and growth are huge. They also see investment opportunities after the Coronavirus pandemic.
Lourien said:
on Monday 29-Mar-21 09:27 AM
Very interesting to read, even though South Africa is one of the cheaper countries worldwide to be able to join the top 1% which means that it should be relatively easier to achieve the top 1% is in South Africa. This also allows most people to have a better than average life stile and living. But its still very difficult for a number of people to make an average living and should not be overlooked.
Roxanne Rautenbach said:
on Monday 29-Mar-21 09:10 AM
That was an intresting read. However with COVID causing job loses im sure those stat will change very quickly
Clare said:
on Monday 29-Mar-21 08:47 AM
I can believe that South Africa is the most expensive country to be in the top 1%. Sure that the lockdown, with all the of job losses, and companies that closing down it has effected these stats dramatically over the year. This a very interesting topic.
Michelle D said:
on Monday 29-Mar-21 08:44 AM
It's chilling to see the income inequality in the world. It really puts into perspective how privileged we are to be earning what we are earning or even just to be born into a household where wealth is more accessible. It's crazy to think that if you were born into a middle income Kenyan family how drastically different life would be.
Chante said:
on Monday 29-Mar-21 08:37 AM
Cannot believe SA is the most expensive country to be in the top 1% of the wealthiest people but it is also understandable as life is truly expensive and most jobs don't pay that well and many jobs have been lost due to COVID, so for those that are in the top 1% are truly blessed.
melandre said:
on Monday 29-Mar-21 08:33 AM
Interesting read. To reach the top 1% in SA is quite possible for most families with a double income and property investment.
Zindy Kruger said:
on Monday 29-Mar-21 07:55 AM
Very interesting stats and figures, I'm sure with the lockdown, with the amount of job losses, the retrenchments and companies that closed it has effected these stats dramatically over the past year. More now than ever.
david said:
on Monday 29-Mar-21 07:10 AM
Yippee!!!
i am a 1%er!
in Sudan (i imagine even cheaper there than Kenya)...
Johannesburg based attorney specializing in personal injury matters including Road Accident Fund claims and medical negligence matters. My interests include golf, reading and the internet and the way it is constantly developing. I have a passion for life and a desire for less stress!
