Following a report released by the Commission for Employment Equity (CEE) which stipulates that White males still occupy top management positions in the private sector, one would conclude that the Whites would be the richest in the country but New World Wealth says its the Blacks, coloured and Indians that are SA’s millionaires.
According to the report, almost half of SA millionaires, those with a net value of R14.5m or more – are from previously disadvantaged groups among the blacks, coloured and Indians.
These disadvantaged groups who occupy 45% of SA’s dollar millionaires were said to have come from groups that are unable to vote prior to 1994.
New World Wealth stated in its view, that the SA government will continue to push black economic empowerment (BEE) policies until previously disadvantaged groups make up at least 80% of SA’s dollar millionaires. This goal is expected to be reached by 2030.
It found out that close to 17 300 South African dollar millionaires are from previously disadvantaged groups. This is much higher than the 14% it was in 2007. SA has almost twice as many dollar millionaires than any other African country.
According to report from BizNews on Monday, Three SA millionaires even feature prominently on the UK’s 2016 “Rich List”. Nicky Oppenheimer (70), made it to 18th position on the 1 000-strong list. London-based South African Natie Kirsh (84) is three positions behind Oppenheimer on the list and Christo Wiese (74) is in 22nd spot. It is the first time Wiese has been included on the list, because of his numerous UK investments.
“Racial wealth breakdowns are an important issue in South Africa. Many feel that the speed of wealth transfer to ‘previously disadvantaged’ groups has been too slow,” the report states.
Meanwhile, the Labour Minister Mildred Oliphant who raised alarm on the rising racial differences in SA’s labour force said it is pertinent for a quick correction to be made before it gets out of hand.
“The South African labour market continues to be radicalized and gendered,” said the report, and “it remains hierarchical with blacks concentrated at the lower levels and the white group occupying decision-making positions.”
There is a pool of employees from designated groups who do not receive promotion opportunities and remain stuck at the professionally qualified and skilled technical levels. This is despite the continued outcry for lack of skilled employees from these groups,” the report added.
However, Oxfam reported earlier that the richest 1% of people on earth now has more wealth than the rest of the world’s population combined.