Cape Town — According to a recent study, South Africa remains the most unequal country in the world, and at the current rate, it would take 230 years before global poverty will finally come to an end.
According to an Oxfam Inequality Inc., the five richest men in the world have doubled their net worth since 2020, while nearly five billion people have become poorer globally, during that same time period. The jarring figures revealed that we could have the world’s first trillionaire in 10 years time, but global poverty will take 230 years.
Meanwhile, the Global North currently owns 69% of the global wealth, and accounts for 74% of the world’s billionaire wealth. Stats show the stark differences between the extreme wealth and extreme poverty in country’s such as Nigeria, Kenya and Zimbabwe.
Wealth disparities mirror sexist and colonial legacies. The Global North, with 21% of the population, commands 69% of wealth and 74% of billionaire fortunes. Men’s wealth outpaces women’s by $105 trillion—4X the US economy.
— Oxfam South Africa (@OxfamSA) January 16, 2024
South Africa remains the most unequal country in the world, as the country’ billionaires combined wealth has increased by a third since 2020, while the bottom 99% has become poorer. The latest figures showed that the country’s four richest people have equal wealth as the bottom 60% – equivalent to 36 million people, Oxfam Africa reported.
According to IOL, the British confederation of charity organisations published a report that showed global inequality was comparable to South Africa as the most unequal country.
“Global inequality is now at a level comparable to the level of inequality found within South Africa, the country with the highest inequality in the world,” read the report.
“In 2022 in South Africa, only 39% of companies listed on the Johannesburg Stock Exchange were controlled by black people; 0% of entities were black-owned,” it said.
To end extreme inequality, governments must radically redistribute the power of billionaires and corporations back to ordinary people. A more equal world is possible if governments effectively regulate and reimagine the private sector.
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Compiled by Matthew Petersen
