How Much Wealth Does The Top 10 Percent Have In South Africa

Wealth in South Africa remains highly concentrated, with the top ten percent of households controlling the vast majority of assets and financial resources. This group plays a decisive role in shaping the country’s economic landscape, holding more than four-fifths of all wealth and steadily increasing their dominance over the past three decades. Understanding how much wealth this segment commands, how it is measured, and what sets them apart from the rest of the population provides insight into the depth of inequality and the structural barriers facing most South Africans.

Key Takeaways

• Extreme Wealth Concentration: The top 10 percent of South Africans control more than 80 percent of the country’s wealth, making South Africa the most unequal nation globally.
• Entrenched Inequality: Historical racial and spatial segregation, education gaps, gender pay disparities, and unequal land ownership continue to drive the divide, leaving most households with little opportunity to build assets.
• Top-Tier Advantages: The wealthiest households have expanded their lead through financial assets, property, business ownership, inheritance, and structural advantages, while the very richest within the top tier continue to capture a growing share of total wealth.

South Africa Ranked as the Most Unequal Country

South Africa has been identified as the most unequal country globally, with the World Bank placing it at the top of a list of 164 nations. The findings show that 10 percent of the population controls more than 80 percent of total wealth, highlighting the depth of the divide. Despite nearly thirty years since the end of apartheid, racial divisions continue to shape economic outcomes, strongly influencing both access to education and opportunities in the labour market.

When examining income inequality, race accounts for around 41 percent of the overall disparity, while education is responsible for about 30 percent. Historical factors linked to colonial rule and apartheid, particularly those tied to racial and spatial segregation, continue to maintain and widen these inequalities. The issue is not limited to income distribution alone. In the Southern African region, women earn on average 30 percent less than men with similar qualifications, and in countries such as Namibia and South Africa, the gender pay gap reaches as high as 38 percent. Inequality is further reinforced in rural areas where the unequal ownership and distribution of agricultural land remains a major contributor to economic imbalance.

Defining the “Top 10 Percent”

The term top 10 percent refers to individuals or households whose net worth places them within the highest decile of the national distribution. In practice, this means one in every ten people or households in South Africa with the greatest level of accumulated assets and financial resources.

How This Group Is Measured in South Africa

Researchers define and measure the top 10 percent in South Africa using several data sources. The National Income Dynamics Study (NIDS) revealed that the wealthiest tenth of the population held about 86 percent of total net assets in the 2010–2011 and 2014–2015 surveys. 

Broader studies that combine household surveys, tax information, and balance-sheet data arrive at similar findings, showing that the top decile owns roughly 86 percent of overall wealth. Another study focusing specifically on asset ownership indicated that this group controls more than 72 percent of all assets, with a median asset value of approximately R2.53 million for households in this category.

What Assets Do the Top 10 Percent Own?

The wealth of South Africa’s top 10 Percent is not only vast but also diversified across a range of asset classes, giving them a financial resilience that most households cannot access.

How the Top 10 Percent Compare Internationally

South Africa vs Other African Nations

• South Africa: Top 10% hold about 85.8% of national wealth, the highest concentration in the world.
• Nigeria: Around 75% of wealth concentrated in the top 10%, largely in oil and real estate.
• Egypt: Roughly 70% of wealth held by the top 10%, driven by old family fortunes and business dynasties.
• Kenya: Between 65–70%, with inequality still high despite a growing middle class.
• South Africa alone accounts for 34% of Africa’s millionaires, more than any other country on the continent.

South Africa vs Global Wealth Benchmarks

• South Africa: About 85.8% of wealth in the hands of the top 10%.
• United States: Roughly 71.2% controlled by the richest 10%.
• Germany: Around 60%, reflecting stronger middle-class asset ownership.
• Brazil: Close to 75%, showing inequality similar to South Africa but slightly less severe.
• Global average: Generally between 55–60%, making South Africa a clear outlier.

How the Top 10 Percent Built Their Wealth

The considerable wealth held by South Africa’s top ten percent stems from various interrelated sources and strategies. The following factors offer insight into how this elite segment has been able to effectively grow and preserve its net worth.

Factor	Description	Key Insights
Concentration in Financial Assets	Heavy control of financial instruments such as bonds, shares, pensions, housing wealth, business assets, and cash holdings.	In 2017, the top 10% held 99.8% of bonds and listed shares and over 55% of pensions, housing, and business assets, enabling wealth compounding through returns and capital gains.
Ownership of Business and Property	Extensive holdings in residential and commercial property, plus major stakes in enterprises.	These assets generate rents, dividends, and long-term preservation of wealth, remaining largely inaccessible to lower tiers.
Lifecycle Wealth Accrual	Wealth grows steadily with age, peaks in the 50s, and declines slightly in later years.	People aged 50–55 often hold double the national average net worth, while across all age bands the top 10% retain 85%+ of total wealth.
Inequalities in Capital Accumulation and Inheritance	Unequal access to capital markets and intergenerational transfers maintain disparities.	The wealthy reinforce their status through inheritance and easier access to asset accumulation, while others are excluded.
Long-Term Persistence and Relative Gains	Wealth concentration among the top decile has remained high since the 1990s.	The top 10% consistently control 80–90% of wealth; within this, the top 1% grew from 54% → 57%, and the top 0.1% from 22% → 31% (1990s–2017).
Structural Advantages and Policy Incentives	Policies like BEE provide opportunities but often reinforce existing wealth holders.	Intended to broaden ownership, BEE also benefits those already in the upper tiers of the economy.
Informal Savings and Collective Capital Access	Community savings groups (stokvels) support investment and security.	While accessible, stokvels benefit those with disposable income, indirectly strengthening wealthier groups more than poorer ones.

Consequences of This Wealth Distribution

The concentration of wealth in the hands of South Africa’s top 10 percent has far-reaching effects on society, shaping access to opportunity, stability, and trust in the country’s economic system.

• Social Mobility Challenges: With most wealth concentrated at the top, the majority of South Africans have little chance to build assets or pass on generational wealth, limiting upward mobility.
• Widening Income and Opportunity Gap: The top 10 percent enjoy premium education, healthcare, and investments, while the rest face underfunded services and limited financial security. This entrenches privilege and inequality.
• Rising Public Discontent and Protests: Frustration over inequality fuels protests and unrest, as communities demand better services, jobs, and opportunities. The wealth gap increasingly drives social and political tension.

Conclusion

South Africa’s wealth is overwhelmingly concentrated in the hands of the top ten percent, with the richest one percent pulling even further ahead. Historical inequalities, unequal access to education, persistent gender pay gaps and structural advantages have ensured that this divide remains entrenched decades after democracy. While policies and initiatives have attempted to broaden participation in wealth creation, the reality is that the majority of households still face limited access to capital, property, and meaningful savings opportunities. This situation highlights the need for practical solutions that can reduce debt burdens, improve financial literacy, and create accessible pathways for building wealth among ordinary South Africans.

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