Six million South Africans fall into this range – just over 10% of the population, Allianz said. Allianz measures the middle class in terms of net financial assets. For 2018, the asset thresholds for the global wealth middle class is between €7,600 and €45,600 (R122,700 and R736,000).
What is considered middle class in South Africa?
Although the African Development Bank describes as middle class in a developing economy anyone earning more than $2 per day, a study by John Simpson, director of the University of Cape Town’s Unilever Institute of Strategic Marketing, defines middle class South Africans as those who earn between $1,550 and $4,800 per …
What percentage of South Africa is middle class?
They comprise, according to a 2018 report by the South African Government and the World Bank, somewhere around 20% of the population. Yet, two years earlier, a working paper by then-PhD student Anna Orthofer on the South African middle class put it at 40%.
What percentage of South Africa is lower class?
The World Values Survey, where a global network of social scientists interview people from almost 100 countries around the world, collects data on “beliefs, values and motivations”.
|Class identification||Total SA population||SA’s black population|
What is a livable salary in South Africa?
Living Wage Individual in South Africa averaged 6252.50 ZAR/Month from 2015 until 2018, reaching an all time high of 6570 ZAR/Month in 2018 and a record low of 6140 ZAR/Month in 2017. South Africa Living Wage Individual – values, historical data and charts – was last updated on August of 2021.
What is considered a high income in South Africa?
The group found that a South African will need to earn at least $180,000 (R2. 6 million) to be considered in the top 1% of earners. The World Inequality Database – which updated its metrics in March 2021 – provides a tool to check how your salary data compares to other South Africans.
Is South Africa middle class growing?
In South Africa the middle class is growing (between 2005 and 2010 by just under 4 per cent per annum) and becoming more racially balanced. More than 50 per cent of the middle class is black. This is a considerable achievement but it is not enough. The major challenge is that poverty remains too high.
How much is income tax in South Africa?
2019 tax year (1 March 2018 – 28 February 2019)
|Taxable income (R)||Rates of tax (R)|
|1 – 195 850||18% of taxable income|
|195 851 – 305 850||35 253 + 26% of taxable income above 195 850|
|305 851 – 423 300||63 853 + 31% of taxable income above 305 850|
|423 301 – 555 600||100 263 + 36% of taxable income above 423 300|
What is upper middle class in South Africa?
This is what it means to be middle class in South Africa
|Annual income||Monthly income||Classification|
|R109 001 – R234 000||R9 084 – R19 500||Emerging middle|
|R234 001 – R378 000||R19 501 – R31 500||Lower middle|
|R378 001 – R783 000||R31 501 – R65 250||Upper middle|
|R783 001 – R1 693 000||R65 251 – R141 083||Upper income/Emerging affluent|