A grim reminder of why economic transformation is urgent

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The statistics which Credit Suisse Global Wealth released are, for those that might have forgotten, a harsh reminder for the need to intensify efforts to ensure sustainable economic transformation. They indicate that 63 000 South Africans are amongst the 1% richest individuals in the world.
The irony is that some people are able to accumulate ‘obscene’ wealth in South Africa, a country which is said to be one of the most unequal in the world, with growing rate of unemployment. Other countries in which there is huge disparity between the richest and the poorest include the USA, Brazil, Hong Kong, India and Russia.
Annually, the gap between the filthy rich and the poorest has been growing dramatically.
The AFP quoted Marcus Stierli of Credit Suisse: “The findings show that inequality has tended to rise since 2008, particularly in developing economies.”

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