SA’s inequality crisis is ultimately about who owns country’s wealth

South Africa's persistent inequality crisis is fundamentally rooted in the unequal distribution of wealth among its citizens. Despite decades of progress in securing political rights, access to public services, and social protection, a small minority continues to hold the overwhelming majority of the nation's wealth and economic power.

According to a new Oxfam South Africa report, Hoarded Wealth, Dignity Denied: Confronting the Country’s Extreme Wealth and Inequality Emergency, the richest 1% of South Africans controlled an astounding 54.9% of the country's wealth in 2024, while the top 10% owned 85.7%. Conversely, the bottom 50% of the population had negative wealth, indicating that their debts exceeded the value of their assets.

The most striking figure is that it would take an individual in the bottom 90% approximately 345 years to accumulate the wealth held by the average person in the richest 1%.

This disparity is not solely about income, but also about ownership. Wealth, which includes property, land, businesses, shares, and financial assets, has the potential to generate more wealth, providing individuals with security, opportunities, and the ability to accumulate further assets. However, the concentration of wealth among the top 10% means that even increasing incomes may not be sufficient to address South Africa's inequality problem.

The roots of this wealth disparity can be traced back to the apartheid era, which systematically denied Black South Africans access to land, property, business ownership, well-paid jobs, and quality education. These historical restrictions have continued to shape the distribution of wealth today. For instance, white South Africans, who constitute only about 7% of the population, own 72% of individually owned farmland, while Black African individuals own just 4%.

Land ownership holds economic significance, as it can provide housing, livelihoods, agricultural production, and avenues for economic advancement. However, true transformation requires access to finance, infrastructure, water, markets, and other resources that enable productive use of land.

The racial wealth gap is equally pronounced, with Black households owning only 5% of the wealth held by white households. The consequences of this historical inequality are intergenerational, as wealth can provide children with better housing, education, networks, financial security, and opportunities. Conversely, the absence of wealth leaves families vulnerable to unemployment, illness, and economic shocks.

Despite the existence of extreme wealth concentration, South Africa still grapples with high unemployment, poverty, and food insecurity. The official unemployment rate stood at 33.6% in the second quarter of 2026, while the broader measure of labour underutilisation was 43.8%. Women face particularly high levels of labour-market exclusion, with an official unemployment rate of 37.5% compared to 30.3% for men.

Additionally, women and girls bear a disproportionate burden of unpaid care and domestic work, spending around 15.6% of their time on such responsibilities, compared to 6.5% for men and boys. These intersecting inequalities reinforce each other, making it even more challenging for those with limited wealth to access public services and improve their circumstances.

While public services play a crucial role in reducing inequality, they cannot solve the entire problem alone. The report acknowledges the progress made through social grants and public services, but emphasizes that a more equitable distribution of wealth is essential for achieving genuine economic security and freedom for all South Africans.