Blacks become more affluent

Numbers show life is slowly improving for African blacks, say economists.

- Brendan Scary, Ina Opperman and Hein Kaiser

The African black population group possesses almost 60% of the value of total household wealth and two-thirds ofthe value of household assets in South Africa, according to research from the University of SA (Unisa) and Momentum group. The numbers surprised some economists, while others said the numbers indicated life was improving slowly for African people, the biggest population group in the country. The Unisa-Momentum report said the value of South African households, wealth, expressed in current prices, increased to R19.3 trillion at the end of 2023, which is R1.3 trillion or 7.1% higher compared to the end of 2022. The value of South African household assets amounted to R22.2 trillion at the end of 2023 (measured in current prices), up from R20.8 trillion a year before. Detailed figures showed that the African black group held 57.3% of total household wealth and 66% of total household assets. Whites held 32.2% of household wealth and 19.7% of household assets. Next came Coloureds, with 6.6% of household wealth and 9.8% of household assets. At the bottom of the ladder were Indian/Asians, with 3.9% of household wealth and 4.6% of household assets. The report noted that the African black sector "owes almost 60% of outstanding debt". Black Africans make up 82.1% of the country's population, according