Can SA’s billionaires keep SA going? Not even close!

6 months ago written by

The daily running cost of South Africa is $333.5 million (approximately R3.98 billion). The country’s richest man, Johann Rupert, would not be able to keep the country running for one month before he is completely bankrupt – and presumably the country as well.

Business Tech quotes Bloomberg’s latest Robin Hood Index for 2018, which measures how global billionaires could improve the lives of the poor if they gave all their money away, in proving that not even South Africa’s billionaires would be able to keep South Africa going.

With an estimated net worth of $8.1 billion (Bloomberg data), Rupert’s wealth would only keep South Africa going for 24 days.

According to Business Tech’s assessment of Forbes’ “real time ranking of billionaires”, there are only five dollar-billionaires left in SA – down form eight last year, before the Steinhoff scandal (and crash). This saw three super-rich businessmen lose their billionaire status: retail magnate Christo Wiese, investor Allan Grey, and ‘boere Buffett’ Jannie Mouton have all dropped off the list.

Expanding on Bloomberg’s index model, South Africa’s billionaires, combined, could keep the South African government going for 63 days.

If, however, South Africa’s billionaires were to give all their wealth away to the country’s poorest people, each one living in poverty would get around R11,400.

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