South Africa is the world’s most unequal country, according to a new report from the World Bank.
The report revealed that the top 1% of South Africans own around 70% of the country’s wealth, while the bottom 60% own just 7% of the country’s assets.
The World Bank analysed data of 149 countries. Namibia was listed as the second most unequal country and Botswana was named the world’s third most unequal country.
Experts say the report’s findings have highlighted the economic impact of South Africa’s apartheid history.
Victor Sulla, a senior economist for the World Bank and the lead author of the report, said: “The country was very unequal in 1994 [at the end of apartheid] and now 25 years later South Africa is the most unequal country in the world.”
He added: “The people at the bottom in South Africa, they get wages comparable to the people who live in Bangladesh. It’s very, very poor. Wages of less than $50 (£40) a month.
“If you take the top ten percent, they live like in Austria. So it’s very high level even by European standards or even by US standards. And we are talking just about employees, people who are getting paid.”