Streaming issues? Report here
Temp 702 logo 1000 x 1000 2020 Temp 702 logo 1000 x 1000 2020
Best of 702
00:00 - 04:00
volume_up
volume_mute

Up Next: Early Breakfast with Africa Melane
See full line-up
Best of 702
00:00 - 04:00
Home
arrow_forward

Why African countries aren’t taxing its 165 000 ultra-rich nearly enough

19 April 2016 7:31 PM

The number of dollar millionaires in Africa rose at twice the pace of the rest of the world in the past 15 years.

According to New World Wealth, the number of high-net-worth individuals (people with assets over $1 million) in Africa rose at twice the pace of the rest of the world in the past 15 years.

There are about 165 000 high-net-worth individuals in Africa.

They have a combined wealth of $860 billion.

The Money Show’s Bruce Whitfield interviewed Rhiannon McCluskey, Research Officer at the International Centre for Tax and Development.

McCluskey explored why African countries are not taxing the wealthy enough and why they should.

Scroll down for quotes from the audio below.

There are increasingly larger numbers of Africans who are very rich.

Rhiannon McCluskey

A lot of rich Africans are holding their money offshore.

Rhiannon McCluskey

There is a poor culture of tax compliance.

Rhiannon McCluskey

Sars is probably the strongest tax administration in Africa. And even they have a hard time getting to high-net-worth individuals with money offshore.

Rhiannon McCluskey

It’s fundamentally an issue of fairness.

Rhiannon McCluskey

Article brought to us by Old Mutual.


19 April 2016 7:31 PM