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

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

Subscribe to our Business Wrap Newsletter

Article brought to us by Old Mutual.

702 welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the 702 community a safe and welcoming space for all.

702 reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

702 is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
McKinsey ‘apology’ is full of platitudes – Corruption Watch

McKinsey ‘apology’ is full of platitudes – Corruption Watch

The Money Show’s Bruce Whitfield interviews Corruption Watch Executive Director David Lewis.

30 million SA ID numbers/sensitive info exposed in largest data breach ever

30 million SA ID numbers/sensitive info exposed in largest data breach ever

In other words; you’re probably a victim. The Money Show’s Bruce Whitfield interviews Stuff magazine’s Toby Shapshak.

Tax Ombud fights Sars on your behalf (send a complaint, it's free)

Tax Ombud fights Sars on your behalf (send a complaint, it's free)

Bruce Whitfield interviews Tax Ombud Judge Bernard Ngoepe.

12 Cabinet reshuffles (every 8.5 months, on average). Here's a breakdown...

12 Cabinet reshuffles (every 8.5 months, on average). Here's a breakdown...

Every day JZ’s re-shufflin'! The longest lasting Cabinet? 18 months! Political analyst Gareth van Onselen breaks it down.

"The best place to be poor is where the richest people are" - Leon Louw

"The best place to be poor is where the richest people are" - Leon Louw

Jesus said poverty will always be with us. He was right, because poverty is relative, says the Free Market Foundation’s Leon Louw.

SA’s two richest people have wealth equal to the poorest 26.5-million - Oxfam

SA’s two richest people have wealth equal to the poorest 26.5-million - Oxfam

South Africa is a country of breath-taking wealth and life stealing poverty, according to an Oxfam report on extreme inequality.

Popular articles
Why Sisulu and Dlamini-Zuma aren't suitable Presidential candidates: analyst

Why Sisulu and Dlamini-Zuma aren't suitable Presidential candidates: analyst

ANC branch in the Eastern Cape, Z.R Mahabana, has launched a campaign backing Lindiwe Sisuslu as an ANC presidential candidate.

It's not the end of the road... Top tips to improve your matric

It's not the end of the road... Top tips to improve your matric

"Recognise that it’s not the end, it’s the beginning." Expert advise for school-leavers who want to improve their results.

Gospel singer Sipho Makhabane explains how Sfiso Ncwane died

Gospel singer Sipho Makhabane explains how Sfiso Ncwane died

Makhabane says Ncwane was feeling weak yesterday and his wife phoned paramedics to check on him.

14 job titles that callers can't take seriously

14 job titles that callers can't take seriously

People do some very interesting things for a living, but some job titles are given more credit than others.

Pamela Nomvete on her downfalls as actress, and 'climbing back'

Pamela Nomvete on her downfalls as actress, and 'climbing back'

This week Xolani Gwala's speaks to former Generations actor Pamela Nomvete for #WhatInTheWorldHappenedTo feature.

Who is Advocate Tembeka Ngcukaitobi?

Who is Advocate Tembeka Ngcukaitobi?

The EFF lawyer stole the show during the state capture report court battle.

‘I started my thriving business with R5000 (and made a profit in the 1st month)’

‘I started my thriving business with R5000 (and made a profit in the 1st month)’

After 3 years there are 3 Nic Harry stores (incl online) that sell 100 000 pairs of socks in over 20 countries around the world.

3 easy questions could bag you R2000!

3 easy questions could bag you R2000!

WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...

Blesserfinder: Matching you with a sugar daddy near you

Blesserfinder: Matching you with a sugar daddy near you

Is social trend Blesserfinder, where girls are allegedly matching up with rich 'benefactors' in exchange for sex, a real thing?