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
Recommendedby NEWSROOM AI
VAT is on the rise… Petrol levies are up… Bruce Whitfield asks small business guru Pavlo Phitidis to give advice.
Not convinced? The Money Show's Bruce Whitfield asks Personal Financial Advisor Warren Ingram for tips to budget well.
The Money Show’s Bruce Whitfield interviews Old Mutual Group Chief Executive Bruce Hemphill.
If this is the only business content you consume all week; you’re all right.
Jesus said poverty will always be with us. He was right, because poverty is relative, says the Free Market Foundation’s Leon Louw.
South Africa is a country of breath-taking wealth and life stealing poverty, according to an Oxfam report on extreme inequality.
The Money Show’s Bruce Whitfield interviews Galileo Capital Financial Advisor Warren Ingram.
Following a spate of farm murders in the Cape, the policing expert says there aren't enough stats available on farm killings.
Stephen Grootes says he believes former Eskom CEO Brian Dames when said he was not formally introduced to the Gupta family.
Pan Africanist Congress's Narius Moloto explains why it supports the name Azania, a word which he says has Arabic origins.
The EFF lawyer stole the show during the state capture report court battle.
WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...