SA's super rich getting poorer

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sox63

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http://www.thetimes.co.za/PrintEdition/Article.aspx?id=1028814

The recession has seen the number of South Africans worth more than R8-million in cash and investments plummet from 55047 to 50699 in just a year.
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Less than 10% is not really a big drop, but significant anyway. And compared to the 20% or so less in the US, we better off, IMO.

Though its sometimes hard to feel sorry for the more wealthy among us when they have tough times, imagine what the avarage joe is going through if these guys are not making it?

It could also explain why the recent spate of strikes, and tbh, if I and fellow colleagues had ANY sort of leverage on our employer, we would be striking too. :o

Times are tough. And they are going to be even tougher with no increase this year. :(
 
I can assure you, it is not only the super rich getting poorer.
All of us are getting poorer!:D
 
They forgot to include the amount of BEE idiots who gained millions. Execs from Telkom, Eskom, SABC, etc. Their problem is they spend all their money in typical BEE style so they never have more than R 7 999 999 :-)
 
Any body who posts TBH (to be honest) is not to be trusted.

Any ways, could it perhaps be possible that the battle to accumulate the most money is being won by the usual candidates, who have managed to grow their wealth considerably by leeching the money from the new in-experienced millionaires?
 
davemc said:
Any body who posts TBH (to be honest) is not to be trusted.

Any ways, could it perhaps be possible that the battle to accumulate the most money is being won by the usual candidates, who have managed to grow their wealth considerably by leeching the money from the new in-experienced millionaires?
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IIRC, everyone has had a decrease in their wealth, even the big boys. With the exception of Christo Wiese and the Ackerman Family, the top ten lost 30-60% of the worth. (From the Nov 2008 Rich list)

@Aeron, read the article.
 
Trust me they are not suffering.

Saw a FS farmer on holiday in the pub not to long ago. Someone asked him how things (farming/business) were going and he said it was hard these days. 5 minutes later he was talking about a beach house he just purchased for 7bar or something stupid, we could actually see it from the pub.

Tough times indeed...
 
ponder said:
Trust me they are not suffering.

Saw a FS farmer on holiday in the pub not to long ago. Someone asked him how things (farming/business) were going and he said it was hard these days. 5 minutes later he was talking about a beach house he just purchased for 7bar or something stupid, we could actually see it from the pub.

Tough times indeed...
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Ya I don't think the recession is affecting farmers much. My dad farms and he says he hasn't noticed any change.
 
Interestingly enough, the other day I read the definition of what a millionaire is: someone with at least a million rand IN CASH.

So by implication, having a house or other assets worth R1m or more, does not count :)
 
Shame the super rich are not getting as much money. Im crying a river over here.
 
Being a rand millionaire is a joke, being a dollar millionaire is something to write home about.. it means you are on the right path. Hoping to get there
 
BrandonH said:
Ya I don't think the recession is affecting farmers much. My dad farms and he says he hasn't noticed any change.
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IMO, Farming is recession proof. People still need to eat. Thats why Wiese and Ackerman did not lose money.
 
greggpb said:
Being a rand millionaire is a joke, being a dollar millionaire is something to write home about.. it means you are on the right path. Hoping to get there
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I dont think having a million rand in investible assets is too bad. ;)
 
sox63 said:
IMO, Farming is recession proof. People still need to eat. Thats why Wiese and Ackerman did not lose money.
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To a degree, I agree. But having said that, the type of farming you do could determine how you are affected. For instance: People who previously ate read meat could move to chicken, people who were eating chicken may move to staples such as bread.

So while farming as a whole might not be affected the type of farming may change - wheat farmers may be able to expect a boom.
 
blunomore said:
Interestingly enough, the other day I read the definition of what a millionaire is: someone with at least a million US DOLLARS IN CASH.
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Fixed that for you. A million rand isn't a lot these days. I only think of people as millionaires when they have a million+ of USD.
 
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