Mike Schüssler, Brenthurst Wealth consulting economist, has published a new research note on what it takes to be middle-class in South Africa and how people are increasingly being squeezed out of the group.
Schüssler notes that there is no single universal definition for ‘middle class’, with the report instead focusing on the group of people who would, at least, be those who work.
At present, about two-thirds of the employed in South Africa work in the formal market, which is relatively high for a labour force in the developing universe, Schüssler said. “However, this does not translate to being rich, as upper-middle-class is then effectively classified as a working person who earns an. The irony is that many of the top 10% of earners in South Africa would fall into the lower-middle class in many other countries.Given the importance of the middle class in South Africa, the small size of the middle class is of particular importance, Schüssler said.
In many developed countries, and quite a few developing countries too, this income would not even lift the person out of the lowest third of earners overall, Schüssler said. Combined with being in the bottom 5% of countries with regard to the percentage of the population who are employed, South Africa should have the smallest share of the population paying personal income tax – at least as a share of the adult population – in the world today, Schüssler said.
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