via SA at top of wealth list for Africa, Zimbabwe near bottom BDlive by Gillian Jones 08 JANUARY 2014
ZIMBABWEANS are among the poorest people in Africa, with the country’s controversial indigenisation laws expected to further erode their wealth, while South Africa tops the continent’s list of wealth per capita, a new survey released on Tuesday showed.
South Africa’s wealth per person last year was $11,310, according to research by consultancy New World Wealth, which has offices in the UK and South Africa. South Africa’s wealth per person grew 169% from $4,200 in 2000. Zimbabwe’s wealth per capita last year stood at $570.
This was slightly better than that of Tanzania ($450), Mozambique ($430), Uganda ($360) and Ethiopia ($260).
Wealth per capita is a measure of the net assets held by individuals including real estate, shares, business interests and intangibles, while excluding primary residences, according to the research released on Tuesday.
Should Zimbabwe continue with its controversial indigenisation programme, which requires foreign companies to cede 51% shareholding in their companies to locals, its citizens’ wealth would continue to erode, said senior analyst at New World Wealth, Andrew Amoils.
Zimbabwe was among the wealthiest African countries in 2000, ranked ahead of Nigeria, Kenya, Angola, Zambia and Ghana, he said. In the past 13 years, it has fallen far behind these countries, due partly to the erosion of ownership rights, currency devaluation and hyperinflation. Fortunes improved in 2009 when it adopted the US dollar as its official currency and formed a unity government.
But now the Movement for Democratic Change’s exclusion from government, the indigenisation programme, the lack of a free press and the threat of abandoning the dollar as official currency have raised fears that the country’s economic situation could further deteriorate, Mr Amoils said. “We have already seen people queuing up at the banks … everything that can go wrong has, so it is difficult to know where the country can go from here.”
In contrast, Libya ($11,040 wealth per capita), Tunisia ($8,400), Algeria ($6,250), Morocco ($5,780) and Egypt ($4,350) rank high on the list.
Namibia, with per capita wealth of $10,500, and Botswana at $6,580 were among the top-ranked countries in Africa last year. This was, however, well below the global average of $27,600 and a fraction of that of the top-ranked countries such as Switzerland and Australia with wealth per capita of more than $250,000.
When it comes to fastest-growing countries by economic growth per capita from 2000 to 2012, Angola tops the continental list, followed by Ghana and Zambia.
The figures for last year are not yet available.
COMMENTS
Thats where Thabo Mbeki excelled more than Mandela or Zuma
It is really sad that South Africa has used it’s neighbour to be where they are now. They could have checked and kept Zanu pf honest. Instead they stood by and watched the Zimbabwe disinvestment. There is no doubt in my mind that they benefited at Zimbabwe’s expense.Let us go back to the 80’s. There was a time that Multi choice wanted their base in Zimbabwe. Toyota wanted to manufacture their cars in Zimbabwe. Multi choices reason was that Zimbabwe was central and they could be central in an independent country. Toyota was of the opinion that because Zimbabwe had all the available raw materials they could manufacture vehicles at a cheap price and capture the African market.All these deals fell through we are yet to know why. They all went with South Africa.The ANC has proved time and time again that they don’t care about the plight of Zimbabweans. They have sold out the Zimbabwean people so much that even the holidays that were offered for the Victoria falls the adverts shown in the Euro countries showed the falls as being in South Africa. The South African companies were benefiting. If Zanu pf does not see this it becomes obvious that they are in it for personal gain.
@Doctor you talk about south Africa. The whole SADEC area has benefited from Zims down fall. Look at Zambia and Mozambique as Zimbabwe goes deeper into their slumber these guys eyes are getting wider and wider opened. Their economies are on the rise As the Nbeleles say Ilifa lezetuta lixhiwa ngabaxhlapileyo.THE INHERITANCE OF A FOOL WILL BENEFIT THE CLEVER.
@Tendayi Mbeki like Zanu pf ruled at a time when the economy of South Africa was floating on F.W.Declerk’s boat. Thabo Mbeki just jumped in and enjoyed the ride and said “I have a nice boat” Wake up and smell the coffee.
Jack Mandela said “this boat is good. We can all ride. Let us look after this boat”
@doc Nice!
While per capita wealth measures what every person should be having, the reality is that very few people could be in control of all that wealth. Its like dividing a billionaire’s wealth by the number of family members- the answer is not necessarily the wealth each member controls. It is a good figure for economists and others to parade at meetings and highlight in presentations BUT lets check who owns what? In Zim- the ‘poor’ Zimbos now own the land and will soon own their mines!
Oh well done Ndebvu, the reality is you might own the land and the mines, but are they productive? NO! So how much wealth do you get from non productive land? Answer absolutely nothing! Poor Zimbos!
@mandevhu how many people own land in zim?land belongs to the state you can’t sell it or use it to get loans frm the banks,in zim there is nothing to own thats why people are always going out of zim for better life
@ All the haters.
Its not our fault you chose not to apply for the land.
No productivity in the mines? R u serious?U couch critics must be out of the country and havent been back in a long time.
Can u compare the incomes of for example people in Zvishavane/Mberengwa to the ordinary south africans?
Where do these economists get their figures from?11th us is almost R120 000 per year,R 10 000 per month.Really?But yes ofcourse,the whites and the guptas have billions.
@TROLL. Stirring up emotions?
Nbedvu, where I come from: Zvimba rural- in summer only about 20% of the land is ever tilled and in winter only about 10-15%. wake up please. We are not saying that the land shouldn’t have been distributed but we take issue on how it was done. Pure destruction! God does not bless that sort of thing hence our empty store houses! And mining is an expensive, complicated operation. We need clear concise and fair policies which ZPF never give us. It is convoluted! Look at Zimbabwe as a whole. What fruit do you see? Only a few benefit.
Murimi Wanhasi you obviously live in your own little bubble with your own rich friends . You do not see the poverty around you. Give us your stats on how many school leavers are finding employment. Give us your stats of how many people are unemployed. Give us your stats on how many people are employed. Give us your stats of the difference in the crime rate now and 1984.I personally am happy that you contribute to this forum because it confirms that some people have tunnel vision. I cannot speak for others views on this forum but I will never consider my self a hater of anyone. As I’ve said before where is the reward for those that brought Zanu into power in 1980? Where is the free education they promised 34 years ago? Where is the free health care? You have all you need and it’s not up to me to question how you got it but for you to say with a swagger and arrogance that your brothers are doing fine begs to make me wonder if you want to seriously contribute or if you are using this forum as a place to show off and satisfy your ego.
If what Murimi Wanhasi says is true why is the Taxman not getting all the taxes from these highly paid people that are better off than the South Africans. Chinamassa couldn’t even organize a proper budget because the country is broke. I think the brother is talking about the economy of his own house. He cannot even look out see the suffering outside his own window.
Murimi Wanhasi brags about his financial prowess, farming skills while making inherent racist comments. More than likely has never done anything constructive in his life.
@Doctor.U seem offended that someone can actually get this land reform and empowerment thing correct.U say Zimbos work hard?I am, and instead of just crying like u are,I am impacting my people.
I dont have unemployment figures,but its said to be 85%.So what do those figures mean?It means there a long job queues,most people are on welfare.Really?Do these statistics consider employees @ Sibanda & sons supermarket?ARE PEOPLE REALLY IDLE in Zim?
Whats yo take on Communism & Marxism?Remember some promises made during that era of subsdies and populism became harder to fulfil after ESAP.Worse after sanctions followin land reform.
I do not move in a group of moneyed friends,but in a community where Im seeing people’s lives changing,from the horrors of 2008.
Yes there is hope.Yes there is life.Zimbabwe will rise again.
I am happy my friend,dont take that for arrogance.
Crisis-hit Zim receives 700 tons of maize from SA out of 150,000 tons.
So where is your contribution my friend, you claim to be the great successful farmer??
Arrogance you seem to have a lot of but actual achievements none.
@Jr56.I have mentioned it b4.We are not all maize farmers
Murimi you are one person. Most of the rest are in it for themselves. Zimbabwe is a disaster. And it hurts us. We want it to succeed but our politics stinks.
Murimi wanhasi occupies a desk at muntumutapa buildings with criminal cronies. He is intellectually backward morally challenged.full of ignorant puffed up self importance. A typical spoilt zanoid nothing
@Murimi Wanhasi you wanted to know what my take is on communism and Marxism. Excellent to read but unworkable because of the human element. All the countries that used this system had a rich ruling class and a poor population. But then again Murima I think you do believe it works so start by sharing your wealth with others in your commune.
this just goes to show that we black people are stupid, we do not know the meaning of wealth, how to make money. We can read and write but we are not educated. I think its high time we put our tail between our legs and call back the white man to get our economy back on track… I just want to feed my family and if a white guy can help me do that so be it. Black people just don`t know how, its nothing to be embrassed about, we tried ..
Lloyd I understand what you say but please don’t sell your self short. Black people have never been given a chance. Don’t get me wrong the Murimi’s of this world will say “well look at me I was given a chance” But that is not what I am talking about. The chance of self determination, access to information, freedom of expression,freedom of association and freedom of speech. The worst offender being the current group of leaders. Eastern Europe was the same until recently when it all came tumbling down. Zimbabweans have always had a strong work culture. You would always hear them talk about bassa, ispane, itecho. This was the most important thing in their lives. Where do you work when there are no Jobs? Why continue to work when you do not get paid? It is not the black people. It is our leaders.
Its the people like Murimi Wanhasi who are causing the current economic problems with their back ward businesses which hardly produce anything good for the country except self illiterate praises. I was touched a few days ago when a Zimbabwean now in S.African railways commented to my comments I made about Zesa problems,he said he would like to come back home to develop native railways once the politics of this country improves. Our brains are all over the world whilst our politicians are boasting about how to make money like Murimi using corruption and looting.Shame on you all who lack commonsense and wisdom to see what the further would be like with a bit of compassion to your poor masses.
Lloyd, we Zimbabweans should be working as a team. It is evil to be racist and say one colour can farm and one can’t etc. We can all learn from each other. I love your raw honesty. Our politicians could do with a little of that goodness that comes from you. No race is better that the other but instead of tearing each other to pieces we should combine our different strengths and talents and pull together. And this is why I hate Zimbabwean politics. It is utterly destructive and dirty. Be blessed today my brother. You are special.
NBS well said I concur.
ps-to develop his native railways
future not further.
Sorry in a hurry
One statement I find very difficult to accept is ‘we all agree with the idea of taking land/correcting the land ownership pattern; BUT the method used was wrong’. Its like saying that one likes the idea of independence and self rule that brought Zimbabwe from Rhodesia, but one does not agree with the method/ violence. The truth is that nature and the world do not work that way- every birth comes with blood sweat and tears. Where a child is born the mother bleeds and suffers great pain- some people are born by cutting the mother, by caesarian section. The bigger the child the greater the pain. Lets all look forward to this big ‘child’ that is being birthed for our country – together as one!
People fail to see root of the problem….for instance…if a company director is a spendthrift and does not monitor his management….management play….supervisors are not monitored….supervisors play….workers are not monitored….workers play….the company bankrupts…..a chain reaction….A microcosm of a country’s thinking? If the leader plays…the rest play…ultimately the country fails….
And those who claim land and abuse it….Zambia,Malawi and Mozambique are better off now because farmers that have left Zim are farming there,to their advantage….they actually export Maize to Zimbabwe….
a wise man once said to me…something of something…is something….something of F*^% ALL is F*^% ALL