Wealth Advisory Newsletter

Good news for South Africa’s economy

According to a measure of sentiment compiled by the South African Chamber of Commerce, South Africa’s new multi-party Government of National Unity (GNU) has an opportunity to boost economic growth and investment as it announced a slight recovery in business confidence over the last two months, reports Daily Investor.

How much you need to earn to be the richest 1% in South Africa – and 20 jobs that could get you there

According to recent studies and financial reports, an individual with an annual income of approximately R2.5 million or more is among the top 1% earners or the elite in South Africa.  Previous data compiled by Knight Frank showed that a 1% earner in South Africa is anyone grossing more than $109 000 (R1.94 million) a year. This equates to R162 000 a month, reports BusinessTech.

Financial watchdog warns against any moves toward prescribed assets

South Africa’s financial regulator opposes proposals to mandate pension fund investments in government-approved projects, warning it could compromise market returns and retirees' outcomes. The regulator emphasises that recent amendments already permit significant infrastructure investments without the need for prescribed assets, reports News24.

Investments worth billions in pipeline for Gauteng, says Lesufi

Gauteng Premier Panyaza Lesufi announced more than R137 billion in private-sector investments to boost job creation and economic growth. Initiatives include expanding OR Tambo International Airport’s cargo capacity, modernising railways and developing the Gautrain network, reports BusinessDay.

BankservAfrica index points to an encouraging uptick in economic activity in July

Economic activity in July improved due to uninterrupted power supply a positive market response to the elections and the formation of a GNU, according to the BankservAfrica Economic Transactions Index. The index rose to its highest level since May 2022, indicating early signs of economic recovery, reports BusinessDay.