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 THE NEWSROOM
The Money Show’s Bruce Whitfield interviews BOS Brands CEO Dave Evans.
The Money Show’s Bruce Whitfield interviews Ntuthuko Shezi, founder of a company that raises cattle on small investors' behalf.
The Money Show’s Bruce Whitfield asks ad expert Andy Rice to share with him the week’s advertising “heroes” and “zeroes”.
The Money Show’s Bruce Whitfield interviews Michael Jordaan, cofounder of the app-driven, 45% black-owned Bank Zero.
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.
Ndlozi explains the significance of the the first chapter of his thesis: 'Trauma in the archives'.
United States President Donald Trump has disclosed his first stop on an African visit.
The style of visual arts architecture has become part of a few impromptu tours by Jeffrey Cole in the underrated East Rand.
Flux Trends founder Dion Chang gives five reasons why he believes getting a degree is past its sell by date.
WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...
The National Student Financial Aid Scheme (NSFAS) will pilot a new funding model in 2017. NSFAS chairperson Sizwe Nxasana explains.
A new online tool has been developed to put what you pay your domestic worker into perspective.