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Those who have kept an eye on the news in the past few days would have seen headlines about the wealth of the world’s 10 richest men doubling during the COVID-19 pandemic.

It’s tough living there at the top of the food chain.

The above stat comes via charity group Oxfam International and its recent wealth inequality report, timed for release just before this year’s virtual World Economic Forum Davos Agenda.

Attendees will be bleak that they cannot gather in person for what is usually a giant schmoozefest between corporate and political leaders.

In a South African context, it’s been a good year for our richest citizens with three of the top five seeing their net worth rise and a collective gain of close to $45 billion between 2020 and 2022.

For info on the top 1% here’s BusinessTech:

…the country’s richest 1% currently hold about 41% of the country’s total wealth – estimated in 2021 at $763 billion. This is up significantly from the 35% recorded in 2019.

This elite group of around 376,000 people – based on the adult population of 37.6 million – control around $311 billion of South Africa’s total wealth. Averaged out, this is $828,000 per person.

At the time of writing that converts to around R12,8 million. Those stats come from finance group Credit Suisse’s 2021 Wealth Databook.

It’s important to note that working out the average wealth of the top 1% isn’t the same as working out what net worth is required to crack the nod.

Using data from The Wealth Report 2021, compiled by Knight Frank, you’ll need to hold a net wealth of $180 000 (around R2,8 million) to make the cut for South Africa’s top 1%.

That’s far more realistic. In fact, with some shrewd financial planning sooner rather than later that’s entirely realistic.

As the expert team at Consequence Private Wealth like to say, the consequences of decisions made today will bear fruit over the years based on the sound principles applied at their inception.

The idea of getting your finances in order to pave the way to success may sound daunting but you don’t have to go it alone.

Good luck with your climb to the top.

[source:bustech]