Poor wealth forecasts for South Africa due to COVID-19: SA Wealth Report

The South African Wealth Report for 2020, compiled using research obtained by the New World Wealth, provides a statistical summary and analysis of South Africa’s current position in the wealth market.

The report shows that performance in the growth of wealth over the past decade has been poor, with total private wealth held in the country declining by 6% from US$677 billion in 2009 to US$636 billion in 2019.

Wealth forecasts for the years 2020 and 2021 are poor due to the anticipated impact of the coronavirus on stock markets, the Rand, salaries and general business opportunities in South Africa.

According to the report’s in-house prime property indices, South Africa’s residential property market performed poorly over the review period (2009 to 2019) with average prices declining by around 36% in US$ terms. The significant depreciation of the Rand during this period contributed to the decline.

Click on the PDF link below to view the full 2020 SA Wealth Report:

https://www.cnbcafrica.com/wp-content/uploads/2020/04/South-Africa-2020-1.pdf

For more coverage on COVID-19 visit: https://www.cnbcafrica.com/covid-19/

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