> Thandisizwe Mgudlwa
The rich are getting richer across the globe.
While the world's poor are getting poorer.
But in South Africa, the situation in much more severe.
South Africa already duped as the most unequal country in the world.
News that South African CEOs topped the list of fastest earners in the world, are highly disturbing and unacceptable, to say the least.
In the latest study released by Quartz this month. It is revealed that South African CEOs not only do they top the rankings of the fastest earners globally, but they are taking just over seven hours to earn the average South African’s annual wage.
Quartz combined British think tank High Pay Center’s data, which monitors pay at the top of the income distribution.
Along this was the Bloomberg’s Global CEO Pay Index and average worker pay in several countries in order to arrive at the result.
Aamna Modin, author of the report noted, “While CEOs in South Africa make far less on average than their American counterparts, their salaries were 541 times more than the average income in their own country."
“It took CEOs in South Africa just over seven hours to make $13,194, which is the country’s average yearly wage. Assuming Monday, Jan. 2, was a public holiday and they started work at 7:30am on Tuesday, Jan. 3, CEOs in South Africa clocked in the annual average wage by 3pm that day”.
SA was also the only African country to make the list with the rest of the top 5 comprised of economic heavyweights including the UK, Canada, Switzerland and the USA.
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