Manage episode 302274639 series 2908288
It’s September 2021, and this is the fourteenth Audio Episode of “The Shyft Lift”, the regular news digest of the App for the globally-minded, based in South Africa.
Governments in sub-Saharan Africa have budgeted to spend about $340 billion in 2021. By contrast, household spending will be closer to $1.3 trillion, nearly four times as much. https://www.youtube.com/watch?v=wwfsyJAqXaM
Between 2008 and 2019 the China Development Bank and the Export-Import Bank of China lent $462 billion to other countries – not far off the $467 billion lent by the World Bank over the same period. https://www.youtube.com/watch?v=RlAurYDOQ8o
Total issuance of bonds this year has reached R66.6bn, which is 27% higher year on year. https://www.youtube.com/watch?v=6qyNT8eqaOs
The largest player in the local steel market, AMSA, makes about 65-67% of all sales with three million tonnes per year. This could rise if the market is boosted by positive global GDP growth and a more stable economy in SA. https://www.youtube.com/watch?v=6r5CVaxtU1A
Only five African countries – Egypt, South Africa, Senegal, Tunisia and Ethiopia – can produce vaccines. The recent African Continental Free Trade Area agreement aims to improve the flow of pharmaceuticals and medical equipment along with vaccines. https://www.imf.org/en/News/Articles/2021/04/15/tr041521-transcript-of-april-2021-sub-saharan-africa-press-briefing
This month we focus on creating wealth for the next generation. In South Africa, one of the most unequal countries in the world, income distribution remains stubbornly racialised, gendered and spatial. An important factor in the racial component is so-called Black Tax, which occurs at all socio-economic levels. It used to mean only financially supporting elderly relatives who were denied the opportunity to create wealth themselves, largely due to historic factors, but now it often includes siblings and other family members.
In SA, 70% of families will lose the majority of their wealth by the 3rd generation, and 90% by the 4th generation. The top 1% of South African earners take home 20% of all income while the top 10% take home 65%. The remaining 90% of South Africans share 30% of income in South Africa.
Dr Thanduhlanga Tshume, Head of Generational Wealth at Standard Bank suggests five ways to create generational wealth: start now with stocks, clear your debt, diversify, look to the future, and remember that it’s not just about the money.
Shyft is an app for global citizens, based in South Africa. It helps you buy, send, and store local and foreign currency - anytime, anywhere, directly from your mobile. Visit getshyft.co.za to download the app. SHYFT operates under the license of The Standard Bank of South Africa Limited, an authorised Financial Services Provider (FSP number 11287).--- Send in a voice message: https://anchor.fm/standard-bank-southafrica/message