World Bank report declares South Africa as the most unequal nation in the world

Last updated on March 12th, 2022 at 06:35 am

South Africa – A report by the World Bank revealed that South Africa is the most unequal nation in the world. On Wednesday, the organization said that one of the most determining factors here was race.

It further explained that in South African society, 10% of the population owns more than 80% of the wealth making a huge imbalance in the society hence creating the majority of the financial differences.

The US-based financial organization said, “South Africa… is the most unequal country in the world, ranking first among 164 countries.” The World Bank did not back out from mentioning that race has been a major reason why there is a high index of inequality.

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• World Bank report declares South Africa as the most unequal nation in the world

As per the report, race has been impacting education and the labor market in the African nation making it worse for civilians to grow in various sectors. The report detailed out that due to race, the country witnessed an inequality amounting to 41 percent.

The contribution of education in balancing growth has also been reduced to 30 percent. Another factor that keeps such a huge distance between the two sides in the nation is the continued attempt to establish colonization. The age-old practices such as aparthied and race categorisation are deep rooted in South African society which is further leading to reinforcement of inequality.