Tuesday, December 07, 2010

billionaires double

"Cosatu has for many years been highlighting the gross levels of inequality in South Africa;...if the report is true, Cosatu, far from exaggerating the gulf between rich and poor, has been seriously under-estimating it!" said Cosatu spokesman Patrick Craven was responding to a Sunday Times article that reported on a survey 'Who Owns Who' on the super-wealthy in South Africa.

The survey revealed that the number of super-wealthy South Africans had doubled in a year. The number of billionaires nearly doubled from 16 in 2009 to 31.

"The wealth that these people own and receive is created by the workers' labour in the mines and factories, on the farms and in the shops.Their bosses' salaries and perks are now higher than those in developed countries, while workers' wages are nowhere remotely near those of their American or European counterparts."

The top earner in the survey was reported as Pine Pienaar, CEO of Mvelaphanda Resources, who earned R63 million in 2009. He was followed by Norbert Platt, CEO of Richement, who got R58 million and then Marius Kloppers, CEO of BHP Billiton who took home R54 million.The highest paid state-owned enterprise executive was Khaya Ngqula, former head of SAA ‘earned' R13.7-million in 2009, including his controversial R9.35-million "termination benefit".

No comments: