Friday, January 15, 2016

Has Apartheid Gone?

CEO Sim Tshabalala of Standard Bank, one of South Africa’s largest banks has said that the country must weed out racism before its economy can advance.

Apartheid ended in South Africa in 1994 but gross inequality between black and white South Africans has persisted. Census data from 2012 showed that black South Africans earn an average of 60,613 rand ($3,641) per year, which was a 169 percent increase over the previous 10 years. Their white counterparts, on the other hand, earn an average of 365,134 rand ($21,932) — six times the average income for black South Africans. Two decades after the end of white minority rule, wealth and income gaps are still clearly visible along racial lines and perceptions of white privilege loom large.

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