South Africa's democratization in 1994 saw the expansion of the black middle class. The black middle doubled in size from 2.2 million in 1993 to 5.4 million in 2008. Despite this grow the country's middle class is still facing a crisis, as disparity in education, skill, unemployment and income continues. In 2018 a World Bank report found South Africa to be the most unequal country, out of a ranking of 149 countries. The report found the top 1% of citizens own 70.9% of the country's wealth, while the bottom 60% only controls 7% of the country's assets. But it is well known that the middle-class pays the majority of personal income taxes, carrying the country forward economically. With rising costs in the country the middle class is under extreme financial pressure with many buckling under their debt burden. We are told to tighten our belts irrespective of these challenges but how much more pressure can the middle class take?

GUEST: Xhanti Payi, Consulting Economist and head of research at Nascence Advisory and Research