South Africa’s black middle class, which makes up 7% of the black population, has grown in confidence and is focused on creating financial security for future generations and retirement readiness.
This is according to The Black Middle-Class Report 2022 published by the University of Cape Town Liberty Institute of Strategic Marketing, which conducted the study over a year, with surveys of over 1 900 middle-class households and more than 300 interviews.
It found that 57% of the black middle class earn R22 000 per month in household income, while 31% earn R40 . . .
October 3, 2022