South African women own far less wealth than men, according to a 2024 study by Professor Daniela Casale titled Measuring the gender wealth gap in South Africa.
Women vs men net worth gap in South Africa: Here’s what the data shows
Using 2017 National Income Dynamics Survey (NIDS) data, the study found that women’s average net worth — the value of all assets minus debts — was about R239,304, compared with R365,680 for men.
This means women’s wealth was 34.6% lower than men’s on average.
According to the study, women make up just over half (54%) of the adult population, yet they own only 43% of total personal wealth in monetary terms. The findings reveal that men and women not only own different amounts of wealth but also different types of assets.
The net worth gap measures the difference in total personal wealth between men and women.
Wealth includes items such as houses, cars, savings, retirement funds, and valuable possessions. Debt — such as home loans, car loans, and credit card balances — is subtracted to get the net worth figure.
A gap of 34.6% means that, on average, women’s personal wealth is about one-third less than men’s.
The types of assets men and women own
The research shows that women are more likely to hold their wealth in real estate (main homes) and household possessions. These assets make up around 84% of the total value of women’s wealth.
Men’s wealth is more spread out, with larger portions in retirement savings, vehicles, business ownership, and financial investments like shares or unit trusts.
This difference matters because assets like retirement funds and financial investments can grow faster over time, provide income, and be easier to sell when money is needed.
Men also tend to have more debt than women, but their debts are often linked to valuable assets such as property or business investments. Women hold a smaller share of property and vehicle debt but a slightly higher share of short-term financial debt, such as personal loans or store credit.
Why the net worth gap exists
The study points to several factors that may contribute to the net worth gap:
- Women are less likely to own businesses or high-value assets.
- Women have lower participation in formal employment, which reduces access to retirement savings and other job-related benefits.
- Assets owned by women may be harder to sell or use as collateral for loans.
Professor Casale’s analysis shows that the net worth gap is even greater than South Africa’s gender pay gap, which was about 24% in the same year. She argues that measuring wealth is important because it gives a longer-term view of economic security, beyond monthly income.
“Assets are not only a store of value but can also be passed on to the next generation, providing long-term security,” the report explains.