October 19, 08:00IOL

Jeff Bezos's net worth estimated at 6 trillion Rand; potential impact on South Africa

Amazon founder Jeff Bezos has once again ranked among the world's wealthiest individuals, with an estimated net worth of $370 billion (equivalent to approximately 6.08 trillion Rands). This places him second in the global wealth ranking after Elon Musk. His immense fortune allows for a highly impressive consideration of South Africa's needs in housing, education, healthcare, and infrastructure.

A significant contributor to Bezos's recent wealth growth is Blue Origin, the space company he founded and still primarily owns (about 93%). A recent funding round valued the company between $130 and $140 billion, instantly adding billions to his capital. He personally invested about $30 billion in this firm, including an additional $2 billion in the latest round.

Furthermore, his industrial artificial intelligence venture, Prometheus, also increased in value following a major funding round. Additionally, he acquired a minority stake in Liverpool FC as part of a deal valuing the club at over $7 billion, and continues to purchase property in Florida, exceeding his spending there by $230 million.

Bezos remains the largest individual shareholder in Amazon (about 8%), serves as Executive Chairman, owns the Washington Post, and has already directed large sums toward climate change efforts through the Bezos Earth Fund. He has stated his intention to give away most of his fortune during his lifetime.

What 6.08 trillion Rands could do in South Africa

Using current valuation estimates, here is how far these funds could go:

RDP Homes: With an official subsidy of about 255,364 Rands per home, the fortune could finance approximately 23.8 million housing units, significantly exceeding the current deficit.
New Public Schools: According to recent projects in Gauteng and the Western Cape, the average cost of one school ranges from 100 to 125 million Rands, allowing for the construction of over 50,000 new educational institutions.
Clinics and Community Health Centers: Using a conservative average estimate of 70–80 million Rands per facility, the funds could erect over 75,000 clinics. Even funding several large hospitals at a cost of 1 to 5 billion Rands would leave a substantial remainder.
Prisons: Medium-security centers cost approximately 680,000 to 810,000 Rands per bed. The Department of Correctional Services reported a need for about 50,000 additional beds, which would cost roughly 36 billion Rands. Bezos's fortune could cover this need multiple times and build hundreds of high-security facilities.
Factories: A reliable average production workshop of 5,000 to 10,000 square meters typically costs between 50 and 100 million Rands. At an average cost of 100 million Rands, the funds could support the construction of about 60,000 factories.
Jobs: Even with conservative capital expenditure costs of 300,000 to 500,000 Rands per sustainable production job, the fortune could support 12 to 20 million jobs. One large factory complex can create hundreds of direct jobs and many others in the supply chain.
Pothole Repair: According to Johannesburg data, the average cost of one pothole is about 371 Rands. This money could eliminate tens of millions of such potholes, which is more than enough to clear the country's roads and leave funds for proper resurfacing.
Parks: Modernizing small and medium parks usually costs between 1 and 20 million Rands. The fortune could renovate or build hundreds of thousands of parks.
Border Infrastructure: South Africa's land border stretches approximately 5,244 kilometers. Proper fencing and barrier work cost between 5 and 10 million Rands per kilometer. This means the possibility of building 600–1,200 kilometers of high-quality border infrastructure, which would exceed the coverage of the riskiest sections.
Commercial Airports: A new medium international or regional airport is valued at 8–10 billion Rands. These funds could finance 600–760 new or fully modernized commercial airports.
Drug Rehabilitation Centers: Appropriate residential centers range from about 34 million Rands for small ones to 100–150 million Rands for larger institutions. At an average cost of 50 to 100 million Rands, the fortune could build between 60,000 and 120,000 such centers.
Police Stations: New stations average 70 to 75 million Rands each, corresponding to the construction of approximately 80,000–85,000 new stations.
University Campuses: A completely new university campus costs 3.2 billion Rands. These funds could finance about 1,900 such campuses.
Sports Stadiums and Fields: Modernizing medium-sized stadiums or new public sports complexes often costs several hundred million Rands. At a cost of 500 million to 1 billion Rands per major facility, this could fund tens of thousands of stadiums or sports centers.

How it would rank as a country

Compared to national economies, $370 billion is comparable to the economy of middle-income countries. South Africa's projected GDP for 2026 is around $480–489 billion, placing it roughly 39th–40th globally. Thus, Bezos's personal wealth constitutes approximately three-quarters of the entire South African economy.

This sum exceeds the GDP of many African and emerging markets, including Nigeria with a GDP of around $380–387 billion, and falls within the same range as countries like Portugal, Peru, or Finland. Although net worth is a reserve of assets, and GDP is an annual flow of production, the comparison is not perfect. Nevertheless, it demonstrates how concentrated wealth is at the very top. Bezos has stated his desire to give away most of this fortune. If even a portion of this money were directed towards housing, factories, clinics, schools, jobs, and daily infrastructure in South Africa, its impact would be difficult to overstate.

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iol.co.zaOctober 12, 13:36

SARB study reveals true cost of cash in South Africa is R88.5 billion annually, with the poorest segments paying the most.

A recent study by the South African Reserve Bank (SARB) uncovers the hidden costs associated with using cash, showing that low-income households bear a disproportionately large financial burden.

Despite the development of digital payment systems, cash still accounts for 56% of consumer transactions by volume in South Africa, according to SARB data. The new SARB study details the expenses South Africans incur related to obtaining and using cash, with these costs extending far beyond standard transaction fees.

Only ATM withdrawal fees are estimated at R17.7 billion annually, and cash deposit fees at R13.3 billion, totaling R31 billion. However, the total annual cost of cash for consumers in South Africa is estimated at R88.5 billion when accounting for other, less obvious expenses.

These additional costs include R27.8 billion spent on time spent accessing cash, R12.5 billion on travel for cash withdrawals, as well as R3.9 billion and R1.3 billion related to retailer expenses and lost interest, respectively. Furthermore, cash-related crime costs consumers R12 billion annually.

Low-income households bear the main burden

The most alarming finding is the uneven distribution of cash-related expenses among low-income populations. People earning less than R1,250 per month spend about 5% of their earnings on cash-related costs. Among those earning between R5,000 and R8,000 per month, this share is approximately 3%, while for recipients earning between R13,000 and R20,000, it drops to 2%, and for individuals earning over R20,000, it is as low as 1%.

The study also showed that 55% of people earning less than R1,250 per month rely entirely on cash, compared to only 1% among those earning R20,000 or more. These figures highlight the issue of financial inclusion: people with the lowest incomes are often forced to rely on a payment method that can consume a significant portion of their earnings. When visiting spaza shops, 66% of buyers prefer to pay with cash.

Cash is king in the informal economy

Cash remains critical for daily operations in the informal economy. According to the study, consumers use cash to pay for 66% of transactions in spaza shops and 65% of taxi fares. Additionally, cash constitutes 45% of mobile top-up purchases and 51% of religious payments.

The cost of accessing cash varies significantly depending on the channel. The study indicates that cash return services from retailers cost 12 cents per R100, whereas ATMs charge up to 68 cents, and bank branches cost R1.53. To reduce costs and improve accessibility, SARB recommends expanding cash return services in retail, promoting shared cash infrastructure and cash recycling, and improving ATM access in underserved areas. The bank also calls for a comprehensive study comparing the costs of cash, cards, and digital payments. The report is based on 2024 data and includes industry cost data, stakeholder interviews, consumer surveys, and economic modeling; some figures, especially those concerning time and other indirect costs, are estimates rather than directly observed expenditures.

www.aajtak.inOctober 8, 13:03

Young cricketer Jason Rolls becomes the most expensive acquisition of the SA20 auction

The most significant interest at the SA20 Season 5 auction was not drawn by an experienced international star player, but by a young athlete named Jason Rolls, aged 18. On October 7th, the Joburg Super Kings team made a major bid for this young all-rounder, paying approximately 1.68 crore rupees in competition with MI Cape Town. Notably, although Rolls' base price was around 11.5 lakh rupees, he became the most expensive player at this auction due to rising bids.

Jason Rolls' story is special because he is at an early stage of his career. He studies at St David’s Marist School in Johannesburg and comes from the South African junior cricket system. Rolls is a left-handed batsman, and although his experience at the senior level is still limited, his performances in cricket before the age of 19 have attracted the attention of franchises.

During the 2026 U-19 Cricket World Cup, Rolls was one of the players who scored the most runs for South Africa, accumulating a total of 280 runs in five matches. His average was around 70, and his strike rate was 112. In these matches, he scored one century and one half-century, and also took 4 wickets, demonstrating his talent on the international stage before the age of 19.

His achievements were not limited to the World Cup. In a series of three youth one-day matches against India, he scored 149 runs with an average of about 50, including one century. Furthermore, in a youth Test match against England, he played a innings that highlighted his talent.

In July 2026, Rolls scored an impressive 201 runs in a match against the English youth team. He batted 296 balls, hitting 23 fours and 2 sixes. With this innings, he entered the list of selected batsmen who managed to score a double century for South Africa in a youth Test match.

Rolls possesses not only batting skills but is also capable of playing as an all-rounder. He bats aggressively with his left hand and plays spin. It is this versatility that attracts franchises, seeing in him a potential future star in T20. The high bid at the SA20 auction indicates the readiness of teams to make large investments not only in current results but also in the future potential of young athletes.

Joburg Super Kings did not only bid on Rolls; they also acquired experienced Faf du Plessis for 2.7 million rand and West Indian legend Kieron Pollard for 1.5 million rand. Now Rolls will have the opportunity to learn from such experienced T20 players as Faf du Plessis and Pollard.

SA20 Commissioner Greg Smith expressed satisfaction, noting that the most important moment for him is Jason Rolls. He stated that the high bid for the 18-year-old demonstrates the franchises' trust in the new generation. Smith added that they aimed to create such a path, and watching his success is very inspiring.

Additionally, Jason Rolls trained under Dinesh Lad, coach of the Indian team, Rohit Sharma. Lad asked Rolls to come to India after watching his videos, and Rolls spent a month with the coach in sessions.