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New World South African Wealth Report 2015: Indians steal the show

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By NewsGram Staff Writer

According to the New World South African Wealth Report for 2015, the South-African Indians lead the rise in the number of millionaires in the country with other communities.

The Indians were among the 9% of the total South Africans who were in the new list of millionaires.

The report also said that the coastal city of Durban where half of the population comprises of Indians had shown the fastest growth in the past year. The posh areas of La Lucia and Umhlanga of Durban has seen a huge influx of Indians in the recent years, and according to the report , these two areas had shown the maximum growth in the country.

Most of the millionaires had attained their status through the financial services, telecoms and healthcare sector.

The recent rise in Indians and other communities is due to Government’s Black Economic Empowerment Programs (BEE), which was implemented in 2003.

BEE gives advantages to previously disempowered communities, which includes Indians and other minority communities. Previously advantaged white South Africans saw a decrease of 13 per cent in millionaires, said an economic advisor.

The report also said that there would be a significant growth of the Indians and other minority communities in the next three years despite economic growth in South Africa being constrained by the current electricity crisis, increasing trade union involvement and a rising level of government regulation.

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84% Indians Hope to Retain Their Jobs Despite Automation: WEF

Indians see automation, but hopeful of keeping jobs

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Indians jobs
Although majority of Indians think their jobs would be automated in the next 10 years, 84 per cent hope to retain their jobs. (Representational Image) Pixabay

Although majority of Indians think their jobs would be automated in the next 10 years, 84 per cent hope to retain their jobs, supported by their skills, according to a report by World Economic Forum (WEF) and Ipsos.

India tops the list in terms of expectation of jobs automation, as around 71 per cent respondents expect their jobs to be automated. Saudi Arabia comes second with 56 per cent respondents expecting jobs getting automated, and in China 55 per cent respondents feel the same.

“Interestingly, 84 per cent of urban Indians polled are confident of keeping their jobs, using the skills they possess. The survey also shows across all markets, Indians are most confident, followed by the Netherlands (83 per cent) and the US (82 per cent),” the report said.

Indians jobs
Indians realise while automation is likely they know it will act as an enabler to improve efficiencies in deliverability. Pixabay

The markets least confident of holding onto their jobs in the face of automation, include Japan (23 per cent), South Korea (33 per cent) and Russia (50 per cent).

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Commenting on the survey, Parijat Chakraborty of Ipsos India said, “Indian job market is hierarchy driven, promotions are skills and performance-led. Indians realise while automation is likely they know it will act as an enabler to improve efficiencies in deliverability; human intellect, skill-sets and capital will still be needed to get the job done.” (IANS)