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The Editor's Desk - Wed 18 Feb 2026: South Africa's shifting middle class and the "Republic of no consequences"

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In today’s edition, Alec Hogg explores a significant demographic milestone: new data reveals that African and white households are now level-pegging in South Africa’s upper-middle-class income bracket. We delve into the implications of this shift, the migration of taxpayers from Johannesburg to Cape Town, and a critical look at Cyril Ramaphosa’s presidency—a leadership defined by well-intentioned instructions that are rarely implemented in what has become a "Republic of no consequences".
18 Feb 2AM English South Africa Investing · Business News

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