The study was carried out to examine asset ownership and income as determinants of household poverty in South Africa. The specific objectives were to determine the poverty levels of the households and also investigate the influence of asset ownership and income on household poverty in South Africa. The results showed that assets owned by households included real estate assets, business assets, vehicle assets, financial assets, superannuation assets, livestock assets and possession. Two-thirds of the mean-per-capita household expenditure was used as the benchmark to estimate the poverty line, so that the poverty levels of the households could be determined. The results showed that 59.49% of South African households experience poverty, particularly in Kwazulu-Natal, Eastern Cape and Limpopo provinces. The results of the logistic regression revealed that asset ownership and income had a positive influence on household poverty level. The Western Cape, Northern Cape, Free State, and Gauteng provinces showed high odds for improving poverty level, while Kwazulu-Natal province showed odds of increasing poverty. It was recommended that policies should focus on income redistribution through employment generation, which will lead to enhanced income. This can, in turn, be used to acquire assets, especially in the most affected provinces like Kwazulu-Natal, Eastern Cape and Limpopo province.