A new report from AfrAsia Bank and New World Wealth reviews the top degrees and work titles of SA millionaires…
If you’re planning on being one of the 43 600 High Net Worth Individuals (HNWI) in South Africa, it’s worth noting which sectors produce the most millionaires… and billionaires. If you have a flair for finances, you’ll be in the majority of HNWIs, while real estate and telecoms also bring home the bacon.
- SA is home to 43 600 HNWIs, each with net assets of US$1 million or more.
- SA is home to 2 200 multimillionaires, each with net assets of US$10 million or more.
- SA is home to five billionaires, each with net assets of US$1 billion or more.
What they do
According to the report, the fastest growing sectors for South African HNWIs over the past 10 years included financial services (banks, fund managers, wealth managers) and professional services (law firms, consultancies, etc.).
The average age of the rich elite is 57 years old, while 34% are over 60.
What they studied
Law degrees are the most common degrees and certifications held by South African HNWIs. This does not necessarily mean that they are all lawyers! On the contrary, most of the HNWIs in SA with law degrees are business owners and directors of major companies.
Type of degree/area of study (% of HNWIs):
- Law (LLB, LLM): 28%
- Finance & Economics (MBA, B.Com, Business Science, CFA): 21%
- Accounting (Chartered Accountant): 12%
- Computers and Sciences (B.Sc.): 6%
- Medicine: 4%
- Engineering: 4%
- Actuarial: 3%
Where they live
If you’re keen to meet one of these HNWIs, you can find most of them in Johannesburg, Cape Town, Durban, Ballito, and Umhlanga.
Read more: 12 smart ways to save money in your own home
Why they stay in South Africa:
- Lifestyle aspects: wildlife, beaches, weather and scenery
- A good private healthcare system
- Top class private schools for their children
- Top class shopping centres (examples: Sandton City, Gateway, Montecasino, V&A and Hyde Park)
- English speaking country
- Fully developed luxury market, where most of the major luxury brands are available
- Large number of luxury holiday destinations within country (examples: Kruger Park, Cape Town, Umhlanga, Ballito, etc.
A4W News – All4Women
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