Global market research group New World Wealth has released its latest South African Wealth Report, looking at the trends among the country’s wealthiest people.
The report found that South Africa is home to 43,600 High Net Worth Individuals (HNWIs) – defined as individuals who have net assets of $1 million or more.
Additionally South Africa is home to 2,200 multimillionaires (net assets of $10 million or more), and 5 billionaires with net assets of $1 billion or more.
The average age of HNWIs in South Africa is 57 years, slightly above the worldwide average. However South Africa is also home to a large number of young millionaires with those aged 40 and under accounting for 29% of the total make up.
The largest portion of South Africa’s HNWIs acquired their wealth through the financial and professional services (including banks, law firms, accountants, fund managers and wealth managers), however this is closely followed by the real estate and construction industry.
The financial and professional services industry was also the fastest growing sectors for South African HNWIs over the past decade.
1. Industry breakdown
|Industry||Percentage of HNWIs|
|Financial and professional services (includes banks, law firms, accountants, fund managers and wealth managers)||26.8%|
|Real Estate and Construction||19.7%|
|Tech and Telecoms (includes software, internet, hardware and telecoms)||8.9%|
|Basic materials (includes agriculture and mining.)||8.3%|
|Retail (includes all forms of retail, with the exception of food retail which is under FMCG)||7.0%|
|FMCG (includes food distribution, food processing and food retail)||6.4%|
|Healthcare (includes pharmaceuticals, doctors, hospitals, nursing homes and health insurance)||5.7%|
|Manufacturing (includes automotive, textiles, machinery, electrics, chemicals and shipbuilding)||3.2%|
|Transport and Logistics||2.5%|
|Hotels and Leisure||1.3%|