Executive Insights

What SA’s rich people are into: exercise and reading yes, cars and watches not so much

Business Insider SA
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  • South Africa's dollar millionaires are into exercise, travel, and reading, according to a new report, but they don't want to own stamps or classic cars.
  • Standard Bank surveyed rich people in various countries on the continent for its African Wealth Report 2020, including 65 in South Africa.
  • Only 4% of those rich South Africans currently participate in team sports, but nearly half want to.
  • Golf and cycling didn't rate highly.
  • Here's what rich people in South Africa are – and aren't – into.
  • For more stories go to www.BusinessInsider.co.za.

The vast majority of South Africa's dollar millionaires are into some form of health and exercise activity, but despite the reputations of those sports, less than a third of them are into golf or cycling.

Art too has a small following as a hobby activity among SA's rich, though many of them wish they could be more involved in it – though not as many as those who wish they were involved in team sports.

For its African Wealth Report 2020, Standard Bank interviewed 256 high-net-worth individuals, all worth at least $1 million, in various African countries.

65 of its respondents were in South Africa.

Among questions on how they made their money, and how they safeguard it now, the bank also asked about hobbies and passions.

Here's what we learnt about what rich South Africans are – and aren't – into, from Standard Banks' African Wealth Report 2020.

These are the top hobbies among South Africa's dollar millionaires

  • Health and exercise: 84%
  • Travel: 79%
  • Reading: 78%
  • Wine and spirits: 49%
  • Fine dining: 44%
  • Wildlife safaris: 39%
  • Golf: 30%
  • Cycling: 28%

Among all other hobbies, only "culture" and photography had a little over a quarter of respondents indicate they currently participate. In three cases, though, a significant number of rich people in South Africa said they were interested in hobbies they were not currently practising.

  • 44% said the were interested in art – while only 15% current participate in it as a hobby
  • 42% said they were interested in team sports – though only 4% currently participate in any
  • 42% also said they were interested in "culture" – where 26% currently participate.

Asked what "lifestyle and passion assets" they have no interest in owning, this is what at least half of SA's rich said

  • Private aircraft: 89%
  • Stamps: 80%
  • Classic cars: 79%
  • Ceramics: 72%
  • Coins: 61%
  • Watches: 56%
  • Luxury automobiles: 56%
  • Diamonds: 53%
  • Jewellery: 52%
  • Luxury homes: 51%

Rich South Africans mostly seemed to be spending their money (if not their time) the way they want to already. Very few said they were interested in any lifestyle asset they didn't currently own. Only wine stood out at all, with 26% of non-participants saying they were interested in it – but an equal 26% said they had no interest in wine.

(Compiled by Phillip de Wet)

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