A fifth of SA's multi-millionaires made their money in property. But law and financial services are the big growth areas.
- More than a quarter of SA’s dollar millionaires are lawyers, bankers, fund managers, and accountants.
- These are also the fastest-growing industry for high net-worth individuals, according to a new report.
- The average age of dollar millionaires in South Africa is 57.
Some 26% of South Africa’s dollar millionaires (individuals with net assets of more than R11.9 million) work in financial and professional services, according to the AfrAsia Bank South Africa Wealth Report.
These individuals mostly work at banks, law firms, accounting firms, fund managers, and wealth management companies.
The Wealth Report, released on Thursday, showed that there were 43,600 South Africans with net assets of more than $1 million (R11.9 million) and 2,200 with net assets of more than $10 million (R119 million).
The report expects the number of South African high-net worth individuals to grow by 28% over the next decade, to reach 56,000.
The fastest growing sectors for South African high-net worth individuals over the past 10 years were financial services (banks) and professional services (law firms, consultancies, etc.).
Currently, almost 27% of the dollar millionaires work in these areas. Financial and professional services sector continues to grow strongly, the report says.
This is followed by real estate and construction (19.7%) and technology and telecommunication (8.9%).
The average age of dollar millionaires in South Africa is 57, with only 6% of the group younger than 40 years.
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