What you need to study to become a billionaire in South Africa
Global market research group New World Wealth recently released its South African Wealth Report, looking at the trends among the country’s richest people.
According to the report, the largest portion of South Africa’s high net worth individuals (HNWIs) – who have net assets of $1 million or more – acquired their wealth through the financial and professional services (including banks, law firms, accountants, fund managers and wealth managers).
In addition more than 28% studied law (LLB/LLM), while 21% studied a finance or economics degree (MBA/Bcom/Business Science/CFA).
What they studied
| Area of study | Type of degree | Percentage of HNWIs |
|---|---|---|
| Law | LLB/LLM | 28% |
| Finance and Economics | MBA/Bcom/Business Science/CFA | 21% |
| Accounting | Chartered Accountant | 12% |
| Computers and Science | Bachelor of Science | 6% |
| Medicine | Doctorate (or other) | 4% |
| Engineering | Bachelor of Engineering | 4% |
| Actuarial | Bachelor of Actuarial Science | 3% |
| Other | Other | 22% |
Wealthy executives
This data appears to have been backed up City Press’ inaugural Wealth Index, which focused on the pool of directors of companies listed on the five local stock exchanges.
The index was compiled using company documents, announcements and share registers published between 2006 and 2018, as well as from the disclosed remuneration of JSE-listed companies’ directors for the 2017 financial year – including bonuses and severance packages.
However it also focused on what these billionaires studied, and the companies that helped drive their wealth.
According to the index, four of the top ten billionaires (Christo Wiese, Patrice Motsepe, Koos Bekker, and Michiel Le Roux) all hold a Bachelor of Laws degree (LLB).
Additionally three of the top 10 (Ivan Glasenberg, Laurie Diepenaar, and Stepehn Saad) hold a Chartered Accounting (CA) degree.
| Rank | Name | Qualifications | Total value of investments (R million) |
|---|---|---|---|
| 1 | Ivan Glasenberg | CA (SA), BAcc, MBA | 71 796.38 |
| 2 | Christo Wiese | BA, DCom(hc), LLB | 32 782.36 |
| 3 | Patrice Motsepe | BA (Law), LLB | 22 750.3 |
| 4 | Laurie Dipenaar | CA (SA), MCom | 15 781.73 |
| 5 | Ivan Saltzman | N/A | 15 629.93 |
| 6 | Stephen Saad | CA(SA) | 14 363.37 |
| 7 | Koos Bekker | BA (Hons), BA (Law), LLB, MBA | 13 558.94 |
| 8 | Johan Rupert | Honorary Doctorate in Economics and Company Law | 13 213.73 |
| 9 | John Whittaker | N/A | 12 894.86 |
| 10 | Michiel Le Roux | Bcom, LLB | 11 575.33 |
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