New World Wealth has published its South African wealth report for 2019, looking at the trends among the country’s wealthiest people.
The report found that the country is currently home to 39,200 High Net Worth Individuals (HNWIs) – defined as individuals who have net assets of $1 million or more.
The largest portion of the country’s HNWIs acquired their wealth through the financial and professional services (including banks, law firms, accountants, fund managers and wealth managers), closely followed by the property sector.
These HNWIs typically studied law, with finance and accounting degrees also popular.
The University of the Witwatersrand is the most popular university among HNWIs (20%), followed closely by the University of Cape Town (19%), and Stellenbosch University (12%).
Over two-thirds (68%) of these HNWIs have an undergraduate degree, while 27% have a post-graduate qualification, while just 5% have only a matric.
You can find a complete breakdown of what South Africa’s wealthiest people studied and what industries they work in below.
|Industry||Percentage of HNWIs|
|Financial and professional services (includes banks, law firms, accountants, fund managers and wealth managers)||30%|
|Real Estate and Construction||16%|
|Tech and Telecoms (includes software, internet, hardware and telecoms)||9%|
|Basic materials (includes agriculture and mining.)||8%|
|Transport & Logistics||3%|
|Hotels & Leisure||2%|
What they studied
|Area of study||Type of degree||Percentage of HNWIs|
|Finance and Economics||MBA/Bcom/Business Science/CFA||19%|
|Medicine||Doctorate (or other)||7%|
|Computers and Science||Bachelor of Science||5%|
|Engineering||Bachelor of Engineering||4%|
|Actuarial||Bachelor of Actuarial Science||3%|
Where they studied
|University||Percentage of HNWIs|
|University of the Witwatersrand (Wits)||20%|
|University of Cape Town (UCT)||19%|
|University of South Africa (UNISA)||10%|
|University of Pretoria||6%|
|University of Johannesburg (including RAU)||4%|