This is what South African millionaires study

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 breakdown

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%
Diversified 8%
Healthcare 7%
Retail 5%
FMCG 5%
Media 4%
Manufacturing 3%
Transport & Logistics 3%
Hotels & Leisure 2%

What they studied

Area of study Type of degree Percentage of HNWIs
Law LLB/LLM 28%
Finance and Economics MBA/Bcom/Business Science/CFA 19%
Accounting Chartered Accountant 10%
Medicine Doctorate (or other) 7%
Computers and Science Bachelor of Science 5%
Engineering Bachelor of Engineering 4%
Actuarial Bachelor of Actuarial Science 3%
Other Other 24%

Where they studied

University Percentage of HNWIs
University of the Witwatersrand (Wits) 20%
University of Cape Town (UCT) 19%
Stellenbosch University 12%
University of South Africa (UNISA) 10%
Rhodes University 7%
University of Pretoria 6%
University of Johannesburg (including RAU) 4%
US universities 4%
UK universities 3%
Other 15%

Read: Luxury homes in South Africa are now selling for a ‘bargain’

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This is what South African millionaires study