New World Wealth has published its latest South African wealth report for 2020, looking at the trends among the country’s wealthiest people.
The report found that there are currently 38,400 dollar millionaires living in the country (those with a net worth of $1 million or more) – down by 800 from the number recorded in 2019.
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 real estate sector.
However, the data shows that these HNWIs typically studied either law, finance or accounting degrees when at unviersity.
The University of the Cape Town is the most popular university among HNWIs (20%), followed closely by the University of the Witwatersrand (18%), and Stellenbosch University (12%).
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)||32%|
|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 and science||Doctorate (or other)||7%|
|Computers and IT||Bachelor of Science||6%|
|Engineering||Bachelor of Engineering||5%|
|Actuarial||Bachelor of Actuarial Science||3%|
Where they studied
|University||Percentage of HNWIs|
|University of Cape Town (UCT)||20%|
|University of the Witwatersrand (Wits)||18%|
|University of South Africa (UNISA)||10%|
|University of Pretoria||6%|
|University of Johannesburg (including RAU)||4%|