Moreover, the net amount needed to feel wealthy is an average of $2.4 million (R35 million).<\/p>\n
This prompted BusinessTech to conduct a poll of its own, asking the following question: “how much money would be enough for you to feel rich?” – which drew over 10,000 responses.<\/p>\n
For the largest chunk of respondents (29%), having more than R50 million in the bank would be the only way to feel rich; however a significant amount of people (a combined 37%) feel that having between R10 million and R20 million would be sufficient.<\/p>\n
For some, the definition of being rich in wealth terms means falling within a certain percentage of the population who earn the most – ie the so-called “one percent” – while for others it has more to do with the products you buy, or services you use.<\/a><\/strong><\/p>\n Most wealth research groups use a net worth of US$1 million (R14 million) to define the world’s wealthiest people, otherwise known as high net worth individuals (HNWIs).<\/p>\n It’s also around this level that most of South Africa’s banks (including private banks) open up their doors and services to individuals.<\/p>\n According to the latest AfriAsia Bank South Africa Wealth Report, the country is home to 43,600 HNWIs, each with net assets of US$1 million or more, and 2,200 multimillionaires, each with net assets of US$10 million or more.<\/p>\n The country has as many as 98 centi-millionaires, each with net assets of US$100 million or more.<\/p>\n Data from Credit Suisse shows that the vast majority of adults in South Africa have a net worth below US$10,000 (R120,000). The data shows that the country\u2019s total net worth among all adults was recorded at $761 billion (R9.1 trillion) at the end of 2017.<\/p>\n The top 10% \u2013 the richest decile \u2013 controls 75% of this wealth, with the top 5% controlling 65.2%, and the top 1% controlling 41.2%.<\/p>\n Put another way, some 3.4 million people control R6.83 trillion of the country\u2019s net wealth. This means that if you have net wealth levels of around R2 million<\/strong>, you\u2019re probably well rooted within the richest 10% of adults in South Africa.<\/p>\n Another metric for “rich” would be to see what income bracket you would fall into when it comes to paying taxes.\u00a0The highest wealth tax bracket in South Africa is 45% of taxable income for earners above R1.5 million annually<\/strong>.<\/p>\n![\"\"](\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2018\/08\/Wealth-poll.png\")
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