{"id":696079,"date":"2023-06-18T17:00:00","date_gmt":"2023-06-18T15:00:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=696079"},"modified":"2023-06-15T17:43:56","modified_gmt":"2023-06-15T15:43:56","slug":"the-most-expensive-bank-accounts-in-south-africa-for-the-super-wealthy","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/696079\/the-most-expensive-bank-accounts-in-south-africa-for-the-super-wealthy\/","title":{"rendered":"The most expensive bank accounts in South Africa – and how much you need to earn to qualify"},"content":{"rendered":"\n

South Africa may be losing millionaires, but several bank accounts across the country still offer the super wealthy expensive accounts with a significant number of benefits. <\/p>\n\n\n\n

According to the latest Wealth Migration Report for 2023 by Henley & Partners and New World Wealth, South Africa saw 400 high-net-worth individuals – those who have a net worth of over US$1 million (approximately R19 million) – emigrate in 2022, with a further 500 expected to leave in 2023.<\/p>\n\n\n\n

\u201cMillionaire migration figures can be a telling real-time barometer for the health of an economy as wealthy people are extremely mobile and they, therefore, tend to be the first to move,\u201d the report said. <\/p>\n\n\n\n

Thus, significant drops in the HNWI population in South Africa can also be linked to the decline in wealth across the country. <\/p>\n\n\n\n

According to the latest African Wealth Report for 2023, South Africa was home to 37,800 US dollar millionaires at the end of 2022, a 1,500 drop from the 39,300 recorded at the end of 2021. <\/p>\n\n\n\n

If 400 emigrated, that means 1,1000 millionaires simply lost their HNWI status due to the market conditions.<\/p>\n\n\n\n

Despite the decline in wealth levels in South Africa, many banks still offer accounts for the super-wealthy in the country. <\/p>\n\n\n\n

To even access one of these accounts, one would need to earn a minimum of R750,000 per year or R62,500 per year. <\/p>\n\n\n\n

For instance, the Discovery Purple account will require South Africans to earn over R2.5 million per year or over R200,00 monthly. <\/p>\n\n\n\n

This is significantly higher than the average salary in South Africa, with BankservAfrica data for April showing the average salary in the country is R14,534 – a major decline on the R15,170 recorded a year prior. <\/p>\n\n\n\n

Below are the salary requirements for the most expensive accounts in South Africa: <\/p>\n\n\n\n

Bank<\/strong><\/td>Annual salary needed<\/strong><\/td>Monthly salary needed<\/strong><\/td><\/tr>
Discovery Purple<\/a><\/td>>R2.5 million<\/td>> R208 000<\/td><\/tr>
Nedbank Private Wealth<\/a><\/td>>R2 million <\/td>>R166 666<\/td><\/tr>
FNB Private Wealth<\/a><\/td>R1 800 000<\/td>R150 000<\/td><\/tr>
Standard Bank Signature Banking<\/a><\/td>R1 104 000<\/td>R92 000<\/td><\/tr>
Investec Private Banking<\/a><\/td>R800 000<\/td>R66 600<\/td><\/tr>
RMB Private Fusion Account<\/a><\/td>R750 000<\/td>R62 500<\/td><\/tr>
Absa Private Banking<\/a><\/td>R750 000<\/td>R62 500<\/td><\/tr>
Average<\/strong><\/td>R1 386 285<\/strong><\/td>R115 466<\/strong><\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n

Discovery Purple not only requires the highest annual salary but also has the highest monthly fee at R599. <\/p>\n\n\n\n

Considering the net worth of these individuals, an average monthly account fee of R529.14 will not make a significant dent on the finances of any of these wealthy customers. <\/p>\n\n\n\n

Bank Account<\/strong><\/td>Monthly Fee<\/strong><\/td><\/tr>
Discovery Purple<\/a><\/td>R599<\/td><\/tr>
Investec Private Banking<\/a><\/td>R575<\/td><\/tr>
RMB Private Fusion Account<\/a><\/td>R550<\/td><\/tr>
FNB Private Wealth<\/a><\/td>R525<\/td><\/tr>
Nedbank Private Wealth<\/a><\/td>R500<\/td><\/tr>
Standard Bank Signature Banking<\/a><\/td>R495<\/td><\/tr>
Absa Private Banking<\/a><\/td>R460<\/td><\/tr>
Average <\/strong><\/td>R529.14<\/strong><\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n
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Discovery Purple<\/strong><\/p>\n\n\n\n