{"id":787431,"date":"2024-08-20T19:00:00","date_gmt":"2024-08-20T17:00:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=787431"},"modified":"2024-08-20T19:37:40","modified_gmt":"2024-08-20T17:37:40","slug":"how-much-you-need-to-earn-to-be-in-the-richest-1-in-south-africa-and-20-jobs-that-could-get-you-there","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/wealth\/787431\/how-much-you-need-to-earn-to-be-in-the-richest-1-in-south-africa-and-20-jobs-that-could-get-you-there\/","title":{"rendered":"How much you need to earn to be in the richest 1% in South Africa \u2013 and 20 jobs that could get you there"},"content":{"rendered":"\n

Being among South Africa’s top 1% of income earners requires an annual salary of over R1.9 million, and the financial sector is primed to get you there with the right job and experience. <\/p>\n\n\n\n

In 2024, being among the richest 1% of income earners in South Africa requires a significant income, reflecting the country’s stark economic disparities. <\/p>\n\n\n\n

According to recent studies and financial reports, an individual with an annual income of approximately R2.5 million or more is in this elite category. <\/p>\n\n\n\n

This figure varies slightly depending on the source and methodology, but it consistently hovers around this benchmark.<\/p>\n\n\n\n

For example, previous data compiled by Knight Frank showed that a 1% earner in South Africa is anyone grossing over $109,000 a year, or just over R1.94 million. This equates to R162,000 a month.<\/p>\n\n\n\n

This aligns closely with updated data from the World Inequality Database<\/a> (WID), which puts the entry-level to the top 1% of earners in South Africa at around R151,700 per month (R1.82 million a year).<\/p>\n\n\n\n

To be in the top 1%, individuals typically hold high-paying positions in sectors such as finance, technology, law, and corporate management. <\/p>\n\n\n\n

Many also benefit from investments, property ownership, and other forms of passive income. <\/p>\n\n\n\n

However, it must be noted that the income required to reach this threshold is not static; it adjusts annually based on economic conditions, inflation, and changes in the overall income distribution.<\/p>\n\n\n\n

The jobs that pay<\/strong><\/p>\n\n\n\n

Considering the large amount needed to join the country’s 1% income earners, BusinessTech looked at one particular sector that offers salaries at this level. <\/p>\n\n\n\n

The latest Quarterly Employment Survey for the first three months of 2024 covers eight key industries or sectors in South Africa. <\/p>\n\n\n\n

This is further divided into 20 sub-categories and then into 92 job sectors or fields. <\/p>\n\n\n\n

These mainly consist of various manufacturing sectors and also include fields like community services, government jobs, trade (retail and wholesale), and business services. <\/p>\n\n\n\n

Of the 92 jobs covered by the survey, 44 job types pay higher than the national average. <\/p>\n\n\n\n

The highest average monthly salary of R90,659 is attributed to those working in financial intermediation in the business services sector. <\/p>\n\n\n\n

Financial intermediaries are commercial banks, investment banks, mutual funds, pension funds, and any other institution that acts as a middleman between two parties to facilitate a financial transaction. <\/p>\n\n\n\n

It’s not surprising that jobs in the banking sector are among the highest-paying, as salary surveys for the finance and banking sectors reveal that positions in these fields can earn well over R1 million per annum.<\/p>\n\n\n\n

The 2024 Salary Survey from professional recruitment firm Robert Walters shows that 20 jobs in the banking, finance, and accounting sectors comfortably pay the required R1.82 million and more. <\/p>\n\n\n\n

However, the survey showed that salaries of R1 million or more in the sector are typically reserved for workers with high levels of experience, mostly 10 years or more.<\/p>\n\n\n\n

These jobs are listed in the table below.<\/p>\n\n\n\n

#<\/th>Position<\/th>Sector (XP)<\/th>Exp<\/th>From<\/th>To (\u2018000)<\/th><\/tr><\/thead>
1<\/td>Chief Financial Officer (JSE Top 200)<\/td>Accounting<\/td>10+<\/td>R2.6 million<\/td>R4.0 million<\/td><\/tr>
2<\/td>Chief Risk Officer<\/td>Banking<\/td>10+<\/td>R1.6 million<\/td>R3.5 million<\/td><\/tr>
3<\/td>Head of International Audit\/
Chief Internal Auditor<\/td>		Banking<\/td>10+<\/td>R1.4 million<\/td>R3.0 million<\/td><\/tr>
4<\/td>Chief Operating Officer<\/td>Accounting<\/td>4-10+<\/td>R1.5 million<\/td>R3.0 million<\/td><\/tr>
5<\/td>Chief Financial Officer (Qualified CA)<\/td>Banking<\/td>10+<\/td>R2.0 million<\/td>R2.8 million<\/td><\/tr>
6<\/td>General Manager<\/td>Accounting<\/td>4-10+<\/td>R1.4 million<\/td>R2.7 million<\/td><\/tr>
7<\/td>CEO (SME)<\/td>Accounting<\/td>10+<\/td>R2.7 million<\/td>R2.7 million+<\/td><\/tr>
8<\/td>Group Treasury Manager<\/td>Accounting<\/td>4-10+<\/td>R1.2 million<\/td>R2.5 million<\/td><\/tr>
9<\/td>Commercial Director<\/td>Accounting<\/td>4-10+<\/td>R1.0 million<\/td>R2.5 million<\/td><\/tr>
10<\/td>Private Equity\/
Corporate Finance<\/td>		Banking<\/td>10+<\/td>R1.6 million<\/td>R2.3 million<\/td><\/tr>
11<\/td>CA (SA)<\/td>Accounting<\/td>10+<\/td>R1.6 million<\/td>R2.3 million<\/td><\/tr>
12<\/td>Qualified CA(SA)<\/td>Banking<\/td>10+<\/td>R1.5 million<\/td>R2.2 million<\/td><\/tr>
13<\/td>Relationship Manager\/
Corporate Banker<\/td>		Banking<\/td>10+<\/td>R1.3 million<\/td>R2.2 million<\/td><\/tr>
14<\/td>Actuary<\/td>Banking<\/td>10+<\/td>R1.4 million<\/td>R2.2 million<\/td><\/tr>
15<\/td>Chief Finance Officer\/
Financial Director (SME)<\/td>		Accounting<\/td>4-10+<\/td>R1.2 million<\/td>R2.2 million<\/td><\/tr>
16<\/td>Group Tax Manager<\/td>Accounting<\/td>4-10+<\/td>R1.0 million<\/td>R2.2 million<\/td><\/tr>
17<\/td>Investment Analyst (CA plus CFA)<\/td>Banking<\/td>10+<\/td>R1.2 million<\/td>R2.0 million<\/td><\/tr>
18<\/td>Strategy Consultant<\/td>Banking<\/td>10+<\/td>R1.3 million<\/td>R2.0 million<\/td><\/tr>
19<\/td>Head of Finance\/
Finance Executive (Qualified CA)<\/td>		Banking<\/td>4-10+<\/td>R1.0 million<\/td>R1.9 million<\/td><\/tr>
20<\/td>Finance Manager<\/td>Accounting<\/td>10+<\/td>R1.3 million<\/td>R1.8 million<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n
\n\n\n\n

Read: SARS warms up to rich South Africans<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

This is how much money you need to earn to be in the top 1% in South Africa and the jobs that can pay that kind of salary in 2024.<\/p>\n","protected":false},"author":92,"featured_media":702685,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9880],"tags":[853],"class_list":["post-787431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wealth","tag-south-africa"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/787431","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/92"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=787431"}],"version-history":[{"count":6,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/787431\/revisions"}],"predecessor-version":[{"id":787654,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/787431\/revisions\/787654"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/702685"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=787431"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=787431"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=787431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}