How Much You Need to Earn to Join SA’s 0.01% Wealthiest People

How Much You Need to Earn to Join SA’s 0.01% Wealthiest People

- Constutancy group Knight Frank has given South Africans an indication of how much they need to earn to be considered part of the worlds richest 0.01%

- In 2020 there were roughly 45,000 dollar millionares living in Mzansi, and that number is expected to grow by around 63, 000 by the year 2025

- The consultancy group says to be a part of the elitest of Mzansi's ballers, you'll need to earn at least R22 million annually

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New data from global property consultancy group Knight Frank shows how much South Africans need to earn to be considered part of the worlds wealthiest 0.01%.

How Much You Need to Earn to Join SA’s 0.01% Wealthiest People
One consultancy group is revealing how much locals have to earn. Images: Getty
Source: Getty Images

Belive it or not, as of December 2020 there were 44,605 dollar millionaires living in South Africa. The property group anticipates that number will grow to as many as 63, 400 by the year 2025.

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The consultancy group predicts that the global population of people whose net wealth exceeds $30 million or more- will grow by 27% over the next five years, while the number of millionaires is predicted to rise by 41%.

The group also looked at the wealth required to be in the top 0.1%.

The US tops the list with over $25 million required, followed by Monaco, with $22.2 million, with Switzerland trailing in third ($16.6 million). In South Africa, the magic number is $1.6 million – a little over R22 million.

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Meanwhile, Briefly News previously reported that there are calls for suspended Eskom chief procurement officer Solly Tshitangano to be fired from his position. This comes after the officer was found to have advanced personal interests in the deal involving supplier Econ Oil.

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Tshitangano is also found guilty of intentionally breaching his duty and misleading Mzansi’s power generator.

According to News24, the chairperson of his disciplinary inquiry Nazeer Cassim has submitted his ruling to the parastatal on Friday morning. The Eskom board has heard that former procurement officer Solly Tshitangano should be fired. Said Cassim:

“Tshitangano acted dishonourably and has exhibited all qualities that make him unsuitable for the position he occupies. “He declined the opportunity to deal frankly with serious allegations of misconduct. I recommend his immediate dismissal and I further recommend that Eskom take appropriate steps against all those involved improperly on the Econ Oil saga.”

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