How much money you need to be classified as wealthy in Mzansi

How much money you need to be classified as wealthy in Mzansi

When thinking about the term 'rich', the likes of Nicky Oppenheimer, Patrice Motsepe and Christo Wiese come to mind.

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Should you have Nicky Oppenheimer's $7.3 billion nett worth before being considered rich? Well, because South Africa is one of the world's unequal countries, 'rich' depends on opinions.

However, according to a March report by Bloomberg, a person should earn $162,000, an estimated R2.21 million before tax per year, to fall among the top 1% of earners in Mzansi.

Businesstech.co.za reported finance research found that there were 1 800 dollar millionaires more in South Africa by the end of 2018, compared to 2017 when there were 51 110 high nett-worth individuals' (HNWI) recorded.

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How do we compare to the world

As stated above, a person should earn R2.21 million to be considered in the top 1% of earners in SA - this is higher than China's R1.43 required earning and India's R1.1 million.

However, countries such as the USA (R6.5 million) and the UAE (R12.1 million) surpass the amount by far.

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Private Wealth

The requirements for opening a Private Wealth account depends largely on the bank you chose to use.

For example, opening a Private Wealth account at Standard Bank requires an annual salary of R1.1 million where Nedbank Private wealth requires R1.5 million in annual income and R5 million in investable assets.

How much money you need to be classified as wealthy in Mzansi

Photo credit: Businesstech.co.za
Source: UGC

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Source: Briefly.co.za

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