When thinking about the term 'rich', the likes of Nicky Oppenheimer, Patrice Motsepe and Christo Wiese come to mind.
PAY ATTENTION: Click “See First” under the “Following” tab to see Briefly.co.za News on your News Feed!
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.
PAY ATTENTION: Do you want to know what's trending on Briefly.co.za? Join our WhatsApp group today.
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.
READ ALSO: Beating the odds: Homeless teen receives millions in scholarships
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.
Enjoyed reading our story? Download BRIEFLY's news app on Google Play now and stay up-to-date with major South African news!