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Super-rich are corporate climbers - poll

Apr 24 2013 22:18 Fin24

High earning South Africans are far wealthier than assumed. (Shutterstock) (Shutterstock)

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Cape Town - High earning South Africans are far wealthier than assumed and most of them are employed in a company, according to the TopEnd 2013 Survey.

The survey was conducted by RamsayMedia Research Solutions (RMRS) and showed that South Africa's millionaires are corporate climbers.

From the total 1.6 million top-earning households polled, 5% (80 000)enjoy a monthly household income of more than R100k per month and has been identified as the super-rich or the millionaires.

This segment showed that almost 10% (8 000) have a monthly household income of R500 000 or more, with 36% (28 800) earning more than R200 000 a month.

The survey showed that 73% (58 400) of the super-rich were employed in a company, while 20% were self-employed.

Data also revealed that 40% (32 000) of them have a secondary income in addition to their corporate jobs, with 59% (47 200) earning a monthly income from their investments.

RMRS partner Alan Todd said there are almost seven white millionaires for every black one, but that changes are expected.

"However, it is important to remember that that will represent an expansion of the segment rather than one group diminishing", he said.

Todd added that 70% of millionaires feel they are much better off today compared to five years ago and that this speaks volumes about the upward mobility of the country's most wealthy consumers.

 - Fin24

*Updated


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