Does earning R50k in SA make you wealthy?

Cape Town - Two Fin24 users share opposing views on whether a monthly income of R50 000 classifies someone as wealthy.

This followed a report that provided insight into the habits, attitudes and product ownership among individuals with a personal income of more than R50 000 per month, before any deductions.

The survey was based on the findings of more than 9 000 respondents in South Africa with internet access.

READ: Survey lifts lid on habits, attitudes of SA's well-off

A breakdown of the respondents' pay package showed that 45% earn from R50 000 to R75 000; 24% earn from R75 001 to R100 000, while 31% earn more than R100 000.

Asanda Thondlana wrote to Fin24 saying that gross income of R50 000 constitutes as wealthy, considering the average pay in the country.

"The majority of households in South Africa unfortunately do not have enough information, given our history, that allows them the privilege of wealth management and as a result, to have R50 000 ... on a monthly basis serves as a pretty good reason to classify someone as wealthy."

"R50 000 in my opinion is not enough for one to be considered a wealthy individual, you would be just better off."

He said wealthy individuals to him are those who do not need their salary to live a premium lifestyle.

"They own their properties, they have investments that earn them lots of money in interests, they buy most things cash, own their cars, use private banking services, they don't use their credit cards often and the ones with children, send them to the best private schools in the country."

The profile of South Africa's rich, according to The High Net Worth Individual Report by Effective Measure, Samsung and IAB South Africa:

They mostly speak English, a small percentage is aged between 16-24 and very few smoke tobacco regularly or live in a rural area - these are just some of the insights into South Africa's better-off citizens.

Disclaimer: All letters and comments published on Fin24 have been independently written by members of the Fin24 community. The views are therefore their own and do not necessarily represent those of Fin24.