A whole lot more rich people in SA than previously thought

Business

A whole lot more rich people in SA than previously thought

Research says those earning more than R1.5m a year now number between 180,000 and 200,000 people

Warren Thompson

FirstRand’s private banking division says the market for people earning more than R1.5m a year may be nearly a third larger than previously thought – at between 180,000 and 200,000 people, including the self-employed.

This implies there may be more opportunities in SA for asset managers and offshore banking and fiduciary specialists to cater to the needs of the well-heeled. 

Howerver, Eric Enslin, CEO of FNB Private Wealth and RMB Private Bank, said the number of high net worth clients is being seriously eroded by emigration taking place across two categories of clients...

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