Picture: Chris Ratcliffe/Bloomberg
Picture: Chris Ratcliffe/Bloomberg

40% of SA's directors are millionaires

By Staff Reporter Time of article published Jun 1, 2018

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DURBAN - New World Wealth has published their annual South African Wealth Report which determines the trends that drive the nation's wealthiest people.

The report identified that South Africa has 43 600 High Net Worth Individuals (HNWI). A HNWI is a person that has net assets of $1million or more. This means that South Africa has 43600 millionaires.

According to the report, 29% of the millionaires are young (under the age of 40) and 57 is the average age of a millionaire in South Africa.

So how did these millionaires make their money? The report shows that the biggest portion of millionaires made their money through financial and professional services, 26,8%. 19,7% of millionaires made their money through real estate and construction while 8,9% of millionaires made their money through tech and telecoms. Finally, 8,3% of millionaires made their money through the basic materials industry.

The following table shows various job titles and the percentage of HNWIs per job title.

Job title Percentage of HNWI's
Director 40%
Managing Director 16%
Chief Executive Officer 11%
Chairman 9%
Partner 8%
Chief Financial Officer 3%
Financial Director 3%
Other 10%
Tota 100%

The Top Three

According to Indeed, the average salary for a director is R950 557 per annum. Their figure is based on the 383 salaries that were anonymously submitted to them by director employee, users and past and present job advertisements in the past three years.

The site shows that the salary of a director can range from R312 000 per annum to R1,93 million. Payscale shows that the median salary for a Managing Director is R971 323 per year. The salary of a Managing Director ranges from R484 790 to R1,64 million.

The median salary of a Chief Executive Officer is R1,06 million according to Payscale. The range of a Chief Executive Officer's starts at R328 869 and ends at R2,32 million.


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