Twenty-eight percent of South Africa’s 39,300 millionaires studied finance and accounting.
According to Henley & Partners and New World Wealth’s latest Africa Wealth Report, 28 percent of South Africa’s super rich studied finance and accounting. This includes BCom, MBA, CA and CFA degrees.
The report considers wealth as the net assets of a person and includes all their property, cash, equities, business interests, less any liabilities. The research also defines high net-worth individuals as those with wealth of more than R15.5 million.
In 2021, there were 39,300 dollar millionaires in South Africa. One of these is MTN Group CEO Ralph Mupita (featured), who has an MBA and served as the CFO of the telecommunications company before being promoted to CEO. He earned R84.2 million in total remuneration last year.
A further seven percent studied medicine or science, seven percent studied computer and information technology and five percent studied engineering.
The main industries in which these millionaires acquired their wealth are financial and professional services (35 percent), real estate (12 percent), and technology and telecommunication (10 percent).
Twenty percent of them studied at the University of Cape Town, 18 percent at the University of Witwatersrand and 13 percent at Stellenbosch University.