An estimated 30% of South Africa’s dollar millionaires made their fortunes in financial and professional services, according to a new report from AfrAsia Bank and New World Wealth.

These services included the banking sector, law firms, accounting firms, fund managers, and wealth management companies.

The Wealth Report, released on Wednesday, showed that South Africa had 39,200 people with assets of more than $1 million (R14.2 million); 2,070 with assets of $10 million (R142 million); and 94 people with assets more than $100 million (R1.42 billion).

The report found that the sources of South Africa’s dollar millionaires’ fortunes were:

  • Financial and professional services 30%
  • Real estate 16%
  • Tech and telecoms 9%
  • Mining, farming and chemicals 8%
  • Mixed sectors, and sectors such as security and education 8%
  • Healthcare 7%
  • Retail 5%
  • Fast-moving consumer goods 5%
  • Media 4%
  • Manufacturing 3%
  • Transport and logistics 3%
  • Hotels and leisure 2%

The report said the country had 4,400 fewer dollar millionaires than in 2018, and 130 fewer people with assets of more than $10 million.

In total, the total private wealth held by people living in South Africa declined by 10% from $722 billion to $649 billion.

The report blamed the significant depreciation of the rand against the US dollar for the decline. The rand declined from R12.30 to the dollar at the end of 2017, to R14.40 to the dollar at the end of 2018.

The average South African individual, the report said, has total assets of around $11,500 (roughly R163,600), which is the second highest in Africa behind Mauritius.

Source: Business Insider.