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5 major traits of South African millionaires that will bring you closer to being like them

June 29, 2019 at 05:37 pm | Money Moves

Mildred Europa Taylor

Mildred Europa Taylor | Associate Editor

June 29, 2019 at 05:37 pm | Money Moves

Mining businessman Patrice Motsepe is one of the super wealthy people in South Africa. He is pictured here with his wife. Pic credit: W24

Millionaires are usually considered to be the most brilliant and enterprising people who are able to come out with ideal and fast ways to make some cash despite the obstacles.

It’s true that some of them might have certain advantages such as being born into a rich family or a country with an enabling environment. Nevertheless, most of them largely strive on their own to strike it big.

In South Africa, the situation is no different. The country has nearly 40,000 millionaires at the moment, cites AfrAsia Bank SA Wealth Report for 2019.
The sixth edition of the report, published by Johannesburg-based New World Wealth and released this week, said there were 39,200 people with assets of more than $1 million, 2,070 with assets of $10 million and 94 people with assets more than $100 million.

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

In effect, the total private wealth held by people living in South Africa declined by 10% from $722 billion to $649 billion. The report attributed this drop to the significant depreciation of the rand against the U.S. dollar.

Meanwhile, the average South African individual has total assets of around $11,500, which is the second highest in Africa behind Mauritius.

Scores of young people who have an interest in starting their own businesses and growing their wealth often look up to millionaires for inspiration.

In South Africa, this is what millionaires do, how they live, and what they play. If you want to come closer to being like them, the SA Wealth report has outlined some of their traits:

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