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:
Two months ago, an attacker fatally stabbed 11-year-old Jayden Perkins as he attempted to defend…
Cardi B has spoken for the first time on the guilt she felt canceling her…
A'ja Wilson is one of the top women's basketball players and an athletic hero. Before…
Cur'Dericka Rice has made headlines after receiving nearly $1 million in scholarships from 13 universities.…
Authorities in Florida have brought charges against a woman accused of fatally beating her 4-year-old…
Harris Wolobah, the 14-year-old whose family said he died after suffering complications from eating a…
Authorities in Chamblee, Georgia, have arrested and charged a 28-year-old man who allegedly ejaculated on…
Manika Gamble recently made history as the first Black woman to complete a 155-mile, seven-day…
Meet Tiffany Rose Dean; she is the founder of Hollywood Hair Bar, a $45 million…
Lil Baby's music video shoot was marred by gunshots on Tuesday evening, leading to three…
Micaela Varlack is extremely upset that her daughter's hair was changed without her consent by…
Nelson Shardey, a retired 74-year-old Ghanaian man who has resided in the UK for nearly…
Tunji Balogun runs the iconic Def Jam record label. He took charge of the company…
Mary J. Blige has taken the footwear market by storm following the release of her…
Authorities in Georgia said a man fatally choked his girlfriend and the mother of his…