Simnikiwe Hlatshaneni
Premium Journalist
3 minute read
11 Jun 2021
6:35 pm

SA’s dollar millionaires: A not-so-good story for the country

Simnikiwe Hlatshaneni

While a free-market approach to the economy is good for investor confidence, one cannot ignore the other end of the SA's wealth spectrum.

Picture: iStock

Nearly 40,000 professionals in South Africa are bagging income worth millions of US dollars, but while commendable, this is only good news for the rich themselves, says economist Peter Baur. The news is contained in the latest New World Wealth report, which reveals that 38,400 dollar millionaires currently operate in South Africa. The largest portion of the country’s high-net-worth individuals (HNWIs) acquired their wealth through the financial and professional services. ALSO READ: GDP growth welcomed, but still in negative territory This includes banks, law firms, accountants, fund managers and wealth managers. They are closely followed in the sector-tier list for...