60,000 new South African millionaires were created in 2021

South Africa added 60,000 new millionaires – people who earn R1 million or more per year – in 2021, a study from BrandMapp has revealed.

BrandMapp conducts an independent survey of more than 33,000 respondents living in households of R10,000+ income per month, with the latest survey results set against the backdrop of the most recent SA Treasury data and other indicators.

According to Brandon de Kock, director of storytelling for BrandMapp, personal tax income increased to R72 billion in 2021.

“Latest Treasury data shows that around 60,000 new South African millionaires – as in people who earn R1m or more per year – were made last year. So much for the media headlines that have asserted that South Africa is no country for the wealthy. Despite all the pandemic hardships, it is irrefutable that our millionaire class is on the rise,” said De Kock.

The total tax base grew by almost 500,000 individuals in a year from 6.9 to 7.4 million individuals, with taxpayers earning R350,000 and more growing by 18.5%, said De Kock.

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According to De Kock, new car sales are a common indicator of economic growth or decline, and January and March sales overtook the sales levels in 2019.

“Other markers of a robustness in our middle-class can be seen with banks ending 2021 with 99% increase in headline earnings; online retailer Takealot growing its revenue by 63% by September 2021; a more than 15% increase in Woolworths Foods sales last year; and Shoprite Holdings reporting a whopping R2bn increase in gross profit, largely driven by Checkers which is undergoing a major brand upgrade and aligning with middle-class and up consumers,” said De Kock.