Being among South Africa’s top 1% of income earners requires an annual salary of over R1.9 million, and the financial sector is primed to get you there with the right job and experience.
In 2024, being among the richest 1% of income earners in South Africa requires a significant income, reflecting the country’s stark economic disparities.
According to recent studies and financial reports, an individual with an annual income of approximately R2.5 million or more is in this elite category.
This figure varies slightly depending on the source and methodology, but it consistently hovers around this benchmark.
For example, previous data compiled by Knight Frank showed that a 1% earner in South Africa is anyone grossing over $109,000 a year, or just over R1.94 million. This equates to R162,000 a month.
This aligns closely with updated data from the World Inequality Database (WID), which puts the entry-level to the top 1% of earners in South Africa at around R151,700 per month (R1.82 million a year).
To be in the top 1%, individuals typically hold high-paying positions in sectors such as finance, technology, law, and corporate management.
Many also benefit from investments, property ownership, and other forms of passive income.
However, it must be noted that the income required to reach this threshold is not static; it adjusts annually based on economic conditions, inflation, and changes in the overall income distribution.
The jobs that pay
Considering the large amount needed to join the country’s 1% income earners, BusinessTech looked at one particular sector that offers salaries at this level.
The latest Quarterly Employment Survey for the first three months of 2024 covers eight key industries or sectors in South Africa.
This is further divided into 20 sub-categories and then into 92 job sectors or fields.
These mainly consist of various manufacturing sectors and also include fields like community services, government jobs, trade (retail and wholesale), and business services.
Of the 92 jobs covered by the survey, 44 job types pay higher than the national average.
The highest average monthly salary of R90,659 is attributed to those working in financial intermediation in the business services sector.
Financial intermediaries are commercial banks, investment banks, mutual funds, pension funds, and any other institution that acts as a middleman between two parties to facilitate a financial transaction.
It’s not surprising that jobs in the banking sector are among the highest-paying, as salary surveys for the finance and banking sectors reveal that positions in these fields can earn well over R1 million per annum.
The 2024 Salary Survey from professional recruitment firm Robert Walters shows that 20 jobs in the banking, finance, and accounting sectors comfortably pay the required R1.82 million and more.
However, the survey showed that salaries of R1 million or more in the sector are typically reserved for workers with high levels of experience, mostly 10 years or more.
These jobs are listed in the table below.
| # | Position | Sector (XP) | Exp | From | To (‘000) |
|---|---|---|---|---|---|
| 1 | Chief Financial Officer (JSE Top 200) | Accounting | 10+ | R2.6 million | R4.0 million |
| 2 | Chief Risk Officer | Banking | 10+ | R1.6 million | R3.5 million |
| 3 | Head of International Audit/ Chief Internal Auditor |
Banking | 10+ | R1.4 million | R3.0 million |
| 4 | Chief Operating Officer | Accounting | 4-10+ | R1.5 million | R3.0 million |
| 5 | Chief Financial Officer (Qualified CA) | Banking | 10+ | R2.0 million | R2.8 million |
| 6 | General Manager | Accounting | 4-10+ | R1.4 million | R2.7 million |
| 7 | CEO (SME) | Accounting | 10+ | R2.7 million | R2.7 million+ |
| 8 | Group Treasury Manager | Accounting | 4-10+ | R1.2 million | R2.5 million |
| 9 | Commercial Director | Accounting | 4-10+ | R1.0 million | R2.5 million |
| 10 | Private Equity/ Corporate Finance |
Banking | 10+ | R1.6 million | R2.3 million |
| 11 | CA (SA) | Accounting | 10+ | R1.6 million | R2.3 million |
| 12 | Qualified CA(SA) | Banking | 10+ | R1.5 million | R2.2 million |
| 13 | Relationship Manager/ Corporate Banker |
Banking | 10+ | R1.3 million | R2.2 million |
| 14 | Actuary | Banking | 10+ | R1.4 million | R2.2 million |
| 15 | Chief Finance Officer/ Financial Director (SME) |
Accounting | 4-10+ | R1.2 million | R2.2 million |
| 16 | Group Tax Manager | Accounting | 4-10+ | R1.0 million | R2.2 million |
| 17 | Investment Analyst (CA plus CFA) | Banking | 10+ | R1.2 million | R2.0 million |
| 18 | Strategy Consultant | Banking | 10+ | R1.3 million | R2.0 million |
| 19 | Head of Finance/ Finance Executive (Qualified CA) |
Banking | 4-10+ | R1.0 million | R1.9 million |
| 20 | Finance Manager | Accounting | 10+ | R1.3 million | R1.8 million |
Read: SARS warms up to rich South Africans
