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How many millionaires are there in South Africa?

Must be nice.

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Every year, the South African Revenue Service (SARS) publishes data on the tax revenue it collects. It has all sorts of interesting info – including how many millionaires there are in the country (by income).

If you’re interested in crunching the numbers yourself, you can grab the data over here.

It also includes data for the last ten years for all income brackets. But we’re particularly interested in the people who are earning the big bucks.

According to SARS, there are 48 266 millionaires in South Africa. The biggest chunk of those millionaires are in the R1 million -R2 million range.

Over 113 000 people fall into this bracket, with an average income of R1.32 million per person. It’s up by almost 7000 compared to last year and has more than quadrupled since 2007.

South Africa’s R1m – R2m earners since 2007

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Second biggest in the millionaires category is the R2 million – R5 million earners – almost 29 000 of them and up by just over 200 year-on-year.

South Africa’s R2m – R5m earners since 2007

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The R5 million earner category is the only big-earner category that has seen a decline. There are 5627 in this category, down from 5752 the previous year.

South Africa’s R5m earners since 2007

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From the tax payer pool, the biggest chunk of tax payers (over 800 000) come from the income bracket earning between R250 000 – R350 000. Most people who pay tax earn less than R350 000 a year.

South Africa’s richest people

Now, for ordinary folk, those sums might make your eyes water, but it’s nothing compared to the country’s billionaires. Earlier this year, Entrepreneur Magazine identified the richest people in the country – all with a net worth of over R4.7 billion.

Top of the list was Nicky Oppenheimer with an estimated net worth of R95.2 billion.

Imagine! Must be nice.

[h/t businesstech]

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