University millionaires

The Faculty of Health Sciences campus at the University of the Witwatersrand, showing a sculpture by surgeon Dr Laurence Chait

Which SA universities – and degrees – produce the most millionaires?

Want value for money from your university experience? Look no further. These institutions – and a select number of courses – usually produce millionaires.

University millionaires

The Faculty of Health Sciences campus at the University of the Witwatersrand, showing a sculpture by surgeon Dr Laurence Chait

When normal life resumes again, one of the things we can invest our hopes and good faith in is the promising generation of learners at our most prestigious universities. We need our smart thinkers and visionaries to guide us through whichever crisis comes next. Or, alternatively, our youth could just aim for a law degree and make themselves millionaires. The world really is their oyster…

Which universities produce the most millionaires in South Africa?

Data compiled by the New World Wealth Index has calculated which universities in South Africa produce the most dollar-millionaires, otherwise known as “high net-worth individuals” (or HNWIs). At the time this research was carried out, you needed about R14 million in the bank to fall into this category. We won’t mention the current exchange rate, for the sake of everyone’s sanity – but here are the best performing unis:

University% Share of South Africa’s HNWIs
University of Cape Town (UCT)20%
University of Witswatersrand (Wits)18%
Stellenbosch University (SU)12%
University of South Africa (Unisa)10%
Rhodes University8%
University of Pretoria6%
University of Johannesburg4%
Uni education in the US4%
Uni education in the UK3%
All other universities15%

According to the study, one in five of South Africa’s dollar-millionaires – of which there are more than 38 000 living on our shores – have a degree from UCT. The Cape Town institution narrowly ousts Wits in the bid for supremacy, which is responsible for 18% of the HNWIs in Mzansi. Stellies, with 12%, takes the bronze.

What degree courses lead to the best paid jobs?

So, we’ve established which universities are the best at making millionaires. But what are the most profitable courses? Well, New World Wealth’s research shows that more than one in four of our big earners studied law, and 19% of them underwent financial studies. Our lawyers and bankers enjoy the most direct route to riches.

Type of degree / area of study% Share of South Africa’s HNWIs
Law27%
Finance19%
Accounting10%
Medicine and Science8%
Computers and IT8%
Engineering7%
Actuarial5%

Millionaires with university degrees – more learners are studying law

Those in the respective fields of accounting, medicine and computer technology also give themselves a good chance of raking it in after they’ve left university. But as the report highlights, more people are choosing to study topics which give them a pathway in the financial and legal industries of South Africa:

“Over the review period, the financial and professional services sector has performed relatively well when compared to other key sectors, generating the most new “high net-worth individuals”. In fact, its share of HNWIs has risen from 25% in 2009 to 32% in 2019. A large percentage of SA HNWIs studied law.”