Their level of income has allowed them to accumulate substantial assets: the average value of their fixed property is R6.2 million, 42% own more than one residential property (3% own six or more) and their average share portfolio is worth R2.6 million.
The RamsayMedia Research Solutions (RMRS) survey into the economic upper echelon tapped into 1.6 million top-earning households, with a monthly household income of at least R30,000. Of these, the researchers identified the 5% at the very tip of the wealth pyramid, some 80,000 individuals with a monthly household income in excess of R100,000.
Among the total TopEnd group, individuals show a leaning towards entrepreneurial activity, but when it comes to the uber-rich, 73% are employed in a company, with only 20% ticking the self-employed box. South Africa's millionaires haven't got rich on their own, they are corporate climbers.
Understandably, financial wisdom is key to this segment of the market; 40% have some kind of side line income in addition to their corporate jobs, with 59% earning monthly income from their investments.
"As time passes, we can expect to see a few things happen to this segment, notably a slow and steady shift in the 76:11 ratio of white to black millionaires. However, it is important to remember that that will represent an expansion of the segment rather than one group diminishing - once you're in orbit, you really have to mess up spectacularly to come back down to earth," commented RMRS partner, Alan Todd. "In that respect, the fact that 70% of millionaires feel they are much better off now than they were five years ago speaks volumes for the onward and upward march of South Africa's most affluent consumers."
The survey was conducted in partnership with Caxton, Edcon, DStv, Pick n Pay, Nando's, YFM, Toyota, Lexus and Sanlam. Their combined customer base allowed RMRS to reach 49,000 respondents, making it one of the biggest, most in-depth surveys ever conducted into the habits, attitudes and behaviour of the South Africa's most affluent consumers: the top 11% of economically active South Africans who account for almost 50% of the spending - a very powerful and elusive group to reach.
Crucially for marketers, the scope of this years' survey was broadened significantly to include more than 300 brands in 30 categories, providing a remarkable level of granular information.
"We can interrogate the data to focus on any segment of the market, from black youth to motoring enthusiasts, from media consumption and chocolate preferences to what breakfast cereals cyclists eat and what Scotch golfers drink. The sample size and depth of detail make this a marketer's dream," said Todd.
The research is available through any of the traditional channels such as Telmar and Nielsen or directly from RMRS.
The research results are contained in The Millionaire's Report, the first of five reports to be released by RMRS. Others will focus on TopEnd housewives - the people who actually spend most of the household income; TopEnd black South Africans - those with a personal monthly income of more than R25,000 a month; TopEnd entrepreneurs - self-employed risk-takers; and TopEnd technology and online activities.
