Many would agree that South Africa is a land of opportunity. But you need to know how to use the right opportunities to make money and some people have been successful at finding their place. There is no right or wrong way to make money in South Africa. However, several proven sectors can make you some good money once you work hard. A survey conducted by Standard Bank discovered that the industries that many South Africans make their money include
- Manufacturing (18%);
- Real estate (17%);
- Technology (15%);
- Financial services (11%)
We will add entertainment/social media influencing/media landscape to the list.
People who make money in South Africa
People in the manufacturing industry
The manufacturing industry contributes 15% of South Africa’s GDP. To date, the industry is one of the biggest employers of labour and creator of economic and job opportunities. The manufacturing industry in South Africa has some main sectors which include agro-processing, automotive, electronics and textiles, clothing and footwear. An advantage the manufacturing industry has over other industries is that it is stable with more growth opportunities. This makes it enticing to young entrepreneurs. The industry can boast of several millionaires and billionaires like Stephen Saad.
Real Estate Industry Key Players
If there is any industry that is growing at a rapid rate it is the real estate industry. It is one of the country’s thriving sectors and in 2022 recorded a 9% growth and that number is expected to increase. The commercial and residential property market has seen an increased number of repeat buyers this decade. The numbers and market trends mean a big paycheck for players in the real estate industry. The average real estate agent earns a 6%-10% commission on each sale. So assuming an agent sells a house worth $ 1 million, you can guess how they are part of the affluent class in the country.
The Tech People
South Africa has been listed as one of the best breeding grounds for many start-ups. With the boom in social media, eCommerce and online services it is pretty much easy for a young entrepreneur to get into the market with their tech idea and start earning profit. South Africa is the regional hub for many tech giants like Microsoft, IBM and Intel and these companies employ a lot of graduates and fund many tech start-ups.
The Money People(Financial Sector)
The financial industry which covers banks, savings & loans, fintech, investment companies etc is one of the biggest contributors to the country’s GDP. South Africa boasts of a stable electronic banking system that has attracted a lot of foreign banks. The sector employs many people and because of the growing middle-income class, many investment bankers, and insurance brokers have become wealthy.
Entertainers/Media Personalities/Social Media Influencers
If any group will be associated with the flashy & luxurious lifestyle, it will be the music artists, social media influences, and radio & tv hosts. With the rise of social media, apps like TikTok and Instagram have made a lot of youth millionaires. They can monetize their popularity & influence through brand deals & ads. Many actors, and talk show hosts have also made a fortune through their popular shows and movies.
