The start of a new year marks a good time to look ahead and make plans for a better life. We came across a fascinating year-long survey dedicated to South Africans living the good life. It looked at adults living in top earning South African households (earning over R30 000 a month) and turned up some surprising results.
The survey identifies three distinct segments, half of whom live in Gauteng, with 16% in the Western Cape and 13% in KwaZulu-Natal and gave each wealth category a name:
1. Drivers: net worth from R100 000 to R1 million and a monthly household spend of R22 600 p/m.
2. High Flyers: net worth from R1 million to R5 million and an average household spend of R26 850 p/m.
3. Astronauts: net worth over R5 million and spending an average of R39 000 p/m.
With an annual spending power of over R300 billion, this research shows how TopEnders seriously influence spending trends. These are some of the things that came to light as being important to TopEnders:
- Travel: experiences and service are paramount in pursuit of leisure. Special interest niche holidays are on the increase.
- Being connected: TopEnders don’t like to be out of touch with social media or the internet.
- Children: the needs and desires of their children drive many of their decisions.
- Health: South Africa’s top earners are increasingly aware that wealth funds health.
- Good causes: many TopEnders feel the need to give back and are involved in good causes.
- Education: there is a clear correlation between education and wealth, with 55% of the wealthiest segment having post graduate degrees.
- Entrepreneurship: if you’re wealthy, you are more likely to be working for yourself and have an entrepreneurial spirit.
- Savings: wealthier individuals invest more than 10% of their earnings.
Here’s to an abundance of health, wealth and happiness in 2012!