Over 500K South Africans earn over R1 million every year. In fact, this figure represents 6.7% of the country’s 7.4 million registered taxpayers. South Africa is without a doubt an economic powerhouse. Yes, it doesn’t feel like that on the ground right now, but we remain a key hub for wealth in Africa and a money generator, despite us facing all the known economic challenges. Then over the past decade, SA has seen a noticeable decline in its ultra-wealthy residents—to be factual, we’ve lost over 11,000 individuals with assets exceeding $1 million (roughly R18-19 million)—but something else happened because there’s a contrasting positive trend at the R1m+ level. The number of South Africans earning over R1 million per year has been and is growing significantly. When looking at more recent tax data, what it shows is that nearly 570,000 people reached the R1m+ income level in the 2025/26 financial tax year, a healthy increase of almost 79,000 from the year before. Now what all of this data suggests is that there is resilience and growth within the upper-income bracket. Actually, while we are here...I have an interesting but unofficial alternate view as well. I feel that these income and tax numbers are still a little skewed. You see, a lot of small business owners and UHNWI actually don’t actually earn an income; they earn with dividends. Basically a share of profits to those who own the shares. In South Africa, for your PIT, you are taxed at the rate of 41% if you earn between 857K and 1.8M, and thereafter it's 45% tax. If these were dividends, then you would only pay about 20%, so many owners pay themselves less actual income and pay dividends 2-4 times a year.So there could be waaaay more San millionaires.