Even being born with nothing, there’s still a chance to become a millionaire. Did you know that the world’s most discussed tycoon, Elon Musk, was born in South Africa? Although Elon was raised in the upper-class family, his senior relatives have been nowhere near his prosperity. 

If you need another example, this Entrepreneur story amazes with the biographies of seven relatively young South Africans who built their businesses from scratch and led them to global success. 

Marnus Broodryk became a self-made millionaire at 24, having just $2000 dollars as his start-up capital. Priven Reddy was raised in a dysfunctional family and worked as a waiter at a pizza spot before becoming a successful entrepreneur. Tim Hogins went from security guard to theme park mogul, driven by nothing but a childhood dream. All these stories have one thing in common: passion and diligence often matter more than money. 

Speaking of more general data, South Africa contributes to the world approximately 38,400 dollar millionaires, being the largest wealth market in Africa. But how did these thousands of people reach it? A “Rich Habits” study, and a Standard Bank report, reveals the answers. 

Way #1: Climbing the Corporate Ladder 

It may sound tedious and painstaking, but South Africa’s business climate seems to favour working stiffs more than entrepreneurs. 70% of high net-worth individuals in SA came to prosperity through executive careers in corporations. 31% in the surveyed millionaires in the “Rich Habits” study fell into this group. 

Thus, the people mentioned a little bit earlier are more of an exception than a rule. The vast majority of SA millionaires are 50+ and often retired. It also took 22 years on average for surveyed participants to build up a net worth of over a million, and for sure not from a salary alone. The larger share of their assets is partnership profit shares or stock compensations. 

Is that the easiest path? Some will say a resounding yes: the most challenging part is to become employed in a big game corporation and move alongside its growth toward your prosperity. But is that easy? Strong relationship-building skills, expertise at least in one industry, leadership qualities, powerful networking — this is an incomplete list of traits you might spend time developing to succeed as a corporate executive.

Way #2: Pursuing a Big Dream 

This is the second most common way in SA to become a millionaire and the first among other African nations. Let’s cross-check: in Ghana, 78% of high net-worth individuals made their wealth by starting a company. 64% of ultra-wealthy executives in Nigeria are also entrepreneurs, meaning they’re consciously combining two paths. In SA, this number is as low as 10%. 

28% of “Rich Habits” surveyed were so-called dreamers and accumulated $7.4M on average over just 12 years. This type of person also tends to work hard (61 hours per week on average) and is obsessed with their thing. So, if you don’t have a tremendous passion for something in life and don’t want to face enormous risks, this one is not for you. The scary stuff is always the most rewarding, though.

Way #3: Savings, Investments, and Stock Exchange 

South Africans are different from other African nations in having a much more influential stock exchange than anywhere else on the continent. Here, people prefer investing in equities, while in other countries they’re likely more to spend on tangible assets like property or farmland. 

22% of millionaires mentioned in the “Rich Habits” study got used to saving and investing. This path helped them to make the first dollar million by the mid-thirties and reach an average of $3.3M by their mid-fifties. 

This way requires a formidable financial management skill set. This involves talents from saving over 40% of your income to predicting market outcomes and managing your investment portfolio accordingly. 

Way #4: The Path of a Genius 

Here, you take your talents to ridiculously high levels where nobody can beat you. This is the way only natural geniuses can afford, as becoming a millionaire from your individual expertise means that you’ll have to wipe out all competition. Around 19% of the survey participants went this road to riches. 

The industry doesn’t matter much here. Some of the surveyed were doctors, some lawyers, some could be software engineers, and so on. In 20 years, these people accumulated wealth equal to $4M on average. 

Way #5: Truly Easiest One, But Utopian 

Ever heard those stories about “miracle” millionaires, who made their money out of the void (now for real). In SA, myths revolve mostly around lotteries and their huge jackpots. 

Unsurprisingly though, winning a lottery, which is the most popular form of gambling in South Africa, doesn’t lead people to become permanently rich. The research states that 70% of winners go broke in 5 years after receiving their jackpots. 

Monitoring lottery results and past winning numbers seem to do no good to anybody in South Africa and beyond. You can take part in the lottery for fun, but if you want to make a fortune someday, better abandon this option. It offers too little chance to waste precious time on it. 

So What’s the Easiest Then? 

There’s no blueprint for you to follow. Even though we’ve managed to classify the possible patterns of becoming rich South African, each story is drastically different from another. There is only one common trait of self-made millionaires: they all knew why they need it and sacrificed their fleeting desires for the sake of earning more in the future. 

Maybe it’s the major reason why only 0.9% of the population are dollar millionaires. Most of us would rather have a bird in the hand instead of two in the bush. And there is nothing wrong with that. Ready to get the two, or even three when everyone walks away with their minimums? Then choose the least gruelling one for YOU, even if experts think otherwise.