South Africa’s wealthiest segment are men aged between 40 and 64-years-old. In a new report by audience measurement company, Effective Measure, researchers found that 69% of ‘high net worth individuals’ (HNWIs) are middle aged men.
“We started this research because there is an overwhelming demand for data on High Net Worth Individuals. Marketers worldwide are vying for the attention of this target audience, but most don’t have a very clear understanding of who they are, what their preferences are and their media consumption habits,” said Greg Mason, Effective Measure’s regional managing director in Sub-Saharan Africa.
Over 9 000 respondents were interviewed between September and November 2016 with the objective of determining habits, attitudes, and product ownership among High Net Worth Individuals.
In a media release, Effective Measure reported that NHWIs relied on professional success as their main source of income; 89% own their own homes. In terms of saving and investments, they have property, retirement annuities, pension, banked cash savings and shares.
HNWIs are also over 1.5 times more likely to be married than low to medium net worth individuals, and close to a third do not have children.
“The insights that can be gleaned from this report will go a long way to help the South African advertising industry refine their marketing to this group, regardless of the product or service being promoted,” said Mason.
