A millionaire is an individual whose net worth or wealth is equal to or exceeds one million units of currency. Depending on the currency, a certain level of prestige is associated with being a millionaire.
A study by a global wealth intelligence firm based in South Africa says that poor Botswana has no billionaires, only two centi-millionaires, 80 multi-millionaires, 2100 millionaires, and a measly US$19 billion in private hands.
Compare that with South Africa (home to over twice as many millionaires as any other African country) which has five billionaires, 94 centi-millionaires, 2080 multi-millionaires, 39 300 millionaires, and $651 billion in private hands.
Billionaires refer to individuals with a wealth of US$1 billion or more; centi-millionaires are those with a wealth of US$100 million or more; multi-millionaires have wealth of US$10 million or more; millionaires (also high-net-worth individuals) have wealth of US$1 million or more, and at the bottom are mass affluent Individuals with a wealth of US$100,000 or more. With a wealth per capita of $34 500, Mauritius is the richest SADC country, followed by South Africa ($10 970), Namibia ($9320), and Botswana ($7880). Where Mauritius has experienced a wealth growth rate of 74 percent over 10 years, Botswana’s has declined by a negative 7 percent in the same period.
The global wealth intelligence firm in question is called New World Wealth and has been “tracking the movements and spending habits of the world’s wealthiest people for over seven years.” Its research covers 90 countries and 150 cities worldwide – Botswana and Gaborone being on those lists. The firm’s report provides a comprehensive review of the wealth sector in Africa, including trends among high-net-worth individuals (HNWIs), the luxury market, and the wealth management sector on the continent.
The 2022 report says that safety and the efficiency of the local police are the most critical factors in encouraging long-term wealth growth. Based on New World Wealth’s latest safety index, the safest countries in Africa are Mauritius, Botswana, and Namibia.
The luxury hotel sector is seen as one of the most important sectors in Africa because it brings in a large amount of forex spending to the continent and also “creates a large number of well-paying jobs for local hoteliers, chefs, game rangers, waiters, etc.” In the particular case of Botswana however, the use of “well-paying” would be contested by workers in this sector themselves. The 2022 report says that “a lack of international visitors has forced many luxury hotels and lodges to lower their prices to appeal to the local population.” The latter was certainly true in the case of the luxury hospitality establishments which have historically catered for foreign (and mostly white) visitors.
Who is the highest-paid person in Botswana?
Top 5 Richest People In Botswana
- Abdul Satar Dada, source: LinkedIn.
- Gulaam Husain Abdoola, source: operanews.
- Chandrakanth Chauhan.
- Ramachandran Ottapathu, source: Forbes.
- Farouk Essop Ismail.
How much do teachers get paid in Botswana?
A mid-career Secondary School Teacher with 5-9 years of experience earns an average total compensation (includes tips, bonus, and overtime pay) of P 183,819 based on 7 salaries. An experienced Secondary School Teacher with 10-19 years of experience earns an average total compensation of P 94,000 based on 5 salaries.
How Much Does the President of Botswana get paid?
President of Botswana
| President of the Republic of Botswana | |
|---|---|
| Inaugural holder | Seretse Khama |
| Formation | 30 September 1966 |
| Deputy | Vice-President of Botswana |
| Salary | 1,075,056 Botswana pula |
How much does a Permanent Secretary earn in Botswana?
Permanent Secretaries currently earn P41,200 per month. With the three percent salary increase, they will smile all the way to the bank to rake in P42,436.