How to make a million – without a silver spoon

According to the latest Africa Wealth Report, 37,800 South Africans have a net worth of more than $1m – the largest number on the continent. Egypt follows with 16,100. To put that in perspective, the US has 23.8-million dollar millionaires, representing 6.7% of its population. In South Africa, the figure is just 0.06%.

The prevailing narrative around wealth here is deeply cynical. Ask the average person how fortunes are made, and the answers are likely: “They inherited it,” “They got lucky,” or, most cynically of all, “They’ve got connections.” The notion that an ordinary teacher, engineer or accountant could become a dollar millionaire through disciplined budgeting, consistent investing and hard work often seems laughably naive.

As hard as I looked, I couldn’t find any data on how our local dollar millionaires are made. But there is data from elsewhere. Most notably, Dave Ramsey’s book, Baby Steps Millionaires draws on a survey of more than 10,000 American millionaires – the most extensive such study yet – and the results are both surprising and encouraging.

Self-made

The headline takeaway from Ramsey’s data is that millionaires are overwhelmingly made, not born. A staggering 79% of those surveyed received no inheritance whatsoever. They didn’t start with trust funds or family money – they built their wealth from scratch through their own efforts and decisions.

Even more revealing is what these millionaires do for a living. Forget the stereotype of the flashy CEO or tech entrepreneur – only 15% hold C-suite executive positions. The vast majority are everyday professionals, notably teachers, engineers, accountants, managers and lawyers who applied consistent wealth-building principles over time.

Two patterns emerge clearly from Ramsey’s data that South Africans should note. First, 88% of millionaires hold university degrees. This isn’t about elitism or paper credentials – it’s about the earning potential and financial literacy that typically come with higher education.

Second, and perhaps most importantly, 75% of millionaires invested regularly and consistently. They didn’t rely on get-rich-quick schemes or speculative punts. Instead, they built wealth through the unglamorous but proven method of putting money away, month after month, year after year.

The dominant personality trait among these millionaires wasn’t charisma or risk-taking – it was conscientiousness. This aligns with decades of psychological research showing that the same characteristics that make someone a diligent student or dependable employee can also make them a millionaire over time.

Conscientiousness manifests as discipline, reliability, organisation and the ability to delay gratification. These aren’t exotic qualities reserved for a privileged few – they’re habits and mindsets that anyone can develop.

Lessons for wealth builders

While Ramsey’s study focused on a relatively small and skewed sample of US millionaires, the principles transcend borders. The pathway remains the same: invest in your education, develop conscientiousness and establish financial habits that create wealth – disciplined spending, patient saving, avoiding unnecessary debt and consistent investing.

The compound effect of regular investing over time remains one of the most reliable wealth-building strategies available. This is a message worth telling, particularly in a country where inequality is vast, financial illiteracy is high, structural barriers are real – and online gambling is strangling communities. The conversation about wealth-building needs to highlight personal responsibility, financial education and financial inclusion.

A new graduate earning R25,000 a month (not uncommon for engineers, accountants or lawyers) and receiving a conservative 5% annual increase could, by investing 20% of their salary at a real return of 6.5% per year – roughly the S&P 500’s annualised growth over the past 30 years – become a dollar millionaire in 37 years, assuming the exchange rate stays relatively constant.

While that’s a long time by anyone’s standards, even Warren Buffett – who started investing at 11 years old – only became a millionaire 21 years later. That’s just 44% faster, which is impressive but not impossibly so.

Changing the narrative

Rather than waiting for inheritance, luck or questionable opportunities, we should take control of our financial destinies. Wealth-building is less about dramatic windfalls and more about boring consistency applied over decades.

It’s time to retire the cynical notion that wealth is only accessible through privilege or corruption. While these factors certainly exist and create unfair advantages for some, they’re not prerequisites for building substantial wealth.

The real secret is surprisingly accessible: get educated, work hard, develop disciplined financial habits and invest regularly over the long term. It’s not glamorous, it’s not quick, and it’s certainly not easy – but it works.

Thomas Brennan is a co-founder of Franc, a South African fintech that helps people invest simply and affordably.

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