A $44,000 Salary Now Gets Private Banking Access in South Africa

Globally, private banking has long been the preserve of the ultra-rich. In South Africa — the world’s most unequal country — lenders are slashing entry barriers, effectively turning a segment known for bespoke, white-glove service into a mass-market offering.

Top banks are aggressively courting South Africans earning more than 750,000 rand ($44,200) a year, about 3.7 times the average household income, with entry-level private-bank accounts. For clients under 30, a four-year degree in science, technology, engineering or mathematics is enough to qualify, with discounted fees.