AUSTRALIA has 32 billionaires, according to last year’s UBS Wealth X 2014 report.
And not surprisingly 14 are based in Sydney.
We’re doing pretty well as there are only two billionaires in New Zealand and forty in the whole of Africa, which has two fewer than in 2013.
Now this is interesting:
For the first time there are more billionaires in Nigeria (11) than in South Africa(10).
How do we compare?
While this report was published last eyar I though it was worth reposting this blog to put things inperspective.
Sydney’s billionaires are comparatively less wealthy – worth an average $US2.1 billion ($2.35bn) compared with the global average of $US3.1bn.
And they’re a little older – their average age is 69, versus the global average of 63.
Australia comes out in 18th spot in the survey’s Top 40 of collective billionaire wealth with $US90bn owned by our 32 billionaires, ahead of Singapore with 32 billionaires holding $US65bn, South Korea with 21 billionaires and $US50bn, and Indonesia that has 19 billionaires holding $45bn.
“On average, 19 per cent of billionaires’ wealth is held in cash, which tends to yield lower returns,’’ says UBS.
The reason given is that they want to move fast to take advantage of opportunities as they arise.
The overall figures are that the number of billionaires in the world is moving up a lot faster than inflation, at 7 per cent, to 2325 in the 12 months before the study was completed.
And their collective wealth is moving up even faster at 12 per cent to a startling $US7.3 trillion, which is more than the total capitalisation of all the companies that make up the Dow Jones Industrial average.
How do they make their money?
It’s banking, finance and investment that is the background to 20 per cent of current billionaires, well ahead of industrial conglomerates on 12.4 per cent, real estate on 7.6 per cent and manufacturing on 5.2 per cent.