A record number of ordinary Australians have joined the millionaires club with around 15 new millionaires being created each day since the global financial crisis.
The annual Capgemini and Merrill Lynch wealth report shows there are now more millionaires in Australia than before the GCF.
More than 180,000 Australians have a net worth of more than one million dollars, a 7 per cent increase on the 168,700 recorded millionaires at the start of the GFC in the summer of 2008.
The report found that the share market was a great wealth creator during the resource boom from 2002-2006, but now property and entrepreneurship have become the main paths to riches over the last few years.
Clearly with capital city property prices rising upwards of 20 per cent in the 12 months to April 2009, many Australians rose to millionaire status on their bricks and mortar alone.
But there is nothing new about this – just look at the BRW Rich 200 list each year and you’ll see that many of Australia’s richest people have created their wealth through property.
SUBSCRIBE & DON'T MISS A SINGLE EPISODE OF MICHAEL YARDNEY'S PODCAST
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
PREFER TO SUBSCRIBE VIA EMAIL?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.