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15 New Millionaires a day in Australia and property investment helped many

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.



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Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


'15 New Millionaires a day in Australia and property investment helped many' have 4 comments

  1. Avatar for Property Update

    February 22, 2013 @ 1:07 am John

    Enjoy your wealth; it’s workers and renters you’re taking it from.

    Reply

    • Avatar for Property Update

      February 22, 2013 @ 7:52 am Michael Yardney

      John, interestingly many of these new millionaires were once workers and renters – they didn’t steal – they just worked smart and hard

      Reply

  2. Avatar for Property Update

    February 24, 2013 @ 9:36 pm Pauk

    And what did they contribute towrads our GDP? At who’s expense did they become millionaires? The next generation?
    Michael, why would rising house prices be a good thing for an advanced society like ours, or is it good only for the individual?

    Reply

    • Avatar for Property Update

      February 24, 2013 @ 10:09 pm Michael Yardney

      Paul
      I’ve heard this argument before.
      There are 2 types of people in this world – those that see abundance and those that see scarcity.
      There is enough of everything to go round.
      Just because I buy a property doesn’t stop you form buying one – does it?
      We live in the best country in the world and many of us chose to improve our standard of living. House prices go up in line with the wealth of our nation and our ability to pay, yet around 70% of Australians own their own home – only 30% rent – and not all because they have to. This percentage hasn’t changed much over the years despite higher home prices – has it?

      Reply


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