Australia’s millionaire count has soared 85% over the last 10 years, thanks in part to red-hot property prices.
The number of millionaires grew by 200,000 to 1.16 million in Australia over the 12 months to mid-2017, according to research by Credit Suisse.
Interestingly as the number of Australian millionaires has grown, we now have more 'high net worth individuals' in the country than Russia, Saudi Arabia or Hong Kong.
The number of people with more than $1million in assets rose from 234,000 in 2015 to 255,000 last year, taking Australia to ninth place in the world, according to Capgemini's latest World Wealth Report.
Generally, Australians have increased their wealth over the past 12 months, despite weak wage growth of about 2 per cent.
The ordinary millionaire
When we think of the term “millionaire”, it’s only natural for our thoughts to be skewed towards the famous business magnates that have amassed giant fortunes.
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However, the reality is that those types of ultra high net worth individuals (UHNWIs) with fortunes above $30 million are a fairly rare commodity – and when it’s all said and done, they make up a very tiny percentage of the millionaire population as a whole.
Even though the number of ultra-high-net-worth (UHNW) individuals in Australia — those with a net worth of $US50 million ($65.5 million) — jumped by 30 per cent last year, there are less than 3,000 UHNWI's in Australia according to the latest edition the Global Wealth Report
The reality is that those types of ultra high net worth individuals (UHNWIs) with fortunes above $30 million are a fairly rare commodity – and when it’s all said and done, they make up a very tiny percentage of the millionaire population as a whole.
|Fortune Size||Number (Globally)||% of Millionaire Population|
|$5mm - $30mm||1,500,000||9.1%|
|$1mm - $5mm||14,860,000||90.0%|
The vast majority of millionaires (90.0%) globally have fortunes between $1 million and $5 million, and you’re probably not going to find many of them with a sprawling mansion or a new Rolls Royce in the garage.