Australian millionaires grow to 1.16 million



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Credit Suisse in his latest research claimed on Monday that The number of millionaires grew by 200,000 to 1.16 million in Australia over the 12 months to mid-2017. 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 to almost 3000, Sydney Morning herald quoted the latest edition the Global Wealth Report

Calculations by Credit Suisse suggest that 148,200 worldwide can be classed as UHNW individuals. Of these, 54,800 are worth at least $US100 million ($130 million), and 5700 have assets above $US500 million ($655 million).The total number of UHNW adults has risen by 13 per cent, or 19,600 adults, over the past year.Generally, Australians have increased their wealth over the past 12 months, despite weak wage growth of about 2 per cent.

Most of that rise has been in the value of assets, mainly the family home, after a property boom centred on Sydney and Melbourne.

Between 2000 and 2012, the average annual growth rate of wealth per adult was 12 per cent, with about half the rise due to exchange-rate appreciation against the US dollar.

“The high level of real assets partly a large endowment of land and natural resources relative to population, but also results from high property prices in the largest cities,” says Credit Suisse.

Australia’s wealth per adult in 2017 is $US402,600 ($528000), the second highest in the world after Switzerland.Wealth inequality is low compared to the rest of the world. Only 5 per cent of Australians have a net worth below $US10,000 compared to 19 per cent in the UK and 29 per cent in the US.

The proportion of those with wealth above $US100,000 ($130,000), at 68 per cent, is the fourth highest of any country, and almost eight times the world average.