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Posts Tagged ‘Australia’s millionaire boom’

Australia’s millionaire boom

Posted by Ram Kumar Shrestha on October 16, 2014


Does it surprise you to hear Australia has more than 1.2 million millionaires? If it does, just think about how much we invest in housing.

Australia also has the highest median wealth in the world, with household wealth growing at an average annual pace of 11 per cent, according to a new Global Wealth Report by Credit Suisse.

The fifth annual study by the Swiss bank of global wealth trends found the median Australian adult was worth more than $US225,000 ($258,000) in June, well ahead of the second wealthiest population on this measure, the ­Belgians, at $US173,000. They were followed by the Italians, French and British, all at around $US110,000.

There are a couple of reasons for this, but one of them is the composition of household wealth in Australia – it is heavily skewed towards “real assets” such as homes and apartments. Read the rest of this entry »

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