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Published 20 June 2013 09:48, Updated 21 June 2013 06:56
The number of ‘high net worth’ Australian continues to grow, lifting 15.1 per cent in the past year.
Strong investment returns, climbing real estate value and healthy GDP levels contributed to a double digit percentage rise in the number of high net worth individuals across Australia.
The population of Australia’s HNWs – those with $US1 million ($1.05 million) or more in investable assets – jumped 15.1 per cent last year compared with 2011, according to the latest World Wealth Report from Capgemini and RBC Wealth Management.
Dorus van den Biezenbos, wealth management specialist at Capgemini, said improved market returns particularly from “riskier investments” such as equities injected a big boost to the wealth of Australia’s millionaires.
Local HNW individuals also lump more of their wealth in property compared with their global counterparts – a trend that aided their wealth creation when the value of real estate rose more than 2 per cent last year, Mr van den Biezenbos said.
There were about 207,000 wealthy individuals in Australia in 2012 who sat on a $US625 billion pile of assets.
The research found that the world’s population and investable wealth of HNW individuals reached record levels last year, after increasing more than 9 per cent to hit 12 million people.
North America and the Asia-Pacific boasted the two largest HNW regions and drove global growth.
Asia-Pacific countries, including Indonesia, Australia, China, New Zealand and Thailand, posted double-digit growth rates.