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TheFinancialReview

National Agenda

Number of ultra-wealthy Australians to swell by 20 per cent over the next five years

613 additional Australians will have a net worth of more than $US30 million ($44.8 million) by 2023. There are currently 3,675.  
  • The research by Knight Frank shows that this surge will fuel demand for prime real estate.  
  • Sydney will retain its position as the most desirable city for the ultra-rich. 
  • Australia's billionaire population is projected to grow by a further 14 per cent to 49. 
  • The rise in the ultra-wealthy has come off the back of resilient stock and bond markets, as well as the strong long-term property price growth. 

Takeout

Despite the slowing economy, very rich individuals continue to expand their wealth. And with 35 per cent of the total wealth of the super-rich derived from residential property, home ownership will increasingly be seen as a marker of wealth and a division between the have and the have nots.  

Source: Australian Financial Review - Australia's super-rich population to grow by 20pc