Australia's millionaires club grows

Late news just in.
Australia's millionaires club is an elite one, but its well-heeled ranks are growing stronger by the year.Last year the numbers swelled to 150,000 and the club's total fortunes soared to around $630 billion.They're known as "high net worth individuals" Australians who have at least a $US 1 million in assets, excluding the family home.
I have to wonder how many high net worthies I know in my circle? The figure -- 150,000 -- is a very small proportion of the national population. A quick calculation --allowing for 20,090,437 registered Aussies -- suggests that 0.7 percent of the population are in this worthy guild.
So when we are talking class -- there's at least them, and then there is us. But, as you'd guess, there are more of us.
The ranks of the mega-rich rose even faster, with the number of Australians with financial assets of more than $40 million up by 16 per cent last year.
An earlier report from the same source(in 2005) -- Merrill Lynch and Capgemini -- assessed global trends:

The report examines 68 countries that account for 98 per cent of world gross domestic product and 99 per cent of sharemarket capitalisation. It found that global wealth grew 8.2 per cent last year to $US30.8 trillion.

There are now 8.3 million people on the planet who own more than $US1 million in stocks, bonds, property and other financial assets, it said.


So you do the figures.
The wealthy are divided into three categories: the "ultra rich" worth more than $US30 million, the "mid-tier millionaire" with $US5-$US30 million, and the "millionaire next door" with $US1-$US5 million, which is the category growing in Australia.
I wonder what categories could apply to the rest of us?
  • Less than $1 a day.
  • More than $2 a day but less than $5,
  • More than $5 a day....
As for assets? Huh! We're talking net worth so it has to be-- touch wood -- another day another dollar...that is if you're lucky:
In East Timor 40% of the population is on an average income of below 55 cents a day, ..(.ref)
So I'd say, you need a sense of proportion to take in the big picture.
Email RRN
Tour the Ratbag Radio Network
Send RRN an audio comment

Channels