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The number of billionaires in Australia is about to double

The number of billionaires in Australia is about to double. Source: Getty Images/Yahoo Finance
The number of billionaires in Australia is about to double. Source: Getty Images/Yahoo Finance

Gina Rinehart, Frank Lowy, James Packer… Australia is one of the largest wealth markets in the world, and the number of billionaires is only set to rocket.

The number of US dollar billionaires in Australia will double to 80 from 36 in less than a decade, according to analysis by New World Wealth.

Also, the rise of high net worth individuals (HNWIs), those with net assets of US$1 million (A$1.36 million) or more, will continue with Australia expected to have more than 650,000 by 2027, up from 377,000, Business Insider reports.

Total wealth held in Australia rose strongly over the 10 years to US$6.1 trillion in 2017 from US$3.4 trillion in 2007.

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Wealth grew thanks to rising real estate vales, especially on the East Coast, a strong local equity market, and high performing industry sectors including financial services, professional services, real estate, transport, IT, telecoms and healthcare.

Australia is the seventh largest wealth market

The report says growth in Australian wealth is expected to be strong over the next 10 years with total wealth reaching US$10.4 trillion, Business Insider said.

This will make Australia the seventh largest wealth market in the world by 2027, moving up from seventh, overtaking Canada and France. It will also come within touching distance of Germany and the UK.

New World Wealth also expects strong migration of the wealthy to Australia, attracted by a safe and free society with strong links to Asia, to continue.

Why is everyone ‘getting rich’?

New World Wealth put the reasons for its high Australian wealth growth forecasts as:

  • Low population density and a mineral-rich large land area.

  • A very safe country. Australia was recently rated as one of the five safest countries for women (along with Iceland, Malta, New Zealand and Canada).

  • Australia has strong business ties with Asia including China, Japan and Korea.

Where do we rank?

If financial hubs and tax havens Monaco, Liechtenstein, Luxembourg and Switzerland are excluded from calculations, then Australia ranks first in the world on average wealth per person in US dollars:

  • Monaco: $2,087,400

  • Liechtenstein: $761,100

  • Luxembourg: $368,000

  • Switzerland: $354,000

  • Australia: $279,200

  • Norway: $228,000

  • Singapore: $194,500

  • United States: $193,400

  • Canada: $185,300

  • New Zealand: $173,700

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