One in 10 Australian adults are millionaires

One in 10 Australian adults are millionaires, says report


More than 3 million Australian adults could soon be millionaires, according to a new report by Credit Suisse, while Australian adults, with a net wealth of $US238,000, are the richest in the world.

Rock-bottom interest rates are expected to pave the way for an asset price boom that is expected to cause a dramatic increase in household wealth over the next five years.

Credit Suisse Australia head of private banking Michael Marr expects the number of US-dollar millionaires in Australia to increase “dramatically” by 70 per cent over the next five years to 3.1 million, based on trends identified in the bank’s annual global wealth report.

 

That's hardly surprising really, considering the price of housing. Millionaires are a dime a dozen these days.

 

I guess a huge proportion live in Sydney and Melbourne just due to the price of housing.
I'd guess ~35/40% of Sydneysiders to be millionaires.
Edit: Ok. If we are talking USD millionaires, that will change things. That's 1.32 mill.
Guessing a huge number of members on this forum have this much in assets or more.

 

One member ( won’t name them ) has a different definition . Income of one mill / year .

in terms of real wealth , that’s probably more relevant nowadays

Cliff

 

That is 10x the global average. Well done Australia.

 

Big difference in having that much in assets and actually owning (no debt) that much in assets though.

 

True, but house price rises in Sydney make the debt to asset value fall quickly. Say our first home we had a $500k mortgage ($700k property) but now the property is worth around $1.8mill.
Also throw in share ownership and maybe some equity in IPs.


Yea, not everyone is in this position and usually it takes some time, don't expect it in just 1 or 2 or 3 years....

 

Not surprised.
Any baby boomer who lives in Sydney and own home outright are all millionaire by default.
Example: my parents
If they have build up their super as well. That would make them a multi millionaire.

 

There are many, many elderly folks who are multi millionaires asset wise, living on the pension scraping through.

For me, income/cf is the true measure.

 

With the assumption that Aus (Syd & Mel centric markets) property price is only way up, more and more people take on large debt too - perceived wealth is kind of worrying.

 

Well I know some of the elder folks do this on purpose - to be on pension.
Working the system to their benefits.

 

My soon to be retiring previous neighbors sold all their IPs last year and built a $4m house in Killara. They will be going on pension to fund their retirement.

 

I know many doing it too. I have no issues with folks working within a system. But for some of them they live like a pauper...

Anyway choice is theirs.

 

That’s me, folks .

 

One in Ten,and all it takes is unequivocal backing oneself through all the bumps in the road ..

The first million is the hard part ,after that with the way it goes it's just compounding on compounding ..

 

Yes, I know, however all too often the media just assumes that people are well off because they own an asset, when in reality they may only have 10-20% equity in that asset.

 

Wise and broke

 

I wonder if this is just a myth though .. ofcourse someone who is worth $300m will always think their first million was the hardest but for 99% of other millionaires, their first million will be the only million they will ever make.

 

@skater, envy, jealousy and entitlement in society is rife.

Its disgusting the entitlement of others. Don't get me started.

Just recently super entitled folks tried to screw me for more money just because, in their exact words " you're going to make a ton, we want more". These folks are tenants! I told them where to go.

 

Should there be a limit set on how much total asset you have before you aren't eligible for pension?
$10 millions? Index to 3% inflation each year.