Number of Aussie millionaires ‘to jump by hundreds of thousands’

Number of Aussie millionaires ‘to jump by hundreds of thousands’

There will be a 21 per cent jump in the number of millionaires in Australia over the next four years, mirroring a trend in developed and developing nations, new research has found.

The amount of adults worth $US1 million ($1.48 million) or more is expected to grow in 52 out of 56 countries surveyed between 2023 and 2028, according to the latest UBS Global Wealth Report.

It says the number of Australian millionaires will grow from just under 2 million today to about 2.3 million in four years.

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The forecast increase is being driven by soaring property prices, inherited wealth and fat superannuation balances, according to UBS.

The US had the highest number of millionaires, at nearly 22 million people, mainland China was in second place with just over 6 million – roughly double the number of the United Kingdom, which came third.

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The finding may come as a shock for many Aussies who are finding their household budgets buffeted by high interest rates, inflation and low wage growth.

Another taking from the research was the 5 per cent growth in median wealth of adult Australians last year.

That made us the second-wealthiest in the world, with a median wealth of $388,192, behind the $551,967 of adults in Luxembourg.

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Median wealth estimates are regarded as a more precise measure than the average because it is not so easily distorted by the few ultra-rich people.

The report shows wealth is steadily growing throughout the world – albeit at different rates – and despite many people not feeling it.

“The proportion of people in the world in the lowest wealth bracket has shrunk since 2008, while the proportion of people in every other wealth bracket has grown,” the report said.

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