Australians Enjoy High Wealth and Low Inequality

Growing to 1.16 million, the number of millionaires in Australia rose by 200,000 over a 12 month period. According to the Global Wealth Report, the number of ultra-high-net-worth (UHNW) people residing in Australia, those with a net worth of $65.5 million, increased by 30 percent to close to 3,000. The Australia Immigration Professionals firm offers services to skilled immigrants who want to move to Australia to live and work. Their experienced team can provide help to you through the entire Australian immigration process.

Alex Wade, head of Australia private banking, Credit Suisse, said, “No other part of the wealth pyramid has been transformed as much since 2000 as the millionaire and ultra-high-net-worth individual segments.” Credit Suisse reports that close to 150,000 worldwide can be classified as UHNW individuals. Of these, almost 55,000 have a worth of at least $130 million, and 5,700 individuals have assets over $655 million.

Over the past year, the number of UHNW adults has increased by 19,600 people or 13 percent. Most Australians have added to their wealth over the past year, despite slow wage growth of around two percent. A good majority of the increase has been in the value of their assets, the family home, after a property boom in Melbourne and Sydney. Credit Suisse says, “The high level of real assets partly a large endowment of land and natural resources relative to population, but also results from high property prices in the largest cities.” Living in a wealthy country can bring many opportunities for you and your family. Contact Australia Immigration Professionals for immigration information.