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Aussies stay on rich list

Aussies stay on rich list

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Date Published : Friday, June 27, 2008

The number of people in Australia who can officially call themselves millionaires increased last year, new statistics have revealed.

According to a survey carried out by Merrill Lynch and Capgemini, 11,000 more Australians become millionaires in US dollar terms in 2007. This equates to an annual increase of more than seven per cent.

The study indicated that the country has been able to retain its position as the tenth richest country in the world, below ninth-placed Switzerland.

As such, there are now more high net worth individuals (HNWI) in Australia than in Brazil and Spain.

Globally, the number of HNWIs increased by six per cent last year to stand at 10.1 million. This is a marginally smaller increase than in 2006, when the number of millionaires grew by 8.6 per cent.

The highest number of wealthy people was found in the US, which has more than three million.

Merrill Lynch and Capgemini noted that the credit crunch has had an impact on the number of individuals with assets worth more than US$1 million but this was countered by the economic growth of countries such as Russia and China.

The researchers have predicted that HNWIs will continue to grow in number in 2009, particularly in places such as the Latin America, Africa and the Middle East.

Commenting on the findings, Bertrand Lavayssiere, managing director for Capgemini, said: "Despite slowdowns in the growth of traditional stock exchanges and significant market volatility, several emerging market exchanges experienced robust gains in 2007, further accelerating global wealth."

Merrill Lynch is a leading capital markets, wealth management and advisory firm, while Capgemini is a top provider of consulting, technology and outsourcing services.

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