How Many Millionaires Are There in Australia?

how many millionaires are there in Australia

Australia is a country with a high standard of living and it also has a high number of millionaires. Have you ever wondered exactly how many millionaires are there in Australia? And what does it take to be considered a millionaire here?

Keep reading to find out!

Fascinating Facts

  • More than 3 million Australian adults could soon be millionaires
  • Sydney is the city with the highest number of millionaires in Australia
  • The average Australian makes $62,400 a year
  • The top 1% of Australians earn an average of $438,100 per year
  • Australia has around 37 billionaires
  • Gina Rinehart is the richest person in Australia with a net worth of $32.64 billion in 2022

Global Millionaires Statistics

1. Which country has the most millionaires?

(Credit Suisse)

Approximately around 1% of adults in the world are dollar millionaires. How does this proportion vary across countries and which country has the most millionaires in the world?

According to a report by Credit Suisse, Switzerland has the most millionaires per capita, while Australia is ranked at 4th place.

Millionaire density is highest in Switzerland (15%), and Australia (5%). However, when you look at absolute numbers, the US does have more millionaires than any other country. There are around 15 million millionaires in America.

Increased bank profits, a robust housing market (now worth almost $10 trillion), and an upswing in the Australian dollar helped to push the average Australian’s net worth up by $66,000 in 2020. With Switzerland as the lone exception, residents of every other country had a higher balance sheet.

2. Who is the richest person in the world?

(Forbes)(Visual Capitalist) 

With an estimated US$270 billion net worth as of March 2022, Elon Musk is the richest person in the world. The majority of his wealth derives from Tesla, Inc., where he serves as a CEO and Product Architect. In November 2021, Musk became the first person with a net worth of over $300 billion. 

If you want to take your chances and invest in Tesla stock, here is how to do it.

Next, come Jeff Bezos, the founder of Amazon, and Bernard Arnault, the chairman and chief executive of LVMH (Moet Hennessy Louis Vuitton).  

How Many Millionaires Are There in Australia?

3. What percentage of Australia are Millionaires?

(Praemium) (Credit Suisse)

The figures from ASX listed Praemium’s study of Australia’s High Net Worth (HNW) investors, show that the number of Australian millionaires increased by 31% in the past year – the biggest rise in recent history. Furthermore, these millionaires control $2.77 trillion in investable assets (up 37%).

About 46% of the new members of the millionaire’s club (those earning between $1 million and $2.5 million) had inherited money, while 17% are expecting to receive an inheritance. However, when assets exceed $10 million, 70% of respondents have received an inheritance.

According to a Credit Suisse report, more than 3 million Australian adults could soon be millionaires. Australian adults have an average net wealth of US$238,000 ($315,000) and are the richest in the world.

Credit Suisse Australia’s head of private banking, Michael Marr, predicts that the number of millionaires with US-dollar assets will increase by 70% to 3.1 million over the next five years. This prediction is based on the trends found in the bank’s annual global wealth report.

4. What is considered a millionaire in Australia?

(Statista)

In Australia, as elsewhere, a millionaire is someone who has more than $1 million. 

A multi-millionaire is defined as someone who owns ten million dollars or more in assets. By 2026, it was expected that almost 18,000 persons in Australia would be identified as multi-millionaires. This is in keeping with the country’s improving economy and growing wealth inequality, which is starting to alarm the island nation.

5. Which city in Australia has the most Millionaires?

(The Flat)

The largest city and the sixth overall best place to live in Australia, Sydney, has the highest number of millionaires. Sydney’s eastern suburbs are a favoured place to live by Australia’s highest-earning residents. 

6. How much does a high income earner earn in Australia?

(ICTSD)

According to new data, around the top half of the Australian income distribution are those who make $1,200 a week or more.

According to the Australian Bureau of Statistics median employment earnings, the average Australian now makes $62,400 before taxes, up to $50 from when the index was last published in August 2020.  The median weekly income is estimated at $1,150, the latest statistics on employment estimate.

7. How much does the top 1% make in Australia?

(ICTSD)

The top 1% of Australians, according to the tax authority, earn an average of $438,100 per year, with $237,300 going to those who make more than $227,300.

8. Who is the richest person in Australia?

(AFR) (Australian Mining)

As of the time of writing, the richest person in Australia is Gina Rinehart. She has a net worth of $32.64 billion fortune in 2022, up from last year’s $31.06 billion. A majority of her money comes from the Roy Hill mining project, which started shipping to Asia in 2015.  

Even though her mineral exploration and extraction company, Hancock Prospecting, is not one of the biggest mining companies by market cap (the top spot is taken by Canadian Barrick Gold), it still brings in a nice profit for her and her family.

9. How much has household wealth in Australia risen over the past 30 years?

(Australian Institute)

The Australian Institute’s new report has found that the wealth of Australians has grown by 302% or $9.5 trillion over the past 33 years. Most of this wealth is held by people over 55 years old in the form of property and shares –  which is surprising seeing as how more than half of Australians rely on a government pension for a comfortable retirement.

Today, the average net worth per person is a record-breaking $522,032. But back in 1989, the average net worth per person was only $72,000. That means that in just over three decades, the average net worth per person has increased 7.25 times.

10. How many billionaires are there in Australia?

(Statista)

The latest data on Statista shows that in 2019, Australia had around 37 billionaires, which was a decrease from the previous year. By 2024, the country’s billionaires are expected to reach 41 people.

11. Is it easy to become a millionaire in Australia?

It isn’t easy to become a millionaire in Australia as the high degree of inequality makes it more difficult to amass wealth than in nations where income disparity is lower. If you are already rich, when you become a millionaire in Australia, you will have an easier time accumulating riches there.

This is probably because it takes a lot of hard work and dedication to achieve this level of wealth! However, if you’re willing to put in the effort, it is definitely possible!

Bottom Line

We’ve compiled plenty of Australian millionaires statistics in one place. Now you know how many millionaires there are in Australia, how wealth is distributed throughout the country, and what you can learn about the worldwide picture.

While there is no one-size-fits-all answer to becoming a millionaire, there are some things that all millionaires have in common. Some of these include being self-employed, having multiple income streams, and investing early and often. If you want to become a millionaire, start by looking at what you can do to emulate these habits.

Sources:

AFR

Australian Institute

Australian Mining

Credit Suisse

Forbes

ICTSD

Praemium

Statista

Statista

The Flat

Visual Capitalist

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