Australia’s HNWI segment to continue double digit growth
According to a research report ‘Australia 2013 Wealth Book: Western Wealth, Eastern Growth’ conducted by WealthInsight, Australia’s HNWI (high net worth individuals) numbers increased by 19.7% during 2007-2012. At the end of 2012, Australian HNWIs held more than 20% (USD 198 billion) of their wealth outside their home country, which is in line with the global average of 20–30%.
Over the period 2007-2012, Australian HNWIs over-performed in terms of global average – worldwide HNWI volumes declined by about 0.5%, whereas Australia’s HNWI numbers surged by 19.7%. There were 2,741 UHNWIs in Australia in 2012, with an average wealth of USD 121 million per person.
Sydney has the greatest number of HNWIs in the country with about 30% share, followed by Melbourne with just over 16.5% of HNWIs. Brisbane and Perth also boast of sizable HNWI populations.
The report provides extensive research and in-depth analysis of the high net worth individual (HNWI) population and wealth management market in Australia. The study, in particular, focuses on HNWI performance between the end of 2007 (the peak before the global financial crunch) and the end of 2012, which enables to determine how well the country’s HNWIs have performed through the crisis.