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Number of millionaires in Australia, on the rise

The number of millionaires living in Australia grew last year even as the mining boom subsided. And property investments firmed up to be their wealth creator of choice, a new report says.

There were 234,000 “high net worth individuals” (HNWI) in Australia in 2015, 8000 more than in 2014, according to global consultancy Capgemini’s 20th annual World Wealth Report.

The firm defines an HNWI as having more than US$1 million ($1.35 million) in investable assets, excluding their primary residence, collectibles and consumables.

Capgemini Australia’s financial services practice lead Philip Gomm said the nation’s record low interest rates meant rich Australians were choosing to invest their money in real estate, which averaged 9.7 per cent growth in 2015.

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