1.15% of Australia's population millionaires?

From: GoAnna !

This is a current article from ninemsn.com.au

Australia's rich under 50, still at work

Australia's rich people are not spending their days sipping champagne on a yacht, but are more likely to be aged under 50 and still hard at work, according to a new report.

Over 60 per cent of Australia's richest citizens are aged between 30 and 50 years old, well educated and made their money through their own earnings and investments, according to the Financial Review Magazine.

The magazine's annual snapshot look at wealth in Australia reveals that many of Australia's wealthiest homes were "empty nests" with no young children and not reliant on their inheritances.

Banking statistics also show that Australia how has about 225,000 millionaires, with 150 families estimated to hold $50 million or more in investible assets.

"Wealth is concentrated in relatively few hands, but it is not the wealth of generations of privilege," the magazine report said.

"The predominance of self-made rich people aged between 30 and 50 explodes not only the myth that you get rich through inheritance - although this is coming for the baby boomers - but also the notion that it is only the baby boomers who are making money.

"The baby boomers are setting the pace for the changing face of wealth in Australia. The X generation (of 25-40-year-olds) will maintain it."

The report said that Australia's rich were living either close to the centre of capital cities or in a handful of "fast-growing, glamorous" country centres from which they could easily commute, such as Bowral in the NSW southern highlands.

And the attachment by Australians to home ownership as a form of wealth creation is still in tact, with carefully timed buying and selling of primary residences is often used by the rich.

Homes near any inner city or by the water - such as beachside in Perth, bayside in Melbourne or harbourside in Sydney - are areas with the biggest capital gains.

The most affluent among us were also likely to have wealth-creation programs built into their salary packages in the form of stock options, financial advice, tax planning and access to private banking, it said.

The rich also like to share information, with personal contacts recognised as a source of investment opportunities.

"Armed with better information and more education, today's younger rich are generally more tolerant of risk and invest accordingly," the report said.

The report also said that the assets which had regularly performed strongly and increased in value included Melbourne homes, thoroughbreds and rare stamps.

Australian wine and art and property in Melbourne's central business district also produced attractive returns.

GoAnna !
"Obstacles are those frightful things you see when you take your eyes off your goal."
-Henry Ford
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Reply: 1
From: Medine Simmons

Hi GoAnna,

I hope that you are well!

Thanks for the inspirational post. It hit a chord!


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