Australia’s multi-millionaires: Perth and Adelaide outperform the rest

According to WealthInsight research, the number of multi-millionaires in Australia increased by 11% over the four year period between 2007 and 2011, to reach 2,460 at the end of 2011. This includes 930 multi-millionaires in Sydney, 590 in Melbourne, 330 in Perth, 240 in Brisbane, 60 in Adelaide and 37 on the Gold Coast.

Adelaide experienced the strongest multi-millionaire growth among Australian cities over this period with growth of 75%, followed by Perth with 52% growth. Adelaide’s growth can be attributed to growth in a number of local industries including retail and fashion, construction and FMCG.

According to WealthInsight analyst Andrew Amoils: “the strong growth in Perth was facilitated by growth in the number of multi-millionaires who acquired their wealth from the basic materials sector, which was fuelled by a rise in commodity prices.”

Definitions:

·         “Multi-millionaires” otherwise known as “ultra high net worth individuals” or “UHNWIs” are individuals with net assets of US$30 million or more excluding their primary residences

·         “Millionaires” otherwise known as “high net worth individuals” or “HNWIs” refer to individuals with net assets of US$1 million or more excluding their primary residences

·         For the purposes of this report, the phrase “review period” relates to the years 2007–2011 and the “forecast period” relates to the years 2011–2016.