The resources boom is creating new epicentres of the super-rich, according to a recent study.
The global intelligence company Wealth-X reports that traditional wealth hubs such as Sydney and Melbourne face increasing competition from new groups of rich residents in Brisbane and Perth.
The company, which tracks the assets, interests and networks of the world’s wealthiest people, found Australia is home to 2,740 people in the super-wealthy category. While 920 of that number live in Sydney and 705 are from Melbourne, Brisbane is home to 350 super-rich residents just ahead of Perth’s 335.
The combined net worth of Australia’s super wealthy is $350 billion.
According to Wealth X vice president Adrian Jenkinson, the surge in commodity prices will lead to a flush of new wealth. Mining wealth is expected to flow through into areas such as real estate and property development as the ultra-wealthy look for opportunities to invest.