Australia's millionaire population grows 15.5%

by Mackenzie McCarty03 Oct 2013

Brokers who aim their business towards high net-worth clients could be on to something, with the country’s millionaire population growing 15.5% in 2012, according to the latest Capgemini and RBC Wealth management Asia-Pacific Wealth Report 2013.

“We predict that Asia-Pacific is likely to lead global HNWI [high net worth individuals] growth through 2015, overtaking North America by as early as 2014,” says a Capgemini spokesperson.

The report indicates that growth in Australia’s HNWI population was aided by a 3.6% rise in GDP, a 16.4% rise in the share market and a 2.1% rise in property prices. Furthermore, Australia’s growth has outpaced that of the broader Asia-Pacific region, which reported a 9.4% HNWI growth figure over 2012.

Perhaps most interesting for brokers, however, is the role that property investment has played in the trend. The report found that almost half (40%) of HNWI wealth was tied to property assets, around twice the global average.

Nine MSN reports claim Australia’s established financial processes and systems, as well as the country’s close proximity to Asia, creates significant growth opportunities for financial services firms aiming to tap into the Asian market.