‘Scandalous’: Number of high net worth Australians | Australian Markets

The wealth of Australia’s millionaires and billionaires considerably outpaced financial growth in 2024, new evaluation exhibits.

Research from French multinational business consultancy firm, Capgemini, exhibits 334,800 Australians at the moment are deemed “high net worth individuals”, up 0.5 per cent final 12 months.

Just beneath 10 per cent of these people have investable property between $US5m-$US30m. There at the moment are 2450 Australians with investable property over $US30m.

The complete wealth of high net worth Australians grew 3.3 per cent in 2024, the report exhibits, whereas the Australian economic system grew simply 1.3 per cent for the 12 months.

The Capgemini report, launched this week, additionally throws up a broad view of how the rich will move on their riches, and how their kids are prone to invest the funds.

In the subsequent twenty years, globally some $128 trillion will change palms by inheritance, Capgemini estimates.

The inheriting era are more open to risk, Capgemini says, and advises wealth and asset managers to organize for the change in urge for food.

Separate evaluation launched this week by Oxfam exhibits the quantity of Australian billionaires has doubled within the space of a decade to 161.

“This level of inequality is not just morally wrong – it’s economically and socially dangerous,” Oxfam Australia appearing chief government Chrisanta Muli mentioned.

“While millions of Australians are struggling to make ends meet, the country’s richest continue to amass eye-watering fortunes, often without lifting a finger.”

In the previous decade, the wealth of Australia’s richest 200 people has risen 160 per cent to $667bn, Oxfam says.

“It is scandalous and unjust that property continues to be one of the biggest drivers of wealth across the decade while over 99 per cent of rentals are unaffordable for people earning a full-time minimum wage,” Dr Muli mentioned.