The amount of money it takes to make it into the top 1 per cent of the wealthiest Australians has doubled to $8.25 million since 2021, according to Sydney morning herald reporter , John Collett (see link below)
It is now the third highest among the countries and territories covered by global property consultancy Knight Frank’s Wealth Report 2023, behind Monaco at $US12.4 million and Switzerland at $US6.6 million.
A large contributor to the top 1 per cent wealth level doubling in Australia over the past two years has been prime residential property performance, recording an upward trajectory,
It found the number of “high-net-worth individuals” – defined as those with a net wealth of more than $US1 million – is set to grow by 71.1 per cent between 2022 and 2027 in Australia: from 2.2m in 2022 to 3.8m in 2027.
The number of “ultra-high-net-worth individuals” in Australia – those with a net wealth of more than $US30 million – is set to grow by 40.9 per cent over the next five years: from 17,456 in 2022 to 24,589 in 2027.
#bsifinance #arktotalwealth Chris Magnus Brandon Elliott CFP® Ahad Abul Kalam (CA, CPA) Microsoft ASX #property #shares #debt #leverage
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