If you are not a self-made millionaire yet then here is some good news,says self-made millionaire and educator Jamie McIntyre. The latest statistics released and reported in the Australian Financial Review on 26 June 2008 highlight the number of wealthy Australians surging by 11,000 in 2007 to a total of 172,000.
Despite souring economic conditions rich people across the world managed to overcome these conditions and add to their wealth.
Even with the disruption in global markets, Australia continues to hold it’s number 10 ranking out of 71 countries. Steady growth in the domestic economy and the strong demand from Asia for our commodities continues to drive our wealth creation as the number of wealthy in Australia continues to grow at above average rates.
Australia’s growth rate of 7.1 percent in the number of wealthy Australians means our growth rate is faster than that of many other countries.
India with a 22.7 rise in wealthy to 123,000 and China with a rise of 20.3 percent to 415,000 were two of the countries that did manage to outpace Australia.
The annual World Wealth Report classifies wealthy Australians as those having net assets of at least US$1 million excluding their primary residence and consumables.
A Macquarie Private Bank spokesperson said he was not surprised by the report. “Most ultra-wealthy (those with more than US$30 million) in the Asia-Pacific region usually had limited exposure to equity markets and tended to hold 50 to 70 percent of their assets in cash. They are making their wealth in their own business. Most rich people are astute market investors and saw depressed market conditions as an opportunity to buy.”
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