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The number of Australian millionaires will increase by hundreds of thousands

A new study has found that over the next four years the number of millionaires in Australia will increase by 21 per cent, mirroring a trend across developed and developing countries.

The number of adults with wealth of US$1 million ($1.48 billion) or more is expected to grow in 52 of the 56 countries surveyed between 2023 and 2028, according to UBS’s latest Global Wealth Report.

The number of Australian millionaires is expected to grow from just under 2 million today to around 2.3 million in four years.

The number of Australian millionaires will continue to grow.
The number of millionaires in Australia is forecast to increase by 21 per cent by 2028, according to a new report. (Graphic: Tara Blancato)

The expected rise is being driven by high property prices, inherited wealth and bloated pension balances, according to UBS.

The United States had the highest number of millionaires, with nearly 22 million people, followed by mainland China in second place with just over 6 million, roughly double the number in the United Kingdom, which came in third.

The finding may come as a shock to many Australians who see their household budgets hit by high interest rates, inflation and low wage growth.

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Another finding of the research was a 5 per cent growth in the average wealth of Australian adults last year.

That made us the second richest country in the world, with an average wealth of $388,192, behind the $551,967 of adults in Luxembourg.

Median wealth estimates are considered a more accurate measure than the average because they are not as easily distorted by the few ultra-rich individuals.

The report shows that wealth is growing steadily around the world, albeit at different rates and even though many people do not feel it.

“The share of people in the world at the lowest wealth level has declined since 2008, while the share of people at all other wealth levels has grown,” the report said.

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