The World Wealth Report 2006 calculates how the share of “high net wealth individuals” (those with more than US$1 million in financial assets) has changed over recent years. They estimate that there wereÂ 134,000 HNWIs in Australia in 2004, andÂ 146,000 in 2005.
This suggests that the filthy rich have grown faster in Australia than anywhere elseÂ in the developed world. Of the nine countries for which the report estimates trends, the growth rate in the super-duper rich was 4th highest in Australia – slower than in Brazil, India and Russia, but faster than in the US, UK or China.
New Economist also comments on the report.
Still, it’s not easy being rich, what with all those different villas to maintain, and the kids off overseas spending your hard earned wealth:
According to the report, 28 per cent of millionaires have residences in more than one country. One in five has children who live abroad.â€œThe looming challenge is to ensure smooth and effective transfer of wealth from one generation to another,â€ said Eva Castillo, head of Merrill Lynch Global Private Client for the UK & Europe.
Or maybe they could just give the money to people who really need it?