The population of ultra-wealthy in Australia will increase by 37 percent over the next five years owing to increasing property and equity values swelling fortunes and as the country continues to attract wealthy newcomers, according to Knight Frank, a popular real estate agent.
Knight Frank’s Wealth Report 2018 estimates that encouraging conditions hastening the growth in numbers of high net worth individuals globally will increase in Australia the number of people having net assets of US$50 million from 1,260 in 2017 to 1,720 by 2022.
Michelle Ciesielski, head of residential research, Knight Frank Australia, was quoted by The Australian Financial Review as saying that they had seen a considerable increase in prices of prime properties.
She said that in addition, recent instability notwithstanding, gains were also seen in the equities market over the past year. Ciesielski states that being the third most desired destination in the world for ultra-rich is drawing them to the country.
The report adds that the numbers of high net worth individuals increased by 10 percent in 2017 globally, making up for over half of the total 18 percent growth over five years from 2012. It also estimated its growth to rise to 40 percent over the present five-year period in accordance with the projected growth of the Land Down Under.
Financial Review Rich List of 2017 showed a soaring property market, a resurgence for manufacturing, bolstering prices of iron ore and good performers in the financial services and technology industries increased the total wealth of the country’s richest 200 people to $233 billion, with the average wealth being $1.16 billion.
Ciesielski said that Australia is included in the world’s top five destinations, where ultra high net worth individuals are eyeing prime property in 2018.
The top source countries of wealthy individuals for Australia are China, Singapore, Malaysia, Singapore, Hong Kong and the Philippines, Frank Knight’s report said.
Moreover, the survey also found that ultra-wealthy in Oz was more unlikely to leave the country. While 27 percent of Australia’s ultra-wealthy held a dual nationality or a second passport, only six percent said they had plans to leave the country permanently.
Sarah Harding, head of residential, Knight Frank Australia, concluded by saying that these numbers underline Australia’s popularity as a destination for ultra high net worth individuals.
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