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Millionaire numbers shrink

Staff Reporter 1 minute read

The global financial crisis has culled the number of millionaires across the globe with Australia’s population of high-net-worth individuals taking a hit of 23.4 per cent.

According to the Merrill Lynch / Capgemini World Wealth Report, the number of people with more than US$1 million (A$1.25 million) in assets, excluding the family home, dropped from 10.1 million at the end of 2007 to 8.6 million as of end 2008.

Australia’s millionaire club shrank by 39,500 to 129,200 the report said, pushing Australia out of the top 10 ranking to number 11.

The United States remained the world’s wealthiest nation, followed by Japan, Germany and China.

 

Millionaire numbers shrink
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