In 5 Years Australia’s Rich Will Come From Financial Services

In the next fiver years, the country’s rich are going to come from the financial industry, rather than the mining industry, according to an analyst’s projection.

WealthInsight’s Oliver Williams said that the financial services is fast becoming the new breeding ground for the wealthy.

He said, “Although Australia’s established multimillionaires, such as Gina Rinehart and Clive Palmer, still have large stakes in the mining sector, most of the country’s emerging millionaires are profiting from financial services.”

Mr. Williams predicted that millionaires in Australia by 2017 will be around 402,000 and 100,000 of them will be earning their keep from financial services.

In 2012, the number of millionaires in the country was estimated at around 302,000, considered solely for their net worth of US $1 Million and above, not counting their primary residences. Millionaires with more than US $30 Million in assets are estimated to be around 2,740.

Collectively, these millionaires comprise about 15.5% of the total individual wealth of the country.

The report from WealthInsight states that many of these millionaires achieved wealth from finance, followed by basic materials like agriculture, mining and metals. This industry comprises 14.3% of millionaires in the country.

Mr. Williams further notes from his report, “Although we see billionaires earning stratospheric amounts, the reality is they are a tiny minority in what is a very equal economy.”

“The sector already accounts for 10 per cent of Australia’s national output and the nation has one of the world’s largest groups of investment funds.”

“Sydney has turned itself into Australia’s financial centre and has therefore attracted more millionaires than any other city in Australia with about 81,400.”