The number of millionaires in Australia is set to rise sharply in the next five years, according to a new report published by global financial services firm UBS.
The Global Wealth Report 2024, which looked at data from 56 countries in 2023, found that the world is getting progressively wealthier and upward mobility is becoming more pronounced.
The report also found strong growth in wealth in Australia, with the average wealth per adult increasing by nearly 10 per cent from 2022. That was more than twice the rate of the other countries examined.
There are 1.9 million US-dollar millionaires that call Australia home, according to the report. Also, it predicts that is expected to grow by about 400,000 people over the next five years.
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