Financial Gain Australia

Australia’s rapidly growing population of millionaires hold a staggering 40% of their fortunes in property, according to new research from Merrill Lynch and CapGemini, which shows wealth in the Asia Pacific region has now rebounded to pre-GFC levels.

In fact the Herald Sun reported that there are a RECORD number of everyday Australians joining the millionaires’ club, up to 15 new millionaires a day and mostly on the back of Real Estate.

The Herald Sun reported that Capital city property prices rose upwards of 20 per cent in the 12 months to April 2009, elevating many Australians to millionaire status on their bricks and mortar alone.

Australia’s wealthy appear to be using property as a sort of replacement for fixed income assets such as bonds, which are standard part of the portfolios of the wealthy in the US and Europe but are harder to access in Australia.

Australia’s housing industry lifted further in the June quarter, with dwelling commencements data released this week showing a rise of almost fifty per cent on last year’s activity.

Figures from the Australian Bureau of Statistics shows that the total number of dwelling units commenced in the June quarter, seasonally adjusted, rose 0.8% following a rise of 9.1% in the March quarter. This figure is 43.8 per cent higher than in the June quarter 2009.