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.