PHOTO: Ultra-wealthy

The number of ultra-wealthy people in Australia is expected to rise by 29 per cent over the next five years, equivalent to an extra 1,085 people, according to Knight Frank’s Wealth Report 2020.

The data shows Australia’s ultra-high-net-worth-individual (UHNWI) population will rise to 4,881 by 2024, up from 3,796 in 2019, with more than 200 new ultra-wealthy people being created in Australia each year.

Australia’s ultra-wealthy population grew by 5 per cent in 2019 and by 35 per cent over the past five years.

At the same time, Australia’s high-net-worth-individuals (HNWI**) are expected to grow by 34 per cent over the next five years to reach close to 2.1 million. Currently, 50 million people globally are considered millionaires, with wealth of  US$1 million or more.

According to Michelle Ciesielski, Knight Frank’s head of residential research,Australia is forecast to have one of the highest rates of growth in UHNWI populations globally over the next five years.

“Australia is ranked equal 15th with Canada for the projected growth in UHNWIs out of 43 countries globally,” she said.