Australia Ranks 11th In World Ultra Wealth Report As 175 Aussies Amass $440B In 2013
More Australians have joined the ranks of mining magnate Gina Rinehart as ultra-high net worth (UHNW) individuals, or people with net assets of at least $30 million.
In 2013, there were 175 Aussies who moved up the millionaires' club in the country with a combined wealth of $440 billion, according to the yearly study of Swiss bank UBS. Because of the growing number of such UHNW individuals, now 3,580, Australia moved up the World Ultra Wealth Report.
Australia is now on 11th place, jumping over Singapore and Hong Kong. The top five are the US, Germany, Japan, UK and China.
While the US is number one with 211,275 UHNW individuals, they comprise only 0.004 percent of the total American population. In contrast, Australia's 3,580 UHNW individuals make up 7.2 percent of the country's population, lower than the global average of 12.8 percent.
Eight percent of Aussie UHNW individuals make their money from the mining industry, with Rinehart leading the pack with an estimated fortune of $22 billion.
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However, she recently decided to go into other industries such as media and infant milk formula.
The rest of her wealth, though, is subject to a lawsuit filed by two of her estranged adult children.
But the gap between Rinehart and the second place, is more than $10 billion as the estimated fortune of Ivan Glasberg was only $6.7 billion in 2013.
The Global Wealth Report by Credit Suisse said that on the average, 60 percent of the assets of Australians are in real estate, making them the second highest after Norwegians. As of June 2012, the average worth of the Aussie adult was $225,000 which is the highest in the world for the fifth consecutive year.