Market rout reduces Aussie millionaires

Market rout reduces Aussie millionaires

The number of Australian millionaires has fallen away with financial market turmoil wiping out trillions of dollars in wealth around the world.

According to Investment Trends, there are now 440,000 Australian millionaires compared with 445,000 in 2014.

And with shares around the world getting hammered, more high net worth investors are putting their money into property.

The data shows that 60,000 rich investors had property as the main source of their wealth versus 30,000 in 2013.

And despite record low interest rates, the average investor average now holds about 16 per cent of their portfolio in cash and term deposits.

Investment Trends research shows that many are waiting for better confidence in the share market (36 per cent), and improved economic outlook (36 per cent) before they part with their cash.

 



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