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Sydney Morning Herald
3 days ago
- Business
- Sydney Morning Herald
Australians are pretty rich but there's a catch
If an outsider ever wanted to understand Australia's deeply ingrained obsession with owning a house, they need look no further than the latest UBS Global Wealth Report. Released last week, it is perhaps the most succinct snapshot of our nation's immediate financial reality, also highlighting three of the country's biggest economic issues. The annual UBS report analyses key financial data from 56 countries, determining net worth by combining financial assets with real assets (savings, stocks and property), and deducting debt. Australia retained its place as the world's second-richest country for median wealth, and fifth for average wealth. Further, 1.9 million Australians maintained their status as millionaires in US dollar terms (at least $1.55 million to their name). All this looks and sounds pretty good, right? This year's median wealth figure of $411,000 is an increase of 6 per cent over last year's $387,176. The only country with a healthier figure is Luxembourg, with $607,000. By this metric, we are significantly better off than New Zealand, the United Kingdom, Canada, France and the United States, among others. Meanwhile, this year's average wealth figure marks an even greater leap, increasing by 17.8 per cent in just 12 months from last year's $807,862 to $952,000. Switzerland, the US, Hong Kong and Luxembourg took out the top spots, but we are still ahead of the UK, France, Canada and New Zealand. Intriguingly, the wealth growth trend in median and average wealth was not evident in the number of Australian millionaires. In fact, that number decreased slightly, from 1.93 million last year. The UBS report simply highlights what many of us already know to be true, which is that if you want to get ahead in Australia, you need to own property. In isolation, that might not seem much of a dip. The UBS report estimates the number of Australians with a personal wealth of $1.55 million or more will grow by more than 20 per cent over the next three years, so there could be roughly 400,000 more millionaires by 2028. Combine the growth in median and average wealth with the dip in the number of millionaires, and the UBS report paints an eerily similar picture to the concerns that were raised when this year's Australian Financial Review Rich List was published.
The Age
3 days ago
- Business
- The Age
Australians are pretty rich but there's a catch
If an outsider ever wanted to understand Australia's deeply ingrained obsession with owning a house, they need look no further than the latest UBS Global Wealth Report. Released last week, it is perhaps the most succinct snapshot of our nation's immediate financial reality, also highlighting three of the country's biggest economic issues. The annual UBS report analyses key financial data from 56 countries, determining net worth by combining financial assets with real assets (savings, stocks and property), and deducting debt. Australia retained its place as the world's second-richest country for median wealth, and fifth for average wealth. Further, 1.9 million Australians maintained their status as millionaires in US dollar terms (at least $1.55 million to their name). All this looks and sounds pretty good, right? This year's median wealth figure of $411,000 is an increase of 6 per cent over last year's $387,176. The only country with a healthier figure is Luxembourg, with $607,000. By this metric, we are significantly better off than New Zealand, the United Kingdom, Canada, France and the United States, among others. Meanwhile, this year's average wealth figure marks an even greater leap, increasing by 17.8 per cent in just 12 months from last year's $807,862 to $952,000. Switzerland, the US, Hong Kong and Luxembourg took out the top spots, but we are still ahead of the UK, France, Canada and New Zealand. Intriguingly, the wealth growth trend in median and average wealth was not evident in the number of Australian millionaires. In fact, that number decreased slightly, from 1.93 million last year. The UBS report simply highlights what many of us already know to be true, which is that if you want to get ahead in Australia, you need to own property. In isolation, that might not seem much of a dip. The UBS report estimates the number of Australians with a personal wealth of $1.55 million or more will grow by more than 20 per cent over the next three years, so there could be roughly 400,000 more millionaires by 2028. Combine the growth in median and average wealth with the dip in the number of millionaires, and the UBS report paints an eerily similar picture to the concerns that were raised when this year's Australian Financial Review Rich List was published.
India.com
28-07-2025
- Business
- India.com
No India, China, America in the top 10, population of rich people is increasing rapidly in these countries, check full list
Countries with fastest-growing millionaire populations- AI image for representation Countries with fastest-growing millionaire populations: Do you know which are the countries who have the fastest-growing millionaire populations. Is it the US, Or China or India? No! While global economic giants like the United States, China, and India often dominate economic milestone discussions across the world, they are not the top countries in the list of fastest-growing millionaire populations. According to the UBS Global Wealth Report 2024, smaller and emerging economies are experiencing a sharp surge in the number of individuals with wealth exceeding $1 million. Here are all the details you need to know about the UBS Global Wealth Report 2024. What has UBS Global Wealth Report revealed? In a significant development, the UBS Global Wealth Report 2024 has revealed a surprising trend which says that the fastest growth in the number of millionaires is not happening in economic power houses like the US, China, or India. Instead, smaller and emerging economies are seeing the sharpest rise in wealthy individuals. Countries with fastest-growing millionaire populations Talking about the fastest-growing millionaire populations, Taiwan ranks first, with 760,000 millionaires and an average adult wealth of $312,075. Turkey follows closely, having added 7,000 millionaires in the past year, 8.4% increase, bringing its total to 68,000, projected to reach over 87,000 by 2028. Both countries are experiencing rapid financial uplift backed by tech and economic reforms. Many Asian countries including Kazakhstan, Indonesia, South Korea, Israel, Mexico, Thailand, along with Europe's Sweden form the top 10 countries with fast-growing millionaire populations. These shifts show that global wealth is expanding beyond traditional centers, driven by regional growth, favorable policies, and rising investment opportunities.
Yahoo
11-07-2025
- Business
- Yahoo
The Rise of the Everyday Millionaire, or the EMILLI
In a world where headlines often focus on the ultra-wealthy, a quieter but also profound shift is under way: the rapid ascent of the 'Everyday Millionaire,' or EMILLI. According to the 2025 edition of the UBS Global Wealth Report, this group—defined as individuals with assets between $1 million and $5 million—has grown from a niche segment to a global economic force, reshaping the landscape of personal wealth and investment. At the dawn of the millennium, there were just over 13 million EMILLIs worldwide, according to UBS Global Wealth Management. Fast forward to the end of 2024, and that number had 'skyrocketed' to nearly 52 million—a more than fourfold increase in less than a quarter-century. Even after adjusting for inflation, the number of EMILLIs has more than doubled in real terms since 2000. The collective wealth of EMILLIs is considerable. By the end of 2024, this group controlled approximately $107 trillion—over four times their total at the start of the millennium and nearly matching the $119 trillion held by those with more than $5 million in assets. The EMILLI cohort now accounts for a significant share of global wealth. This long-term trend is 'visible nearly everywhere around the globe,' UBS says. The report doesn't explicitly call out the factors underpinning the rise of the everyday millionaire, but some general explanations on a wealthier world are made in the foreword by UBS Global Wealth Management's Chief Economist Paul Donovan. 'Demographics and long-term asset price trends mean dramatic breaks in the allocation of wealth are rare,' he says. 'This report shows persistent and significant ongoing trends — the great wealth transfer, the importance ofproperty, women's increasing control of wealth, and so on. This has changed the nature of wealth over the past decades, in an evolutionary way.' The report highlights: Real Estate Appreciation: The sustained increase in real estate values across major markets is a significant driver of growing wealth. Financial Market Access: Broader access to financial markets, coupled with long-term growth in equities and mutual funds, has enabled more individuals to accumulate substantial portfolios. Entrepreneurship and Private Business: A global trend toward entrepreneurship and self-employment suggests many EMILLIs are business owners. Demographic Shifts: The ongoing 'great wealth transfer'—an estimated $83 trillion expected to change hands over the next 20–25 years—means more individuals are inheriting or receiving significant assets, often propelling them into the EMILLI bracket. While the EMILLI trend is global, its pace and character vary by region: United States: The US remains the epicenter, with the largest number of EMILLIs and a culture that encourages investment in both real estate and financial markets. Europe and Asia: Growth has been robust in Europe and parts of Asia, particularly in countries where property values have surged and financial literacy has improved. Emerging Markets: The number of EMILLIs is also rising in emerging markets, though often from a lower base and with greater reliance on real estate than on financial assets. Heterogeneous: What unites EMILLIs is not a particular lifestyle or background, but the quiet accumulation of assets over time. Wealth Distribution: As the number of EMILLIs grows, wealth is becoming more broadly distributed, though significant gaps remain between regions and within societies. The UBS report projects expects more than 5 million new millionaires globally by 2029, suggesting that the number of EMILLIs will continue to climb as well. As asset prices rise and the great wealth transfer accelerates, the Everyday Millionaire will become an even more prominent feature of the global economic landscape. For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing. This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Korea Herald
07-07-2025
- Business
- Korea Herald
[Andrew Sheng] What do we owe our grandchildren?
Coming back from an extended conference on gross national happiness in Bhutan, which is one of the first carbon negative countries in the world, I became aware that intergenerational justice may be one of the most important moral questions we face today. The world is drowning in debt. According to the IMF, global debt amounted to $250 trillion in 2023, or 237 percent of GDP, with global private debt at more than $150 trillion or 143 percent of GDP. If global private wealth is now estimated at over $450 trillion, is debt of $250 trillion seriously a problem? It is, if net wealth is distributed unevenly. Worldwide net private wealth stood at $454.4 trillion in 2022. The highest wealth rung, or 1.1 percent of the world adult population, controlled $208.3 trillion in wealth, or 45.8 percent of the global total. Wealth is not only concentrated — it is concentrating as the rich get richer. So when GDP is rising and markets are hitting record highs, most people are not happy because of perceived income and wealth inequity. Wealth is of course passed from generation to generation. But with the gradual dismantling of death duties in many countries, and tax cuts for the rich, such as in America, wealth has been retained in wealthy hands. The UBS Global Wealth Report 2025 forecasted 'a total global wealth transfer of over $83 trillion within the next 20 to 25 years. Some $9 trillion of this will be horizontal and over $74 trillion will be vertical, between generations, i.e. roughly 12 percent.' In other words, wealth is less distributed widely, but more down to successors and heirs. At the household level, the bottom half of society not only do not have much wealth, but they are also in debt. The IMF, however, is more concerned with the rise in public debt, which is the burden of all citizens, including future generations. After all, the future generations inherit not just assets but also liabilities. The poor are also subject to higher interest rates on their debt due to higher credit risks. Thus, when incomes are insufficient to pay both interest and principal, the poor, including many developing markets, get further into debt distress. Intergenerational justice refers to the ethical principle that present generations should not compromise the well-being or opportunities of future generations. Simply, future generations should have fairness in the distribution of resources, benefits, and burdens over time. When the existing generation is worsening social capital (through great conflicts between class, country, and along religious and racial lines) or through damaging natural capital (by cutting down forests, emitting pollution and carbon dioxide), we are leaving social capital and planetary resources in worse shape for our children and grandchildren. There are two injustices staring us in the face. The first is human injustices against other people, and the other is planetary injustice where we abuse Mother Nature. The baby boomer generation to which I belong, born after World War II, has created the greatest wealth in financial terms the world has ever seen, with financial assets over five times global GDP. However, it has also left the planet much worse off in terms of biodiversity loss, pollution, and destruction of natural habitat where pristine rainforests, marine reefs, and polar caps are melting, all of which will cause rising seas and loss of fertile lands that provide water, food, and energy for humanity. Our grandchildren will never enjoy pristine rivers and seas free of plastic and human contamination. Debt is all about consume today, pay tomorrow. Theoretically, the rational economic man receives higher interest rates for delayed consumption, but if central banks print money to keep nominal interest rates low, the consumer and investor are both rewarded by incentives to consume today and by asset inflation. We are therefore in a GDP consumption trap, whereby households borrow to keep living standards up, and governments borrow to keep the citizens happy. For many developing countries in debt distress, the situation is getting dire. According to UNCTAD, global public debt reached a record high of $102 trillion in 2024. Although public debt in developing countries accounted for less than one-third of the total — $31 trillion — it has grown twice as fast as in developed economies since 2010. As of June 2025, more than half of low-income countries are in, or at high risk of, debt distress, a situation in which a country cannot meet its debt repayment obligations. Bond yields in Africa are 9.8 percent per annum, 7.1 percent in Latin America, 5.5 percent in the Asia-Pacific region, and 2.8 percent in the United States. At such high rates, the less developed countries in Africa cannot afford to spend on social welfare, health, education and infrastructure. The late anthropologist David Graeber, who wrote 'Debt: The First 5,000 Years,' argued that debt was used to enslave people. He asserted that 'what we owe each other is not debt, but the promise to build a world worth living in together.' In other words, he is talking about equity, which is owner's capital. What the Bhutan concept of Gross National Happiness taught me is that equity is about intergenerational happiness — bequeathing well-being to not just current, but future generations. If we accept that we are not owners of our social capital, but stewards who are here to preserve, regenerate, and protect our natural and social habitat, then we move from the 'take, make, waste' mentality of modern consumerism to one of recycle, reuse and regenerate — helping to conserve our harmony with people and planet. The current world of negative energy — geopolitical conflicts, social protests — can only be ameliorated if we harness our energies toward social and planetary well-being. It is the sacrifice of the present generation that makes our grandchildren better off. Is that too much to ask? Andrew Sheng is a distinguished fellow at the Asia Global Institute, University of Hong Kong, and chairman of the George Town Institute of Open and Advanced Studies, Wawasan Open University. The views expressed here are the writer's own. — Ed.
