Latest news with #US5m
West Australian
5 days ago
- Business
- West Australian
‘Scandalous': Number of high net worth Australians outpaces economic growth
The wealth of Australia's millionaires and billionaires significantly outpaced economic growth in 2024, new analysis shows. Research from French multinational business consultancy firm, Capgemini, shows 334,800 Australians are now deemed 'high net worth individuals', up 0.5 per cent last year. Just under 10 per cent of those people have investable assets between $US5m-$US30m. There are now 2450 Australians with investable assets over $US30m. The total wealth of high net worth Australians grew 3.3 per cent in 2024, the report shows, while the Australian economy grew just 1.3 per cent for the year. The Capgemini report, released this week, also throws up a broad view of how the wealthy will pass on their riches, and how their children are likely to invest the funds. In the next two decades, globally some $128 trillion will change hands by inheritance, Capgemini estimates. The inheriting generation are more open to risk, Capgemini says, and advises wealth and asset managers to prepare for the change in appetite. Separate analysis released this week by Oxfam shows the number of Australian billionaires has doubled in the space of a decade to 161. 'This level of inequality is not just morally wrong – it's economically and socially dangerous,' Oxfam Australia acting chief executive Chrisanta Muli said. 'While millions of Australians are struggling to make ends meet, the country's richest continue to amass eye-watering fortunes, often without lifting a finger.' In the past decade, the wealth of Australia's richest 200 people has risen 160 per cent to $667bn, Oxfam says. 'It is scandalous and unjust that property continues to be one of the biggest drivers of wealth across the decade while over 99 per cent of rentals are unaffordable for people earning a full-time minimum wage,' Dr Muli said.
Perth Now
5 days ago
- Business
- Perth Now
‘Scandalous': Uber wealthy Aussies get richer
The wealth of Australia's millionaires and billionaires significantly outpaced economic growth in 2024, new analysis shows. Research from French multinational business consultancy firm, Capgemini, shows 334,800 Australians are now deemed 'high net worth individuals', up 0.5 per cent last year. Just under 10 per cent of those people have investable assets between $US5m-$US30m. There are now 2450 Australians with investable assets over $US30m. The total wealth of high net worth Australians grew 3.3 per cent in 2024, the report shows, while the Australian economy grew just 1.3 per cent for the year. Owning a house continues to be the largest differentiator between the rich and the least wealthy 50 per cent of the population. NewsWire / Max Mason-Hubers Credit: News Corp Australia The Capgemini report, released this week, also throws up a broad view of how the wealthy will pass on their riches, and how their children are likely to invest the funds. In the next two decades, globally some $128 trillion will change hands by inheritance, Capgemini estimates. The inheriting generation are more open to risk, Capgemini says, and advises wealth and asset managers to prepare for the change in appetite. Separate analysis released this week by Oxfam shows the number of Australian billionaires has doubled in the space of a decade to 161. The wealth of Australia's high net worth citizens grew 3.3 per cent last year, while the country's economic growth came in at 1.3 per cent. Christian Gilles / NewsWire Credit: News Corp Australia 'This level of inequality is not just morally wrong – it's economically and socially dangerous,' Oxfam Australia acting chief executive Chrisanta Muli said. 'While millions of Australians are struggling to make ends meet, the country's richest continue to amass eye-watering fortunes, often without lifting a finger.' In the past decade, the wealth of Australia's richest 200 people has risen 160 per cent to $667bn, Oxfam says. 'It is scandalous and unjust that property continues to be one of the biggest drivers of wealth across the decade while over 99 per cent of rentals are unaffordable for people earning a full-time minimum wage,' Dr Muli said.
News.com.au
05-05-2025
- Entertainment
- News.com.au
Racing revolution: World's best jockeys sign on to compete in franchise-based global racing circuit
A star-studded bloc of the world's top jockeys including James McDonald have banded together to form a Grand Prix style franchise-based global circuit which could revolutionise horse racing. The group of 12 jockeys are headlined by McDonald, Zac Purton, Frankie Dettori, Ryan Moore and Japanese riding freak Yutaka Take who commands rock star status in his homeland. The other jockeys locked away for the ambitious world series racing revolution are US superstar Irad Ortiz Jr as well as huge names Joao Moreira, William Buick, Christophe Lemaire, Mickael Barzalona, Flavien Prat and Vincent Ho. Dozens of high-ranking world racing officials and race clubs around the globe have been secretly briefed on the concept which is set to see the world's superstar jockeys coming to a racetrack near you in 2026. News Corp can reveal it is proposed the global circuit will have a prize pool of $US15m in the first year with up to $US5m to go to the winning jockey who comes out on top in a point scoring system. The 12 foundation jockeys will have equity in the business as they operate their own franchises as team principals and can attract lucrative sponsorships. The series is founded by Godolphin kingpin Sheikh Mohammed's respected former right-hand man John Ferguson, who once purchased horses for the likes of Kerry Packer and Lloyd Williams, and ex-Australian wagering identity Lachlan Fitt. The duo stress they are not a rebel organisation and do not want to be disruptive or race in competition against the world's major racing carnivals. Instead, they are focusing on dovetailing off existing racing carnivals, making the superstar jockeys the heroes of the sport and engaging new fans in a similar way to cricket's Twenty20 revolution or the Drive To Survive phenomenon in motor racing. It is proposed a series of races will take place at various venues around the world where the elite jockey group will ride horses of a similar standard, potentially horses just below Stakes grade level. It is the jockeys rather than the horses who will be the stars of the show. 'Racing has struggled to attract younger audiences and lacks a globally co-ordinated platform to engage fans,' Ferguson told News Corp. 'While other sports have successfully built global icons, horse racing has been left behind and for too long has ignored the human element when showcasing our sport. 'Now is the time to highlight racing's global icons, the jockeys, and show the world what incredible athletes they are. 'Through this league, we will put those icons in the spotlight, attracting new fans while offering exclusive, behind-the-scenes content to deepen engagement with the millions and millions of existing racing enthusiasts.' McDonald is the only Australian jockey initially involved and there are no female jockeys, but the founders insist: 'As we establish and then grow the league, we look forward to having the best female jockeys in the world being involved.' It is understood up to six events are planned to be staged in 2026 and the time around Melbourne or Sydney's autumn carnival - or potentially in January after the glitzy Gold Coast Magic Millions - could be the sweet spot for an event in Australia. There would also be host cities in the US, parts of the Middle East, Asia and the United Kingdom. It is unlikely the events would be raced in the traditional Saturday timeslots, but would be scheduled to complement the existing racing pattern and be a bonanza for wagering turnover. Race clubs and racing authorities who have been briefed have signed nondisclosure agreements, but it is believed the project has generally been received with optimism. The founders have been tight-lipped about the financial backers of the project but say there is a commercial model which involves hosting rights, sponsorship and other revenue sources including potential government or tourism industry support. • PUNT LIKE A PRO: Become a Racenet iQ member and get expert tips – with fully transparent return on investment statistics – from Racenet's team of professional punters at our Pro Tips section. Fitt, who was a senior Australian executive at gambling giant Entain before resigning earlier this year, said the new league was intended to change the face of racing by driving a human connection with the jockey superstars. Jockeys would not just simply fly in and fly out, but would be focused on attracting new fans to the sport wherever they rode in the series. 'We firmly believe the concept we have developed with our foundation jockeys can be one of a number of things that will revolutionise global horse racing in the coming years,' Fitt said. 'By creating an international franchise-based league, delivering high stakes competition featuring the world's best jockeys, we are seeking to replicate the success other sports have had in growing their global fan footprint. 'Through our initial conversations with potential host venues and commercial partners, we have been overwhelmed by the interest shown in the concept and we look forward to evaluating the options as we finalise plans for the initial launch events through 2026.'
