Housing market slump means Australia has lost 124,000 millionaires
- molly510
- Oct 22, 2019
- 1 min read
Falling house prices and the weaker Australian dollar caused the number of millionaires in the country to tumble, with 124,000 falling below the global mark in US dollar terms.
Wealth per adult slid from $US411,060 ($A599,000) to $US386,060 ($A563,000), meaning the average Aussie lost $36,000 over the year, according to Credit Suisse’s 2019 global wealth report.
No country in the world lost as much as Australia, which fell from being second in the global ranking in 2018 to fourth in 2019.
Average wealth per adult in the nation was only marginally better than the 2011 figure of $US384,640 ($A560,000).
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