The number of multi-millionaires in Australia increased by 11% between 2007 and 2011, to reach 2,460 at the end of 2011, according to research by WealthInsight, a London-based wealth consultancy.
This includes 930 multi-millionaires in Sydney, 590 in Melbourne, 330 in Perth, 240 in Brisbane, 60 in Adelaide and 37 on the Gold Coast.
The WealthInsight research said Adelaide experienced the strongest multi-millionaire growth among Australian cities over the period 2007-2011, with growth of 75%, followed by Perth with growth of 52%.
WealthInsight analyst Andrew Amoils said: “The strong growth in Perth was facilitated by growth in the number of multi-millionaires who acquired their wealth from the basic materials sector, which was fuelled by a rise in commodity prices.”
Multi-millionaires, otherwise known as ultra high net worth individuals or UHNWIs, are individuals with net assets of US$30m or more excluding their primary residences
Millionaires, otherwise known as high net worth individuals or HNWIs, refer to individuals with net assets of US$1 million or more excluding their primary residences.