How do Australia's billionaires rank? Forbes' real-time data shows that 41 Australian billionaires have made the list of the world's richest billionaires.
Australia had about 37 billionaires in 2019, a decrease in the number of billionaires from the previous year. The billionaires were expected to rise up to 41 individuals by 2024 in the country.
Millionaire's paradise
Australia had 2.18 million US-dollar millionaires in 2021, or 3.5 per cent of the global total.
Keystone Private says wealthy Australians are “generally deemed to be those with net investible assets over $1 million (or net of over $2.5 million including the family home) and earning more than $250,000 per annum”.
Financial comparison site Finder found that in order to subjectively "feel" wealthy, most Australians would need to earn $326,900 per annum, some seven times greater than the median personal income of $49,805.
Household wealth inequality
The study found that household wealth in Australia is very unequally divided. The highest 10 per cent of households by wealth has an average of $6.1 million or 46 per cent of all wealth. The next 30 per cent has an average of $1.7 million or 38 per cent.
Reflects change since 5 pm ET of prior trading day. Australia's richest citizen, Gina Rinehart built her wealth on iron ore. The daughter of high profile iron-ore explorer Lang Hancock, Rinehart rebuilt her late father's financially distressed company, Hancock Prospecting, becoming executive chairwoman in 1992.
30-year-old Australian entrepreneur Nick Molnar is credited with reinventing the spending habits of millions of millennials with his “buy now, pay later” payments platform.
Gina Rinehart – $34.02 billion
The daughter of iron-ore explorer Lang Hancock, Rinehart also a large cattle producer. It is believed she is the largest individual donor to Olympic sport in Australian history.
Early life. Holmes à Court was born in May 1972, the son of South African-born Australian businessman Robert Holmes à Court (who became Australia's first billionaire), and businesswoman (and chairperson of Heytesbury Pty Ltd), Janet Holmes à Court.
Australia has plentiful supplies of natural resources, including the second largest accessible reserves of iron ore in the world, the fifth largest reserves of coal and significant gas resources.
Which economies invest in Australia? The United States and United Kingdom are the biggest investors in Australia, followed by Belgium, Japan and Hong Kong (SAR of China). China is our eighth largest foreign investor, with 2.2 per cent of the total.
So if you're on $100k or more, congratulations, you're in the top 20% of Aussie income earners. If not, don't worry, you're in the good company of 80% of Aussies.
Australian billionaires' collective wealth increased by over 50% during the 2020 coronavirus pandemic while unemployment numbers broke records. Aussies wanting to rank in the top 1 per cent of the population by wealth require $US2. 8 ($A3. 5 million) to qualify.
Wealthy Individuals within Australia are generally deemed to be those with net investible assets (NIA) over $1M (or net of over $2.5M including the family home) and earning more than $250,000 per annum. Having said this, the ATO categorise 'Wealthy Individuals' as those who control a net wealth of $5M or more.
To some extent it depends on fluidity of membership of the top 1% (which in Australia means earning a pretax income of at least A$246,000).
If you make $200,000 a year living in Australia, you will be taxed $64,667. That means that your net pay will be $135,333 per year, or $11,278 per month. Your average tax rate is 32.3% and your marginal tax rate is 47.0%.
It then goes on to describe those middle income Australians as individuals earning between $120,000 and $160,000 a year.
Canberra is the happiest capital of Australia, according to research.
Melbourne is considered by some to be the best city to live in Australia, and has even been ranked as the world's most livable city more than once. It's home to a thriving live music scene, late-night bars and laneways dotted with cafés and coffee shops.
Because the figures are averages, they will be distorted by large changes in the taxable incomes of Australia's highest income earners. Peppermint Grove and Cottesloe are home to some of Australia's richest people, including mining billionaire Tim Goyder, developer Nigel Satterley and builder Marcus Plunkett.