A multi-millionaire is defined as someone owning 10 million U.S. dollars or more. It was forecasted that there would be almost 18 thousand individuals in Australia defined as multi-millionaires by 2026. This is in line with the country’s growing economy over the years as well as the growing wealth inequality that was becoming a cause for concern in the island nation.

Distribution of the wealthy

As a rich country with plenty of natural resources and a high Human Development Index, Australia had always had a large number of high net-worth individuals or HNWIs. There were over ten thousand millionaires including a couple dozen of billionaires, with these figures expected to grow significantly over the next few years.

Income inequality

Despite the increase of wealth and economic growth, there was a concern at the level of poverty and homelessness due to the rising wealth inequality nationally. The number of homeless people living in Australia had only been increasing with more than a hundred thousand people currently without shelter. Furthermore, most of the wealth was being pushed from the country to the cities, affecting the livelihood of those living in the countryside or outback.

60 percent of Australians were in the wealth range between 100,000 and one million U.S. dollars in 2020. Just 9.4 percent of Australian adults had wealth of over one million U.S. dollars, which was slightly less than the share of people who had under 10,000 U.S. dollars in wealth.

Wealth distribution in the Asia-Pacific

In 2020, China had the highest number of millionaires, followed by Japan and Australia. The number of millionaires in Australia was forecasted to increase from 1.8 million to three million by 2025. According to a source, among the Asia-Pacific countries, Australia ranked second in the share of wealth per adult. The source had revealed the wealth per adult in Australia was more than 483 thousand U.S. dollars in 2020.

LGBTQ community of Australia

In 2020, a survey of working adults in Australia revealed that LGBTQ adults were employed in public services and the law enforcement across the country. On the one hand, more than 38 percent of LGBTQ individuals had a role as as a team member, above 12 percent of respondents answered that they were either team leader or supervisor.

In 2023, there were approximately six million millionaires in China. The number of millionaires in China was projected to increase to about 6.5 million by 2028, indicating a growth by around eight percent.