Ever dreamed of joining the ranks of Australia’s most rich and famous? Well, we’ve got some good and bad news coming your way. The cost for entry to Australia’s most exclusive club has dropped this year, making it easier to break into the top one per cent of wealthy Australians. The catch? You still need to be worth more than $7 million (yep, that’s six zeros!). With living costs soaring, this dream might have to remain a far-off fantasy for most of us.
Every year, global real estate consultancy Knight Frank releases its annual Wealth Report, exposing the hefty price tag required to be considered among the top one per cent of wealthiest individuals in countries around the world. In 2023, Aussies needed a net worth of $5.5 million US (~$8.33 million AUD) to join the elite club, ranking us the third highest worldwide. This year, the cost to join Australia’s wealthiest one per cent dropped to a net worth of $4.67 million US (~$7.07 million AUD). This new figure places Australia seventh globally, behind Monaco (where you need a net wealth of more than $27 million AUD), Luxembourg, Switzerland, the US, Singapore and Sweden.
Got some extra cash to splash? According to Knight Frank's Attitudes Survey, Australia was the fourth most popular spot for those looking to purchase a new home, with 5.6 per cent of the vote. Leading the pack were the UK (17.7 per cent), the US (9.8 per cent), and France (7.2 per cent). The report also revealed that luxury buyers are eyeing off “sunny locations”, rather than city or ski destinations, with the Gold Coast and Perth tipped as the hottest luxury property markets in Australia. They were the only two cities Down Under where residential price growth surpassed the global average, sitting at a 5.2 per cent increase for Perth (28th highest worldwide) and a 4.1 per cent rise for the Gold Coast (38th highest overall).
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