News

Gladstone millionaires on the increase as incomes rise

AN increasing number of people are joining Gladstone's millionaires' club, but people are making less on their investments than they used to.

H&R Block Gladstone accountant Vinny Sanders said at least 200 of his 6000 clients that came in each year were considered net-worth millionaires.

The status of a net-worth millionaire is determined through a person's salary and value of their investments.

"For a town of this size, there is a higher-than-normal number of people who could be considered net worth millionaires," Mr Sanders said.

Australian Bureau of Statistics data has found the average annual income for Gladstone residents increased by 36%, from $45,276 to $61,779, between 2005 and 2011.

The jump is greater than increases in Brisbane, Rockhampton, Townsville and Cairns.

Mr Sanders said the rise in Gladstone's average annual income could be attributed to the large number of construction workers in town.

But the ABS data also revealed Gladstone residents were earning 21% less from their investments than in 2005.

The average investment income for Gladstone residents in 2011 was $3261, compared to $4179 in 2005.

Mr Sanders said a number of factors, including the property and share market, influenced return on investments.

He has also noticed a shift in the mentality of those investing today.

"The younger people who are on the high salaries...don't think about investing or how they can build on their capital," Mr Sanders said.

"If I were to attribute it to anything, I'd say it was a Gen Y thing."

Mr Sanders said the majority of clients that were net-worth millionaires were couples, aged 45 to 70, who have lived in Gladstone for a long time.

The findings come as the Credit Suisse Global Wealth Report 2013 listed Australia's average wealth per adult as $423,228. Gladstone residents' wealth accounts for 7% of the Australian average.

Millionaires worldwide:

  • Australia has 1.123m millionaires.
  • It has increased by 38,000 in the past 12 months.
  • About half of the rise in Australia's wealth is due to exchange rate appreciation.
  • Australia has 2059 ultra-high net worth individuals (someone with a personal wealth exceeding $US50m).

SOURCE: Credit Suisse

Topics:  employment finances income



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