June 05, 2012
The number of millionaire households in the top two countries, the United States and Japan, fell markedly.
There are more millionaire Australian households, but the personal wealth of Australians generally has stalled while the fortunes of the Chinese continue to improve.
The latest Boston Consulting Group (BCG) wealth survey shows personal wealth across Australia increased by just 0.3 per cent in 2011, compared with 1.9 per cent globally as wealth rates in major developed economies declined.
Wealth in developed countries shrank by 1 per cent but in emerging markets increased by 10 per cent.
BCG's Matthew Rogozinski said Australia continued to fare better than its peers in 2011 after staying ahead of the averages for wealth growth in western Europe, North America and Japan in recent years.
''Most countries in the developed world had a poor year, with wealth decreasing,'' Mr Rogozinski said.
''The global average was lifted into positive territory by strong growth in emerging markets, with China leading the way.''
The survey also shows that the number of millionaire households in Australia is up - from 128,000 in 2010 to 132,000 in 2011.
China, which has the third largest number of millionaires, now has 1.43 million households with assets totalling more than $1 million, up from 1.24 million households in the previous year.
But the number of millionaire households in the top two countries, the United States and Japan, fell markedly.
Wealth grew fastest in eastern Europe, followed by the Asia-Pacific region.
The results come after last week's dismal data from the US, Europe and China that painted a picture of a sharply slowing global economy.
Despite the pessimism, Mr Rogozinski said he expected wealth in Australia to grow to $3.2 trillion by 2016, due mainly to stronger economic growth.
He said compound annual wealth growth would reach 6 per cent over the next five years, far above North America's 1.1 per cent and western Europe's 1.5 per cent.