If you are chasing the magic million mark, chances are you’ll get there quicker in Australia than any other country in the Asia Pacific.
A graph released by The Economist shows how long it takes to become a millionaire in countries around the world and the news is relatively good for households in Australia.
The graph shows it would take 25 years for an Australian household to reach the millionaire status, based on pre-tax median household income.
In the Asia-Pacific region, Australia was the quickest followed by Japan and then South Korea, with China and India not featuring in the list of top 20.
Scroll down to find out who Australia's richest people are
US tops the charts with households expected to take barely 20 years to get to the mark and Norway came in a close second. Switzerland was ranked fourth.
The figures are based on how much the average breadwinner in each household earns in a year, excluding taxes.
The chart shows two figures are given for each country: one at market exchange rates and the other at purchasing-power parity.
At the fag end of the list is Romania with a household requiring 350 years to get to the million-dollar mark. At 170 years, Chile is 16th in the list, ahead of Turkey (240 years), Bulgaria (255 years) and Mexico (just over 300 years).
Another report released last week offered much better news Asia-Pacific’s aspiring rich.
The 2012 World Wealth Report, released by business consultant Capgemini and its partner RBC Wealth Management, the Asia-Pacific region (excluding the United States) had the world’s largest population of “High Net Worth Individuals” at 3.37 million.
This compared to 3.35 million in the United States and 3.17 million in Europe. 2011 was the first time that Asia-Pacific millionaires outstripped those in the United States.
Japan made up more than half the region’s millionaires, with the number increasing by 4.8 percent.
The number of millionaires in China grew by 5.2 percent and resource-rich Australia accounted for five percent.
Australia's richest people. Photo: Getty Images
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4 Comments
Easy way to get rich quickly in Australia - two ways. Number 1 - become a politician. You can then rob the tax payers blind for the rest of your life with your unbelievably over-paid superannuation pay out and all your life long tax payer funded 'freebees'. Number 2 - become a leftie union official. You can then blackmail employers for 'under-the-table' bribes and use the union credit cards for however long you like, for whatever you like, knowing the FERAL labor party will lie and cheat as much as it can to protect you - as long as you get your union members to vote labor !
Reply@ Ben J - We had it good the future will be vastly different, 1500 people a week moving to WA, probably 10k a week to Oz in general. What for? When a pencil sharpening company goes bust & lays off 30 workers this makes the news, false money, false economy lead by false prophets
ReplyI cant belive that we ar whinging about our government when we have it so Good
1 ReplyIt would seem that price gouging and overpriced falling down piles of real estate make it easier here than in countries that actually have some form of government for the citizenry.
1 Reply