Around 1.9 to 2.8 million Australians are millionaires, with recent 2024/2025 reports from UBS and others indicating roughly one in ten adults hold over US$1 million in wealth, largely driven by surging property values and superannuation, with projections showing continued growth.
When all assets were counted, Australia had roughly 2.8 million millionaires – making up 13 per cent of the adult population. This was one of the highest proportions globally. “Many of these millionaires have landed in this once-elusive club simply because the value of their homes has grown,” the report said.
“The proportion of wealth held in cash and deposits is lowest in Australia at just above 10 per cent, only half as much as in Switzerland, Singapore and the UK.” In US dollar terms, Australia counts 1.9 million millionaires and is ranked eighth in UBS' millionaire index.
Being considered "rich" in Australia varies, but generally, a net worth of $1 million or more in investable assets (excluding home/super) qualifies you as High-Net-Worth, while reaching the top 1% requires $7 million or more (for ages 41-64), with figures increasing significantly for the ultra-wealthy ($10M+ or $30M+), though public perception often sets a lower bar, sometimes around $1M total net worth or high income.
How much money you need to be considered wealthy across the U.S.—it's over $2 million in most places. To be considered wealthy in the U.S., Americans say you need a net worth of $2.3 million in 2025 — but that number can be even higher depending on where you live.
$1 Million in Liquid Assets
“Within the financial industry, for example, we determine someone who is 'high-net-worth' to be rich,” said Tree. “This is the level at which people usually need specialist personal wealth management services, and is the label given when an individual acquires $1 million in liquid assets.”
A millionaire is somebody with a net worth of at least $1 million.
Around 80,000 Australians had over $2 million in superannuation as of 2019-2020 data, with estimates suggesting this number might be higher now due to asset growth, potentially affecting around 80,000 people with balances over $3 million by 2025. While most with high balances are older, some young individuals (under 30) also hold over $2 million in super.
Yes, $600,000 can be enough to retire at 60 in Australia for many, especially if you're a single person aiming for a comfortable lifestyle, but it depends heavily on your spending, assets, and eligibility for the Age Pension. While some sources suggest $600k covers a single's comfortable retirement (around $52k-$53k/year), it's near the lower end, and couples might need closer to $700k for a similar standard, making financial planning crucial for a stress-free retirement.
Adding some of these habits into your daily routine might help you get on track to becoming an everyday millionaire yourself!
The average age of a first time millionaires is 37, it has been found. In data released by Betway Insider, the average age of a first time billionaire is also revealed: and is a little higher at 51. So, if you're not quite there yet, what can you do to make your first million?
Australia ranks twice on the top 50 list, with Sydney in 17th place and Melbourne in 30th place worldwide. Sydney is currently home to 205 centi-millionaires while Melbourne has 112.
Surgeons are the highest paid professionals in Australia, according to new data from the Australian Taxation Office. On Friday, the Australian Taxation Office released data from 2022-23 financial year breaking down what the wealthiest Australians do for a living.
The middle class falls in-between. In 2022 the median income in Australia was $65,000 a year according to the Australian Bureau of Statistics. Anyone making less than this amount would be considered working class. Anyone making more than $137,000 falls in the top 10% which is considered upper class.
Rich (or wealthy) people tend to have lots of free cash—and/or borrowing power—which they can spend on more goods and services. They can pay their bills easily, afford health care without worry, and often depend on a financially secure future.
Much of the surge in wealth is tied to Australia's property market, with the nation's households collectively owning nearly $10.5 trillion in residential land and dwellings.
Fewer people have $1 million in retirement savings than commonly thought, with around 4.6% to 4.7% of U.S. households having $1 million or more in retirement accounts, according to recent Federal Reserve data (2022), though this percentage rises for older age groups, with about 9% of those aged 55-64 reaching that milestone. However, the median retirement savings are much lower (around $88,000-$200,000), showing a large gap between averages and reality, with many retirees having significantly less, notes.
A wealthy retiree in Australia generally has over $1 million in investable assets (excluding the family home), but for a truly high-net-worth individual, this can extend to $5 million or much more, allowing for a very comfortable lifestyle with significant income, travel, and assets, well beyond the ASFA "comfortable" benchmark (around $595k single/$690k couple for basic needs) and often without relying on the Age Pension, notes.
Yes, you can likely retire at 70 with $800,000, but it depends heavily on your annual spending, investment returns, and eligibility for government support like the Age Pension, potentially supporting a modest to comfortable lifestyle, though a very high-spending one might require more capital, according to wealthlab.com.au, Toro Wealth and Frontier Financial Group. Using the "4% Rule", $800,000 could provide around $32,000/year initially, but factoring in the Age Pension and lower expenses (like no mortgage/work costs) can make it stretch further, possibly supporting a single person's $44k-$50k/year needs.
The short answer: to retire on $80,000 a year in Australia, you'll need a super balance of roughly between $700,000 and $1.4 million. It's a broad range, and that's because everyone's circumstances are different.
5. Set age-based retirement savings goals.
Can you live off interest of 2 million dollars? Yes, it is possible to live off $2 million in invested assets if you manage your portfolio wisely. A common approach is to invest the money in an index fund to generate interest and dividends.
It takes 9.5 years to save $100,000 if you're putting away $650 per month at an average 7% annualized return. After that decade, it only takes just under two and a half more decades to become a millionaire, showing the speed of growth under compound interest once you save six figures.
A millionaire is an individual whose net worth or wealth is equal to or exceeds one million units of currency. Depending on the currency, a certain level of prestige is associated with being a millionaire.