The exclusive club more Australians are joining
A new report reveals wealthy Australians employ similar strategies when it comes to managing their money
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Australia has one of the highest proportions of millionaires in the world, new research has found. Finder’s Wealth Building Report 2024 has shown that one in 8 or 2.8 million Australians are members of the millionaires club, mostly thanks to growing home values. That figure more than halves to 1.1 million Australian when their principal place of residence is removed from net worth calculations.
The report delved into ways Australians are building wealth and discovered many were using similar strategies to get ahead. The top methods were:
- Budgeting (38 percent of respondents)
- Investing frequently (12 percent)
- Paying off debt (9 percent)
Those with more than $1 million in net wealth were also more likely to have at least one passive income source.
Personal finance expert at Finder, Sarah Megginson, said most of the strategies were practical at any economic level.
“A lot of the habits and tactics of the rich are very practical things that can be implemented no matter how much you earn,” she said.
Ms Megginson suggested options such as investing in low cost options such as ETFs or salary sacrificing to pre tax make superannuation contributions as effective ways to build wealth over time.
“Reaching that coveted millionaire status might feel out of reach, but many investors started with nothing,” she said.
“Building wealth is a marathon, not a sprint. The sooner you cross the starting line, the better off you will be later in the race.”
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Australian shares fell on Thursday as Wall Street weakness, rising oil and persistent rate concerns weighed on most of the market. The S&P/ASX 200 declined 0.72 per cent to 8,702. The All Ordinaries lost 0.66 per cent to finish at 8,897. Mining stocks were hit particularly hard, while real estate also dragged on the index. …
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2 minAustralian shares fell on Thursday as Wall Street weakness, rising oil and persistent rate concerns weighed on most of the market.
The S&P/ASX 200 declined 0.72 per cent to 8,702. The All Ordinaries lost 0.66 per cent to finish at 8,897. Mining stocks were hit particularly hard, while real estate also dragged on the index.
Energy was the notable exception, gaining more than one per cent as Brent crude traded above US$103 a barrel. Oil had moved higher amid uncertainty surrounding potential US diesel-export restrictions and broader geopolitical supply risks. The move supported energy producers but renewed concern about inflation inputs across transport and the wider economy.
Gold shares were weak even as spot bullion remained historically elevated. The All Ordinaries Gold index fell about 2.25 per cent, showing that equity performance can diverge from the commodity because of valuation, currency, operating and company-specific factors.
Zip was a prominent loser, falling 11.38 per cent after the company reported short sales after the previous close. Nine Entertainment also weakened after UBS analysts warned of near-term revenue challenges associated with its advertising-supported subscription tier.
Premier Investments led larger winners despite caution about the retail environment. Breville, in which Premier owns a significant stake, also appeared among leading movers. In the broader ASX 300 screen, Myer gained 11.43 per cent and MAAS Group rose 7.93 per cent, while Lotus Resources fell 10.53 per cent. These percentage moves should be checked against company announcements and trading liquidity before attributing causes.
The Australian dollar was broadly flat at US70.38 cents. Spot gold was around US$4,280 an ounce, Brent crude approximately US$103.08 a barrel and iron ore near US$96.90 a tonne late in the session.
The rate outlook remains the central domestic catalyst. Labour-market weakness has not eliminated the possibility of an RBA increase next week, leaving banks, listed property and other rate-sensitive sectors exposed to changing expectations.
Market dashboard
S&P/ASX 200: 8,702, down 0.72 per cent.
All Ordinaries: 8,897, down 0.66 per cent.
Best sector: Energy, up more than one per cent.
Weakest areas: Real estate and materials were the major drags; confirm final sector percentages before publication.
Material winner: Premier Investments led the large-company gainers. Confirm its final closing move from the ASX before publication.
Material loser: Zip, down 11.38 per cent.
ASX 300 percentage leader: Myer, up 11.43 per cent.
ASX 300 percentage laggard: Zip, down 11.38 per cent.
AUD/USD: Approximately US$0.7038, broadly flat.
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