The exclusive club more Australians are joining
A new report reveals wealthy Australians employ similar strategies when it comes to managing their money
< 1 min
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.”
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
Tech investor was one of the most outspoken supporters of Trump in Silicon Valley
2 min
President-elect Donald Trump named a Silicon Valley investor close to Elon Musk as the White House’s artificial intelligence and cryptocurrency policy chief, signaling the growing influence of tech leaders and loyalists in the new administration .
David Sacks , a former PayPal executive, will serve as the “White House A.I. & Crypto Czar,” Trump said on his social-media platform Truth Social.
“In this important role, David will guide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness,” he posted.
Musk and Vice President-elect JD Vance chimed in with congratulatory messages on X.
Sacks was one of the first vocal supporters of Trump in Silicon Valley, a region that typically leans Democratic. He hosted a fundraiser for Trump in San Francisco in June that raised more than $12 million for Trump’s campaign. Sacks often used his “All-In” podcast to broadcast his support for the Republican’s cause.
The fundraiser drew several cryptocurrency executives and tech investors. Some attendees were concerned that America could lose its competitiveness in emerging areas such as artificial intelligence because of overregulation.
Many tech leaders had hoped the next president would have a friendlier stance on cryptocurrencies, which had come under scrutiny during the Biden administration.
“What the crypto industry has been asking for more than anything else is a clear legal framework to operate under. If Trump wins, the industry will get this, and more innovation will happen in the U.S.,” Sacks posted on X in July.
The tech industry has also pressed for friendlier federal policies around AI and successfully lobbied to quash a California AI bill industry leaders said would kill innovation.
Sacks’ venture-capital firm, Craft Ventures, has invested in crypto and AI startups. Sacks himself has led investment rounds in many. He has previously invested in companies such as Slack, SpaceX, Uber and Facebook.
Sacks was the former chief operating officer of PayPal, whose founders included Musk and Peter Thiel . The group, called the “PayPal mafia,” has been front and center this election because of its financial muscle and influence in drumming up support for Trump.
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
