The 2025 UBS Global Wealth Report reveals that 1.9 million Australians have reached millionaire status in US dollar terms, equivalent to approximately $1.55 million Australian dollars.
This figure is expected to grow by more than 20 percent by 2028, adding roughly 400,000 new millionaires.
Australia currently holds the second-highest median wealth globally at US$268,000 ($411,000), trailing only Luxembourg.
The nation also ranks fifth out of 56 countries based on average wealth per adult, which stands at US$620,000 ($952,000).
The property market has been the primary driver behind this wealth surge, with Australian households collectively owning nearly $10.5 trillion in residential land and dwellings.
Real estate makes up almost 53 percent of the country’s personal wealth, significantly higher than other comparable markets.
“Australia stands out for its real estate that makes up almost 53 per cent of the country’s personal wealth, ahead of the United Kingdom and far ahead of other markets,” the UBS report said.
This property-centric wealth profile comes with distinct characteristics.
Australians hold the lowest proportion of wealth in cash and deposits at just above 10 percent, only half as much as countries like Switzerland, Singapore, and the UK.
The average house price in Australia exceeded $1 million in the March quarter, according to the Australian Bureau of Statistics, further cementing property’s role in wealth creation.
While Australia’s millionaire population grows, the United States remains the global leader with almost 24 million millionaires, representing nearly 40 percent of the world’s total.
This is more than four times the number in mainland China, which ranks second.
The UBS report identifies a growing category of “Everyday Millionaires” with investable assets between US$1 million and US$5 million.
This group has more than quadrupled since 2000, reaching approximately 52 million globally by the end of last year, controlling about $107 trillion in total wealth.
Despite the surge in millionaires, Australia ranks relatively well for wealth distribution, with the top 10 percent holding 44 percent of the nation’s wealth.
However, property ownership continues to drive wealth inequality along income and generational lines.
Higher-income households are significantly more likely to own multiple properties, with 16 percent of households earning over $100,000 owning two or more properties, compared to just 6 percent of households earning between $50,000 and $100,000.
A similar pattern emerges across generations, with 10 percent of baby boomers and 13 percent of Generation X owning multiple properties, compared to only 5 percent of Generation Z.
