Australia's 'super rich' population grows by a third

The number of Australians classed as high-net-worth individuals (HNWIs) grew 34 per cent to 173,600 last year, new research shows.

According to the Merrill Lynch Global Wealth Management and Capgemini fifth Annual Asia-Pacific Wealth report, the total combined wealth of Australia's HNWI population also rose by 37 per cent to $542.6 billion last year, the Australian reported.

The results meant that Australia had the third-largest population of HNWIs in the Asia-Pacific region in 2009, the report said.

Australians looking to make the most of their funds may wish to compare term deposits in search of the best returns. The data also suggested that Australian HNWIs had last year been the heaviest investors in real estate in the Asia-Pacific region.

Peter Opie, Merrill Lynch Wealth Management's senior vice-president of investments, said: "Australian high-net-worth individuals turned the risk switch off in 2009, with investors perceiving real estate to be less volatile than many other forms of investment.

"This is a trend that has continued through 2010."
The news comes after AMP recently confirmed that members of its super products will be able to add term deposits to their investment portfolios.

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