Australia’s multi-millionaires: Perth and Adelaide outperform the rest

This includes 930 multi-millionaires in Sydney, 590 in Melbourne, 330 in Perth, 240 in Brisbane, 60 in Adelaide and 37 on the Gold Coast.

The WealthInsight research said Adelaide experienced the strongest multi-millionaire growth among Australian cities over the period 2007-2011, with growth of 75%, followed by Perth with growth of 52%.

WealthInsight analyst Andrew Amoils said: "The strong growth in Perth was facilitated by growth in the number of multi-millionaires who acquired their wealth from the basic materials sector, which was fuelled by a rise in commodity prices."

Multi-millionaires, otherwise known as ultra high net worth individuals or UHNWIs, are individuals with net assets of US$30m or more excluding their primary residences

Millionaires, otherwise known as high net worth individuals or HNWIs, refer to individuals with net assets of US$1 million or more excluding their primary residences.

Source: Private Banker International

Sign up for our daily news round-up!

Give your business an edge with our leading industry insights.

Sign up