Australian economy dominated by its service sector

Australia: UHNWIs by sector: Australia has been one of the stronger economies in the world in recent years with a GDP of US$1.57 trillion in 2012. The Australian economy is dominated by its service sector, comprising 68% of GDP. The financial services and basic materials industries are the two main industries in which UHNWIs have accumulated their wealth, accounting for 16% and 14% of UHNWIs, respectively.

Industries that require a high level of human capital development – such as financial services, technology, healthcare, media, retail and fashion, and hotels and leisure – account for 40% of Australia’s GDP and are the primary source of wealth for 47% of Australia’s UNHWIs. There are just over 274,000 HNWIs in Australia, with an average wealth of US$3.1 million per person and a combined wealth of US$845 billion.

HNWI wealth accounts for roughly 17% of Australia’s total wealth. This percentage is low compared to the worldwide norm of over 30% which is indicative of the relatively even wealth distribution within Australia. View more data or Buy full report

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