China’s
appetite for commodities is keeping Australia’s billionaires flush with new
money, according to a study from
Wealth-X.

Australia’s
ultra affluent individuals have a combined net worth of $350 billion, much of
which is new wealth brought by rocketing commodity prices, “once in a century”
mining boom, the strength of the nation’s currency and steady economic expansion,
according to the latest briefing from the Singapore-based researcher.

Australia,
home to 2,740 individuals with a net worth of at least $30 million each, is
ranked as the country with the largest population of ultra high net worth
individuals within the Oceania region. New Zealand, the second wealthiest Oceanian
country, lags far behind with 480 UHNW individuals.


Wealth-X
estimates there are 30 billionaires in Australia. This group of billionaires or
the top one percent of the UHNW population control 23 percent of the total
wealth of the country’s UHNW population. There are nearly 100 individuals in
Australia worth at least $500 million, and approximately 305 individuals worth
$200 million to $499 million.
 

“One
of the factors keeping the Aussie dollar buoyant is the commodity outlook.
China’s appetite for iron and coal remains unabated and that will keep
Australia in a bright spot,’’ said Mykolas Rambus, Wealth-X chief executive, in
a statement.