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Property News

Brisbane a top spot for the newly wealthy

January 09, 2012

The continued impact of resource projects in Queensland has seen a shift in the concentration of wealthy individuals away from traditional centres such as Melbourne and Sydney, according to an industry report.

International market intelligence firm Wealth-X says that the mining boom is resulting in a new wave of what it calls "ultra-high net worth" individuals.

The company tracks the investment activities of affluent people around the world and says that Australia boasts 2,740 people in that category, hosting a combined wealth of $350 billion.

While Sydney and Melbourne still claim the lion's share of these individuals, Brisbane has managed to produce 350 of these so-called "super-rich" residents.

Speaking to News.com on January 8, Wealth-X's Australian chief Adrian Jenkinson said that the "new generation" of affluence was due less to traditional families managing their assets over generations and more to do with mining and exports of resources.

Jenkinson asserted: "Our research shows that's not only translating to company wealth and country wealth, but there are individuals who are now becoming very, very rich."

"The surge in commodity prices will lead to a flush of new wealth ... we would expect Brisbane to continue to grow on the back of the resource sector."

An increase in domestic affluence could also serve to drive residential property markets, with the new generation seeking to put their funds to use in the real estate market.

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