The number of Australian millionaires shrank by about 20 per cent in 2022 as rising interest rates, volatile asset values and currency depreciation hit fortunes, the latest UBS Credit Suisse Global Wealth Report says.
About 1.8 million Australians remained millionaires despite their combined wealth tumbling more than $1.5 trillion – the fifth-biggest national fall behind the United States, Japan, China and Canada, according to the global ranking report, released on Tuesday.
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Duncan Hughes is a Walkley award-winning personal finance reporter, based in our Melbourne newsroom. Connect with Duncan on Twitter. Email Duncan at duhughes@afr.com.au
