While $1 million has the spending power of about $250,000 in 1985 according to the RBA, 2014 saw the emergence of 43,500 new millionaires in Australia. This figure was up from previous years; there were 30,000 in 2013 and 40,000 the year before, according to Guiamatsia. Investment Trends research shows that strong performance in the equity and investment property markets in 2014 were the cause for this growth holding $1.6 trillion in investments. A portfolio in Australia typically of the high net worth's in Australia typically has an allocation of property at 31%.
More recently, there has been scandal surrounding the financial advice sector in the big banks. Commonwealth Financial Planning, Macquarie Wealth Planners and NAB involved in cases for providing bad financial advice. Despite this, there is still demand for financial advice across the High Net Worth sector, with 40% seeking professional financial advice.
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