The number of high-net-worth individuals (HNWIs) in Australia has risen from 234,000 in 2016 to 255,000 this year, according to a new report from wealth advisory firm Capgemini.

A significant proportion of the wealth of Aussie HNWIs is attributable to equities investment portfolios, said Philip Gomm, banking and capital markets industry practice leader at Capgemini.

The firm’s World Wealth Report 2017 defines HNWIs as people with a minimum of USD$1m (AUD$12.7m) in investments and assets, excluding their homes, collectibles, and consumer goods.

Considering the higher commodity prices, higher savings rates, and price increases in many of Australia’s biggest real estate markets, Gomm said the number of high-net-worth Aussies could grow even faster this year.

“I think we can predict performance above [nine percent] this year,” he told Fairfax Media.

As for a breakdown of investments held by wealthy Australians, 28% is held in shares, 26% in property, 19% in cash, 14% in fixed income, and 13% in other areas.

Australia ranks ninth among the countries with the most HNWIs, the same position it held last year, just ahead of Italy. The United States has the world’s largest population of HNWIs, followed by Japan.

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