.and? a millionaire aint much nowadays. that is about like 250k+ in the mid '80s.

Comment 1 of 106

Big deal. There are suburbs in Melbourne where a million wont buy a block of land.

Comment 2 of 106

I would like to bet it's just all the retiring boomers selling their long held precious properties that are creating these "millionaires". Theres certainly no more industry or jobs out there.

Comment 3 of 106

When houses in decent suburbs average over a million dollars... Then millionaire big deal.

Comment 4 of 106

Bull! 15 a day?!?! Where are the stats to prove this??

Comment 5 of 106

And in Australia, the millionaire club is really the 'just got halved club'. Let's see what happens when they liquify their little fortunes....I believe the Government tax office opens the door and invites them into the 'just got halved club'. You bettter make $2Mil to be in the Millionaire's Club when converting from paper to plastic.

Comment 6 of 106

Yeah, sure. And when the next GFC smacks down this "15 new millionaires a day" blurb might suddenly turn around to "50 highly leveraged millionaires go bankrupt every day". Enjoy the party.

Comment 7 of 106

It doesn't make any difference.The stuff is all tied up and you still have to watch what you spend. The money is so cheap now, it won't buy anything!!!

Comment 8 of 106

give me some money please!

Comment 9 of 106

just goes to show how worthless money has become

Comment 10 of 106

How is it this article has neglected mentioning inflation anywhere? In a market where an above average home will cost $1M, being a millionaire is not that great an achievement. And in 10-20 years time NOT being a millionaire will be considered poor. Its just a number with lots of zeros, lets not get too excited about it.

Comment 11 of 106

Greedy baby boomers all want to retire as millionaires. The bubble has to burst.

Comment 12 of 106

A lot of these millionaires will fall off the twig when the inevitable 'correction' hits real estate.

Comment 13 of 106

The only thing about it is comfort when your working life is through.!!!

Comment 14 of 106

Yawn. Because money brings eternal happiness.

Comment 15 of 106

Being a millionaire isn't what it used to be.

Comment 16 of 106

So in 2010 nearly 1 in 10, men, women and children are millionaires? Either the millionaire status needs to be revised probably due to the diminishing purchasing power of the dollar or there is a serious increasing divide between the rich and poor. In 2006, according to the census, 105000 Australian were homeless on any given night. In 2010, more than 180000 have millionaire status. Interesting

Comment 17 of 106

It might be nice to hear about a handfull making it good but i want to hear about something real newsworthy, like how many people are going bankrupt and going broke each day.

Comment 18 of 106

What a great piece of news. It's all about money. You can't be happy unless you have lots of it. How pathetic. Who cares about family values, work ethics and human compassion when you have all this money they can all go to hell.

Comment 19 of 106

This just shows that we don't tax enough to provide sufficient public services. It also shows the greed and money hunger that exists nowadays.

Comment 20 of 106

what a misleading article. Most of this wealth was created from the housing soon to be bubble emerging. Because a peice of paper based on government grants and undersupply does not mean wealth.

Comment 21 of 106

How many millionaires a day for how long?Jeez, the Labour government sure doesn't know how to run an economy!!!AND in the middle of a GLOBAL financial crisis !!Anyone who voted for the liberals surely must have the brain of a newt (with apologies to all newts and Monty Python)

Comment 22 of 106

A millionaire is nothing these days, you need more to live

Comment 23 of 106

Sorry, but I'd rather bitch about how bad things are... and how they're gonna get much, much worse. And I represent most bloggers here. You'll all be sorry when the sky crashes down on you, the earth opens up and swallows you, the t$unami of debt washes over you, etc, etc...

Comment 24 of 106

more fools gold, when the property crash comes, many of those hopelessly exposed will go down the wc! Good luck however and well done to those that have made theirs thru hard work in businesses enterprises and doing productive stuff for the economy!

Comment 25 of 106

The next downturn will reverse the trend as much of this so called wealth will vaporize. Especially those smug people that have built 'value' largely around property - that is they have borrowed to acquire overvalued assets based on the fact that prices always go up. Very few people built real value in Australia.

Comment 26 of 106

And 43 million Americans lvivng in poverty. These millionares are getting rich off the misfortunes of others. You don't need to be a pychic to see what's going on here.

Comment 27 of 106

For all those saying big deal.. A millionaire is defined as someone who has over 1 million in liquid assets NOT including the family home.

Comment 28 of 106

For every "Millionaire" created there are 100's people that have worked their asses off living off very little just getting by, especially if those millionaires have just earned their money from investments only! If they "WORKED" for it then fair enough! but most "rich people" live of the exploitation of many other REAL WORKERS!

Comment 29 of 106

so we count our lives out in money do we? how pathetic ..

Comment 30 of 106

I think if anybody who owns their home outright sells now, they would become instant millionaires. By the same token, as each of those transaction takes place, there would be someone mortgaged and become the bank slave for life too.

Comment 31 of 106

As much as we all want to see a housing bubble to bring these millionaires back to earth do you really think the govt will sit by and let a housing bubble happen? Dont you people know this is the age of the `bailout`...its where renters hard earned tax dollars will go on bailing the home owners out thru tax concessions and subsidies if theres any sign of a property crash.

Comment 32 of 106

To 'comment 16 - divide and conquer' you say almost 1 in every 10, shouldn't you be saying almost 1 in every 100? Money wealth is usually calculated by excluding the home you live in and removing liabilities amongst other things to determine money wealth, there is more than one way to measure wealth...

Comment 33 of 106

I wonder how many of them won Lotto or were part of a syndicate that won a Lotto jackpot?

Comment 34 of 106

My house is worth a million dollars. Does that make me a millionaire ???? I don't think so. A million dollars these days isn't what it used to be. Although it is a comforting number. But you only will realise it if you sell your home, but then you have to pay stamp duty and got knows what else to buy your next property and so on, and so on !!

Comment 35 of 106

What a bunch of depressing, negative and jealous people you all are. Show some ambition. Money may not buy happiness, but it can buy you freedom and choice. It is so easy to judge.

Comment 36 of 106

We all forget one thing! At the end of the day you don't own you land! The government can walk in and take it from you at what ever price the valuer sets even if it's well below the overinflated market value.

Comment 37 of 106

Listen to all these pessimistic values. I am going to enjoy driving my new BMW and eating out 4 nights a week while i can. Jeffc from wodonga you are welcome to move to Albury with all the rest of us millionares if you like, i can rent you a nice little place just off Dean street :)

Comment 38 of 106

There are still people out there who are struggling to make ends meet. Pensioners and Low income earners are still struggling with the cost of living.

Comment 39 of 106

Paper wealth is just that, someone's hopeful musings on a piece of paper. Let's see what happens when price discovery does not happen as often.

Comment 40 of 106

What happens when all of these "property investors" need to sell up and cash in?

Comment 41 of 106

Sure are a lot of jealous people commenting here. Wake up to yourselves pull your finger out, and you may join the [club]also. The people commenting negatively here as with other stories, are probably waiting for money to fall in their lap, instead of working hard, saving hard, following what's happening with the economy and making decisions accordingly. Get your head out of the sand and all your political rhetoric and start planning and working towards your own future.By the way I'm not one of those millionaires.....yet.

Comment 42 of 106

I have a million in property assets, but when you look at it its pretty meaningless. I have three mortgages, two which are paid by with rent and the third I have to pay because I live in it. I have very little cash flow and have to work for a living. I bought the properties for my retirement because my Superannuation is negligible. So being a "millionaire" is just on paper, nothing to keep me in luxury.

Comment 43 of 106

So, basically everyone is sitting around with millions of dollars of speculated worth? Means nothing until it's actually converted to cold hard cash. Remember back to the tulip bulb bubble of the 1600's. Sure, it's a drastic example, but it's shows what happens when the value of an asset is hugely dependent on requiring a buyer to have that value recognised. So settle down people and stop trying to hype up the status quo.

Comment 44 of 106

The headline that leads to this article is what says it all...PROPERTY FUELS MILLIONARE BOOM...CREATED BY...THE BANKS, anyone want a super large mortgage these days?

Comment 45 of 106

Lol. Sounds like a lot of jelous peopple out there. Will everyone was commenting on bubble bursts, these people were out there making their dreams become reality. Wish I had the cash!

Comment 46 of 106

A million wont fund retirement and 82% of retirees are on part or full pension ? Performance of property as an asset class will be very poor for a very long time. We have had our super boom...!!!

Comment 47 of 106

Can they cash out or simply trade a house for another house, no productive at all!!!

Comment 48 of 106

is it on paper or actual capital in the bank on hand ??

Comment 49 of 106

This says more about inflation than real wealth, as in an experience of affluence. More like, more and more people are facing an uphill financial struggle whatever their property may be worth on paper.

Comment 50 of 106

The term "Millionaire" was coined during the turn of last century, mainly to describe the Robber Barons and rail magnates. Back then, when the average wage was something like $5/week to have a million dollars was to have wealth beyond your wildest imaginings. It was all fancy country estates, butlers and maidservants and so on. These days it's what?, a nice house in the 'burbs and a car...pffft....they should be asking how many Australians have $100 million cash in the bank.

Comment 51 of 106

Yes, rossie, a millionaire is nothing these days, but it's disappointing to calculate that just under one percent of the population only have this amount of asset. In truth I find this figure difficult to believe.

Comment 52 of 106

Screw shares when you can buy real estate = garaunteed win. atleast thats what we all do

Comment 53 of 106

What a bunch of whinging losers. 22 out of 22 posts are all negative. This is a common theme these days. Aussies are becoming pathetic 'what about me' whiners. Well done to people who work hard, take a bit of risk and move forward. Talk about tall poppy syndrome. Wake up others and take a hard long look at yourself. Stop whining.

Comment 54 of 106

comment 21, it is those sort of statements that make you look foolish. Ignorance is bliss for some I guess

Comment 55 of 106

Inflation will do that.

Comment 56 of 106

What this fails to mention is that for every new millionaire, a hundred others are now below the poverty line.

Comment 57 of 106

Cant even get my first house..

Comment 58 of 106

Whilst more and more Australians are struggling and starving in poverty! The class gap has widened. The Labor Government do not know how to run an economy!

Comment 59 of 106

yes all the new millionaires and then we will have another GFC and they will all be back on the dole queue just like the last lot.amazingly greedy country,australia has become,no more culture,no more giving a bloke a fair go.i should jump on the greed wagon myself.

Comment 60 of 106

You cant count the equity from your principal place of residence. Millionaire is million dollars in wealth outside of your PPOR. This takes away a lot of "millionaires".

Comment 61 of 106

All the b**ching about this article is probably from people who haven't "made it" in any way at all. Just negative and miserable people who more than likely have no money and are not prepared to change anything about lives.

Comment 62 of 106

Wealth created by a real estate bubble, just as it was in other bubbles like dot com. In the end, most of these millionaires will no longer be millionaires when the real estate bubble bursts. And yes, it is a bubble and it will burst. Australia is just in denial.

Comment 63 of 106

Our house is worth more than a million. It still doesn't pay for the bread though....

Comment 64 of 106

The divide between the rich and the poor is being accelerated, look at the USA the champion of capitalism, 12% living below the poverty line. If Australia does not turn away from US consumerism we ill be likewise within a decade.

Comment 65 of 106

My off the plan isn't even built yet and an identical one is on the market for over 100k more, that's in12 months. Love you people waiting to buy a house for 50k, it's cute. Keep hoping, you've already been waiting 5 years, what's another decade or two? You can rent from me while you're waiting.

Comment 66 of 106

Yeah I just cashed in all my Australian money for Zimbabwe money and now Im a Billionaire... A Loaf of bread in Zimbabwe cost $5 Million but hey who cares.

Comment 67 of 106

YOUR HEALTH IS YOUR WEALTH!!!!!!!!

Comment 68 of 106

Skip, of course is correct, if you don't have your health, you have nothing.

Comment 69 of 106

Wow, I read a similar article in USA and Dubai back in 2006/2007, Everyday there were new millionaires backed by property casino. Well these millionaires went bankrupt overnight in 2008. Back in 2007, Dubai had low unempoyment and housing shortage, just before Property crash. Australia is in a similar situation,get ready for the worlds biggest property crash in Australia and China.

Comment 70 of 106

And that's not real wealth, that's becoming rich at the direct expense of the younger generations. You create wealth by MAKING things, not via speculation on a housing market.

Comment 71 of 106

One day the greed fuelled by the real estate industry where homes are treated as an investment that's expected to make money will have to stop, there's no doubt about that. It's just not possible for it to go on forever, and it should have stopped a long time ago. I'm pretty much a free market guy, but recognise that restraint is almost always needed too, and without some real restraint we're going to see all of Australia's property owned by a handful of people and out of reach of the vast majority, it's already happening now!

Comment 72 of 106

It will start with stagnant property values, because at the moment many people simply can't afford to buy, live and even worse still, simply just can't get a loan. The only people in the market today I believe are speculators/investors, and as they notice the diminishing yield on their investment, they will offload, possibly creating an abyss. This may seem impossible to most at the moment, but stranger things have happened!

Comment 73 of 106

AMS of QLD. You are totally right. Having a million dollars of personal fortune is a still a lot these days. Not sure if they take into count debt. I doubt there would be so many so called "millionaires" if they took into count debt..

Comment 74 of 106

Things all have some material value, but you only really find out the value when you sell and after you pay all the costs and taxes. Even then all you are left with is a computer code which says you have x dollars somewhere that may or may not be shut off at any time. So called Treasures in Heaven are really what you should be looking at, like family fun, raising children, helping your parents and helping other people. They will never lose their true value and you will have them for ever.

Comment 75 of 106

Inflation is the main cause of all these property millionaires. In Australia its up around 50% in the last ten years. Japan has deflation for the last ten years meaning everything is cheaper now. The government and banks are inflating our wealth away.

Comment 76 of 106

Oh Anne, how clever you must be up there on your 'off the plan' perch (the worst way ever to buy a property with limited land value and no opportunity to differentiate and improve). You'll be watching other people look smug when they buy your place for less than you paid if there's a minor slowdown in the market, and you've borrowed more than it's worth. Enjoy your 'success' but don't gloat, property is not as iron clad as some make out, off-the-plan modern units will be the first casualty, and if your idea of a win is simply buying for less than someone next door, you probably need to adjust your own values.

Comment 77 of 106

billionaire is whats needed...ive been a so called millionaire for years just from hard work........millionaire these days is nothing...

Comment 78 of 106

It's true that money doesn't bring happiness; rather it bring peace of mind. ;-0

Comment 79 of 106

How does paying off your own home worth over a million make you a millionaire? If you sell it, you still have to buy another one and take out another mortgage. The definition of a millionaire should be someone who has a million dollars or more worth of assets over and above the home they live in. That is, net assets valued at a million or more which you can turn into a million or more in cash (after tax).

Comment 80 of 106

How many Australians have joined the million dollars debt club in the past year? These dreamers who think property is immune to falling, seriously, take a look at the rest of the world. Oh yeah, we're different...which is why our dollar drops every time something happens in the US or Europe.

Comment 81 of 106

Went to see a place today. The real estate agent said that a similar property sold for $640k across the road, this one is $570k neg... Am I still gunna pay too much?? One thing for sure, the other guy did. But hey, must be rich on paper right...

Comment 82 of 106

I love all the cowards who don't have the courage or knowledge to invest, constantly mocking those of us that do because we want to better our own lives. 97% of people will rely on the pension when they retire - looking at the blogs it's pretty easy to work out exactly who's going to make up that group. Idiots....

Comment 83 of 106

Anne - the coming financial tsunami will trash your investments. You may not have noticed while you get deeply in debt by borrowing other people's money in the hope of making more money (it does not require any smarts to get yourself in debt) that the world's financial system is in trouble. How do you think that will work out in the future as the illusory value that you did not work for vaporizes. In fact you may be looking for a rental at some point yourself.

Comment 84 of 106

Whilst we take in approximately one percent of our population each year through legal immigration (yes, around 200,000 people) there is no possibility of a property slow-down. If current trends persist, the millionaires club will more than likely be the billionaires club within fifty years as it is literally impossible to meet the excessive, unnatural demand.

Comment 85 of 106

The data used for this millionaire article must have come from anywhere else but QLD. You're "dreamin" QLD has gone backwards thanks to Labor and so called millionaires are still falling over!!!! I hear NSW is not real good either.

Comment 86 of 106

Cuz of Sydney, I just bought $100 trillion Zim dollars for $3. Just goes to show what can happen to a country when the govt takes advantage of its population. The Zim dollar was worth the same as the Aussie dollar 30 years ago.

Comment 87 of 106

What is the definition of a millionaire ? One who has cash /Superannuation & unincumbered assets > $1,000,000 Correct ?

Comment 88 of 106

So now watch the govt get their fair share of the chop. With the new Green-Labor alliance, they will now bring in the Probate Duty taxes the Greens want desperately to finance their policies...such as shut down Loy Yang and Yallourn power stations...so I guess we will all have Solar panels on our roofs, and the Greens will pay for it from our Probate and death duties tax.

Comment 89 of 106

a lot of you bang on how money cannot bring happiness. i can tell you that what it does bring is more choice..... on what you eat, where you live if you want to work or where etc etc. which i know as i was living out of a car being in a family of 5 no less than 21 years ago while in high school. i;m a whole lot happier now i have a lot of money and do not live in a car with my kids!! more choices bring more happiness in my life!!!

Comment 90 of 106

This artical is misleading... Instead of talking about "Millionaires" it should be talking about "High net worth Individuals". ie: An individual with net assets >$1M, not including PPOR and Superanuation. By this artical I would be considered a "Millionaire", but Im definately not a "High net worth Individual". Im an ordinary Aussie battler...

Comment 91 of 106

It's very easy to become richer if the stock market is falling. You sell when you know. You wait and wait and wait and re-enter when it has definitely bottomed. Then you take the amounts at which you sold each share, and buy a quantity with that amount. The quantity will be much higher and when it moves, it will exponentially increase your saved capital. Young people, start early! Start now! Your life will be blessed.

Comment 92 of 106

When will people realize that our prosperity is illusory, built upon debt, speculation and irresponsible plundering of the environment. Australia is in the midst one ofthe most significant property bubbles in the world. We have followed a false light.

Comment 93 of 106

When do we get million dollar notes?

Comment 94 of 106

But would these people be prepared to give it to charity? They obviously don't have disabled children and put tens of thousands each year into their therapy and medical costs. The divide is just getting bigger

Comment 95 of 106

Money can't bring happiness.

Comment 96 of 106

Ann be careful. People who think they are smarter than everyone else often fall victim of hubris. But I do like being called cute.

Comment 97 of 106

It's fake wealth, unless we you sell your house and downgrade then you dont really have the money. If your are a property investor then thats a different story.

Comment 98 of 106

Rick of Qld (comment 62), you hit the nail on the head, great comment - thanks

Comment 99 of 106

This country makes me sick. Property is a basic need and should not be exploited. This country is still young and it didn't take long for this country to spit in the face of everything it stood for.

Comment 100 of 106