Perth will have a larger ultra-high net worth population than Brisbane by 2014, thanks to its growing mining sector and the surge in commodity prices.
Figures from research company Wealth-X show Perth is currently home to the fourth-highest concentration of ultra-wealthy in Australia, behind Sydney, Melbourne and Brisbane.
But in only a couple of years, the city, located in Western Australia, will see its UHNW population outgrow Brisbane’s, according to the report.
“Perth presents a wealth of potential for private banks, not-for-profits and luxury brands to tap,’’ said Mykolas Rambus, chief executive of Wealth-X.
“The surge in commodity prices will lead to a flush of new wealth and the challenge is for private bankers, not-for-profits and luxury brands need to ensure they are well-positioned to ride on this wave.”
The city is already home to a number of well-known family businesses, including Hancock Prospecting, headed by Gina Rinehart, Australia’s wealthiest person.
However, although Perth’s ultra-wealthy population is set for growth, Sydney will continue to be the most popular Australian city for UHNW individuals thanks to its strong financial sector and its cultural activities and buildings, the study said.