Mining, property fuel Aussie billionaires' wealth

Australian billionaires' riches are highly concentrated in mining, financial services, technology and property, accounting for 0.7% of the total US$15.1 trillion in global wealth studied by the 2026 Billionaire Census.

Global wealth intelligence provider Altrata found Australia dominates the Pacific region when it comes to the billionaire population.

In the last year, Australia's billionaire population rose modestly in absolute number to 51 individuals, on the back of global demand for mineral commodities and financial and business services, the report found. However, wealth gains were constrained by subdued export trends to China  and real estate pressures that dampened equity-market returns.

Asia, the third-largest billionaire region, recorded a 6.5% rise in its billionaire population to 881 individuals.

The increase in wealth was driven by the positive spillover effects of the wider artificial investment (AI) investment boom, supportive fiscal and governance reforms, and global investor diversification underpinned strong returns in many of the region's equity markets.

South Korea's tech-heavy KOSPI index was the top global performer, with robust gains also in Taiwan, Japan, and Hong Kong, the report read. In contrast, returns in the fast-growing billionaire market of India were relatively muted for a second consecutive year.

New York continues to be the global billionaire capital with an 8% rise in billionaire numbers to 164.

New Yorke billionaires' wealth trends were tied to the AI investment boom also - a major driver of activity across the city's extensive private capital markets, family offices and ultra-prime real estate.

Hong Kong sits in second place with 106 billionaires, followed by San Francisco with 99 and London with 79.

Overall, Altrata estimates that nearly 5000 spouses and adult children will inherit a sizeable share of the US$6.6 trillion of billionaire wealth that will be passed on over the next decade, with women tipped to receive a significant share.

This will include more than 1235 female spouses. The current average age of expected adult child heirs is 48 while the spouses are 66.

Some 23% of expected adult child heirs already work alongside their billionaire parent in the primary family business.