Millionaire has a homely ring

Average Australian households can now consider themselves “millionaires” – at least on paper.

According to Deloitte Access Economics in its latest quarterly business outlook report, net wealth at the end of 2016 among Australia’s 9.23 million (homeowners) was $9.4 trillion.

However, such apparent wealth could come at a price.

Separate research by KPMG Economics has found the bottom 20 per cent of households have recorded the highest rate of growth in investment income, including greater exposure to activities such as negatively geared property investment.

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