Australia’s high-net-worth population is growing at above average rates, according to the 12th annual World Wealth Report, which revealed the number of locals in this bracket grew by 7.1 per cent in 2007.

This increase represents an extra 11,000 individuals boasting net assets of at least US$1 million, excluding their primary residence and consumables, since the last survey, bringing the total at the end of 2007 to 172,000.

The report, which was released by Merrill Lynch and Capgemini, ranks Australia 10th out of 71 countries in terms of having the highest number of high-net-worth individuals.

On a global scale, the number of high-net-worth individuals rose 6 per cent in 2007 to 10.1 million, while the number of ultra high-net-worth individuals with net assets of at least US$30 million increased by 8.8 per cent.

The combined wealth of the world’s high-net-worth individuals at the end of 2007 was US$40.7 trillion.