Millionaire

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<p>Sydney's millionaire tech heads love prestige waterfront property for their family compounds.</p>

<p>The Sutherland Shire-based tech richlister David Greiner has splashed out big time on an prized Cronulla beachfront site consolidation.</p>

<p>He has quietly spent $23 million plus on The Esplanade (above).</p>

<p data-gtm-vis-first-on-screen-7770372_137="102749" data-gtm-vis-has-fired-7770372_137="1" data-gtm-vis-recent-on-screen-7770372_137="102749" data-gtm-vis-total-visible-time-7770372_137="4000">Greiner is half of the publicity-shy duo from the Shire quietly who built one of Australia's most exciting technology companies over the past decade.</p>

<p>His property play highlights the passion for property held by Sydney's young tech heads.</p>

<p>Only last month the Atlassian co-founder, tech billionaire Mike Cannon-Brookes bought Australia’s most expensive house, the harbourfront jewel, Fairwater at Double Bay in Sydney's east for close to $100 million.</p>

<p>Cannon-Brookes 1.12 hectare acquisition followed his Atlassian business partner Scott Farquhar paying $71 million, without any mortgage next-door for another Fairfax family home, Elaine last year with plans for an architectural makeover by <span>Rome-based expat architect </span><span>Carl Pickering.</span></p>

<p>Greiner's off market purchases are at the southern end of Cronulla beach with the five acquisitions on a combined 1,175 sqm land holding. </p>

<p>His known purchases have ranged between $2.5 million and $8 million so far, with one further acquisition expected.</p>

<p>All but one are in Greiner's own name, with one purchased through a related company. </p>

<p>With the site consolidation not quite complete, his final outlay remains undisclosed, along with whether he intends to build a luxury family home or undertake apartment redevelopment plans in the long term.</p>

<p>Founded by Greiner and Ben Richardson, Campaign Monitor was billed as the next Atlasssian when it shot to prominence in 2014 selling a $348 million stake to US venture capital firms.</p>

<p>It makes software for email campaigns, with over two million customers at more than 200,000 businesses, with staff in Sydney, San Francisco and London. </p>

<p>Having started out in a garage in the Sutherland Shire, their most recent shared net worth was suggested as $600 million, second only to the billionaire tech head duo at Atlassian. </p>

<p>David and wife Renee live in Caringbah South, and own a Mollymook Beach weekender where last year they spent $2 million extending the Mitchell Parade holding, quickly securing approval for a tennis court.</p>

<p>Ben Richardson is building a luxury home at Shearwater Landing, on a 3350 sqm holding in the coastal Cronulla master-planned residential precinct.</p>

<p>He and wife Inger have no registered mortgage on the four building blocks that cost $12.6 million.</p>

<p>Friends since they were five-year olds, their company success emerged from their web design business which the pair launched when they were students in the late 1990s studying at the University of Wollongong.</p>

<p>In mid-2017 <span>Greiner and Richardson, the company's two Australian-based founders, relinquished all operational duties, but remained on the board on the company.</span></p>

<p>"As parents with young kids, they're taking the time they didn't have when building Campaign Monitor over the past decade to spend more time with their family," the spokesperson said at the time in a statement.</p>

<p data-gtm-vis-first-on-screen-7770372_137="102749" data-gtm-vis-has-fired-7770372_137="1" data-gtm-vis-recent-on-screen-7770372_137="102749" data-gtm-vis-total-visible-time-7770372_137="4000">Nautilus, built on Burraneer Bay for soft drink scion, Steve Shelley, is regarded as the Shire's most expensive home build.</p>

<p><span>The seven bedroom, six-storey mansion comes with its own bowling alley, home cinema and bar.</span></p>

<p><span>It was </span><span>crowned the Australian Home of the Year in t<span>he </span>2016 HIA-CSR Australian Housing Awards.</span></p>

<p><span>This article was first published in the Daily Telegraph.</span></p>

<h2><strong><span>Properties selling now in Sydney:</span></strong></h2>

<p>[smartcode_project:default project_id=29359]</p>

<p>[smartcode_project:default project_id=24323]</p>
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Shire tech head David Greiner secures Cronulla beachfront blocks

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<p><span style="line-height: 1.3em;">According to </span><span style="line-height: 1.3em;">Time Magazine</span><span style="line-height: 1.3em;">, second citizenships are very popular among the wealthy of the world.</span></p>
<p><span>But where do they choose to move to?</span></p>
<p><span><strong>Net inflow of millionaires 2000 to 2014</strong></span></p>
<p><span>UK - 125,000</span></p>
<p><span>US - 52,000</span></p>
<p><span>Singapore - 46,000</span></p>
<p><span>Australia - 35,000</span></p>
<p><span>Hong Kong - 29.000</span></p>
<p><span>UAE - 18,000</span></p>
<p><em>Source; Time Magazine</em></p>
<p><span>Some of these locations will remain popular due to their favourable tax legislation.</span></p>
<p><span>Others will become more sought after due to them being desirable places to live.</span></p>
<p><span>I expect to see Australia moving up this list, particularly becoming a country of choice for with the wealthy of Asia. </span></p>
<p><span>We even have a visa system which encourages this. </span></p>
<p><span>Where would you move to, if you could live anywhere?</span></p>
<p><span><em>PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>.</em><br></span></p>
<p><em>His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.</em></p>
<p><span> </span></p>
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The international flow of millioniares: Pete Wargent

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<div>2017 saw another large increase in global wealth, increasing by 6.4 per cent or (USD) $16.7 trillion to $280 trillion, driven by equity prices and non-financial assets, including housing.  </div>
<div> </div>
<div>Global wealth is projected by Credit Suisse to hit $341 trillion by 2022, driven largely by rapid growth in countries such as China and India. </div>
<div> </div>
<div>The US continued an unbroken run of gains since the financial crisis in 2017. </div>
<div> </div>
<div>The Eurozone saw the creation of 620,000 new US dollar millionaires as the currency picked up, and Australia once again punched above its weight in adding a further 202,000 millionaires, taking the total up from 958,000 to 1.16 million. </div>
<div> </div>
<div>Switzerland's wealth per adult has increased by by a thunderous 130 per cent since the turn of the century in US dollar terms to $537,600, albeit largely due to shifts in the exchange rate, according to the Credit Suisse 2017 Global Wealth Report. </div>
<div> </div>
<div>Among the countries in the world with available figures over the long term, Switzerland stands alone in seeing no decline in wealth inequality over the past century. </div>
<div> </div>
<div>Home to just 0.01 per cent of the global population, Switzerland alone accounts for some 1.7 per cent of the top 1 per cent of global wealth holders, with several thousand ultra-high net worth individuals with personal wealth in excess of $50 million. </div>
<div> </div>
<div><strong><span style="text-decoration: underline;">Lucky country</span></strong></div>
<div> </div>
<div>Switzerland is something of an exceptional case as a tax haven, but next in line comes Australia with a mean wealth per adult of $402,600, partly driven by "high property prices in the capital cities", somewhat perversely.</div>
<div> </div>
<div>Australian household wealth gains have averaged 12 per cent per annum since the turn of the century, and the average debt to assets ratio is surprisingly low at only 20 per cent. </div>
<div> </div>
<div>68 per cent of Australian adults have a net worth of above $100,000, which is some eight times the world average. </div>
<div> </div>
<div>Meanwhile, New Zealand's wealth per adult moved ahead of Norway into fourth place in 2017. </div>
<p> </p>
<div class="separator"><img src="https://3.bp.blogspot.com/-oAbxOVJ3duU/WhAVKmtzpKI/AAAAAAAAnE4/mChi9Lws_5IQxWjWNSvVkAruPutHLyuhwCLcBGAs/s640/Australia.jpg" width="640" height="394" data-original-height="829" data-original-width="1340"></div>
<div> </div>
<div><span>Wealth inequality is relatively low in Australia, with a far smaller share of the population having a net worth of under $10,000 than the United Kingdom or US. </span></div>
<div><span> </span></div>
<div><span>Indeed, when measured in median terms Australia's wealth per adult of $195,417 is not too far off the highest in the world, with only Switzerland edging us out at $229,059. </span></div>
<div><span> </span></div>
<div><span>There are now 36 million high-net worth individuals in the world with a net worth of $10 to $50 million.  </span></div>
<div><span> </span></div>
<div><span>Some 2 million of them are located in China - nearly 40 times as many as at the turn of the century - with a further 6.3 million in India and other Asia-Pacific countries.  </span></div>
<div><span> </span></div>
<div><span>Perhaps not unrelated to this, Australia is projected to be home to 1.7 US dollar millionaires by 2022, up from 1.16 million today.</span></div>
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Batting well as 68 per cent of Australian adults have a net worth of above $100,000

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<p><span>Despite global wealth growth of 2.6% during the past year, Australia's wealth per adult fell $U<span>SD 28,670, largely due to exchange rate effects and the falling Australian dollar, according to the latest Global Wealth Report from Credit Suisse.</span></span></p>
<p><span><span>They found that the composition of household wealth in Australia is skewed toward non-financial assets, which average $USD 275,420 and form 58% of gross assets. The high level of real assets reflects a large endowment of land and natural resources relative to the population, but also high property prices in the largest cities.</span></span></p>
<p><span><span>Therefore due to the recent fall in property values, that has in turn caused a decline in the per capita wealth of Australians, when factoring in exchange rates it is close to its 2011 level of $USD 384,640.</span></span></p>
<p>Despite the exchange rate effects, Australia’s wealth per adult is fourth highest in the world in US dollars. In terms of median wealth, it ranks second after Switzerland.</p>
<p>However the decline in average wealth in Australia still resulted in 124,000 fewer millionaires.</p>
<p><img src="https://www.urban.com.au/images/2019/10/22/Aussie%20Wealth.JPG" alt=""></p>
<p>Credit Suisse said, "the proportion of those with wealth above USD 100,000, at 66%, is one of the highest in any country and about six times the world average. With 1,307,000 people in the top 1% of global wealth holders, Australia accounts for 2.6% of this top slice, although it is home to just 0.4% of the world’s adult population."</p>
<p>"Household wealth in Australia grew quickly between 2000 and 2012 in USD terms, except during 2008. The average annual growth rate of wealth per adult was 12%, with about half due to exchange-rate appreciation against the US dollar. The exchange-rate effect went into reverse after 2012, with the Australian dollar declining 33% relative to the US dollar."</p>
<p>"Notably only 7% of Australians have net worth below USD 10,000. The latter figure compares with 17% in the United Kingdom and 27% in the United States," they concluded.</p>
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