Gold for Property
If medals were handed out for making money, gold would go to property investment according to this year's BRW Rich 200 List.
The list ranks property as the single biggest source of wealth among Australia's 200 wealthiest people. Despite all the attention given to mining wealth, the number of mining magnates in the list has dropped from 28 to 22, a sign of the trouble in commodity markets over the past year.
By contrast, 55 of the list entrants gained their wealth from property and many of those who didn't make their fortunes in property have stored their wealth by investing in property.
"The rise in the number of Rich 200 members to make most of their money from property perhaps also points to volatility in equity markets", reports BRW. "Although the property market has had its own problems, it remains a relatively safe way to mind money in a downturn."
This year's list results come as no surprise to the many that have made money through property investment. Going back years, the Rich 200 has always been dominated by property entrepreneurs no matter the state of the Australian economy. It's a true indicator that if so many wealthy people have used property profitably, there must be something to be said for following in their footsteps.
Go for Gold...in property investment!