Australia’s Vanishing Millionaires

#Economy #Recession #HeiseSays

Australia has lost over 120,000 millionaires. Could this negative “Wealth Effect” be the reason for the retail recession?

References

Housing market slump means Australia has lost 124,000 millionaires

https://www.news.com.au/finance/money/wealth/housing-market-slump-means-australia-has-lost-124000-millionaires/news-story/47c166ee2a77ad677afd6bcd33208e95

The Wealth Effect

https://www.investopedia.com/terms/w/wealtheffect.asp