More Austrian millionaires

News Brief: July / August 2010

News | Vienna Review | July / August 2010

In spite of the financial crisis, there are more millionaires than ever in Austria, according to a new study by Boston Consulting, with private investments in global markets back at pre 2007 levels.

The number of Austrian millionaires increased to 39,077 in 2009 from 35,582 the previous year, with investments growing 8% to $676 billion, making Austrian investors among the world’s biggest winners.

"We were surprised at the result," said Peter Damisch, coauthor of the study, which reviewed assets held in stocks, bonds and investment funds worldwide.

Losses were significantly lower in Austria than elsewhere, with asset levels in the "horror year" of 2008 down only 1.4% here, as compared with 5.9% average for Europe and 20% in North America.

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