Aussie share obsession cuts our wealth
Australians lost almost twice as much money during the global financial crisis as people in other countries according to the 2009 global wealth report, by management consultancy Boston Consulting Group.
Overall the wealth of Australians declined by 27 per cent, compared to the global average of 15 per cent.
The number of Aussie millionaires fell 40 per cent to 49,452. Australians had 53 per cent of their personal wealth invested in equities in 2007.
The Australian Securities Exchange's benchmark index, the ASX200, suffered more than many other developed countries' indexes in the financial crisis.
Source: The Australian