A very large component of that is wealthy Chinese immigration. I have a feeling that it happens to mesh well with the definitions of "millionaire" because a ver

A very large component of that is wealthy Chinese immigration. I have a feeling that it happens to mesh well with the definitions of "millionaire" because a very common route for Chinese immigrants to come to Australia is through property investment, which intrinsically creates a readily quantifiable asset qualifying them as a millionaire. Further, since property investment by foreigners is restricted, any chinese person who does immigrate immediately becomes a funnel for relatives and friends back home to channel investment money in. So I would suspect that a lot of these "millionaires" are paper millionaires only.