Australia’s retirement funds have grown to $2.2 trillion, according to the latest statistics from the industry body, ASFA (Association of Superannuation Funds of Australia).
Total superannuation assets grew 7.4% in the the 12 months to December and they are forecast to grow to $4 trillion or more by 2015 and $10 trillion by 2040.
Here are the forecasts:
The current $2.2 trillion in assets is spread across 29 million superannuation accounts, or about $76,000 per account.
Of those 1.1 million are self managed superannuation fund members with combined assets of $656 billion, or about $600,000 per account.
And it’s estimated by Credit Suisse that self managed superannuation funds control about 16% of the Australian equities market.