With assets more than doubling in mutual funds in Australia since 2003, asset management firms around the world are looking to enter or expand in the market, Bloomberg reports.

Previously, investment managers overlooked the country, with a population of a mere 20 million people. But since Australia began requiring employers to save 3% of workers’ salaries in 1992 and 9% beginning in 2002, workers in the country now have an average of $38,802 invested in mutual funds. Assets now hover at $763 billion, up from $356 billion in 2003, according to the Investment Company Institute.

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