The number of Australians investing in the share market continued to decline in 2012, according to the Australian Securities Exchange’s Australian Share Ownership Study 2012.

The study found that 38% of Australians owned shares in 2012, compared with 43% in the 2010 study. This sees a continuation of the downward trend since the pre-global financial crisis peak of 55% in 2004.

The study found that 40% of investors were on incomes of between $100,000 and $200,000 a year, while 58% had incomes of over $200,000. That left only 2% of investors at under $100,000 a year.

The typical direct share owners were tertiary-educated men investing through an online broker. Men, the study found, were significantly more likely to own shares than women, with a ratio of 40% of men to 28% of women owning shares.

Despite the declining numbers, Australia nevertheless has one of the highest levels of share ownership in the world, the study said.