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ONCE AGAIN AUSTRALIANS ARE THE WEALTHIEST IN THE WORLD
Monday October 21st, 2013
This year’s Credit Suisse’s annual global wealth report, which was released last week, shows that Australians have the highest median wealth in the world, and we have the a very low percentage of poor people.
The report shows Australians have the highest median wealth in the world, with average household wealth having grown an incredible 13% a year since 2000.
Australia’s average wealth per adult is US$402,600 (AU$426,100), which is the second-highest in the world after Switzerland.
However Australia’s median wealth (the wealth of the middle wealthiest person in Australia) is the highest in the world, at US$219,500 (AU$233,504).
The proportion of those with wealth above US$ 100,000 is the highest of any country – eight times the world average. With 1,762,000 people in the top 1% of global wealth holders, Australia accounts for 3.8% of this wealthy group, despite having just 0.4% of the world’s adult population.
When it comes to wealth distribution, most Australians (62.6%) had wealth between US$100,000 and US$1 million.
Only 6.9% of Australians had a net worth of under $10,000 – a very low proportion by global standards.
And it has a lot to do with property.
Australia’s wealth is heavily skewed towards ‘real assets’ (in other words property) as opposed to financial ones. Australians have the second-highest real asset allocation in the world, behind Norway, with most of our wealth being stored in our homes.