Credit Suisse released its annual Global Wealth Report today, which shows that for the third year running median wealth per adult in Australia continued to be the highest in the world.
Here’s the key facts for Australia:
- Australia has the second highest level of mean wealth per adult, after Switzerland
- It has the highest level of median wealth
- Household wealth per adult in Australia grew by 2.6% last year compared to the world average of +4.6%
- Australia has 1.123 million USD millionaires, up by 38,000 from last year
- Australians have more of their wealth in non-financial assets (largely property) than the global average or most comparable developed nations (58.5% vs world average of 45%)
One of the most interesting points to come out of the report is the high level of non-financial assets held by Australian adults, which is mostly property.
“Australian’s have always had a love affair with property and that still seems to be the case,” Credit Suisse private banking CIO David McDonald said at the report’s release in Sydney this morning. “It’s just a cultural thing, as much as anything.”
Record low interest rates in Australia have seen many commentators talking about a property bubble recently, though McDonald said this was not an issue. “I don’t think we are in bubble territory.”
The report found aggregate global wealth increased by 4.9% to $USD241 trillion between mid-2012 to mid-2013, with North America overtaking Asia Pacific and Europe to become the richest region, with an 11.9% growth to $78.9 trillion in total wealth. McDonald said Asia Pacific’s decline was in part due to a sharp depreciation of the Japanese Yen against the USD.
In a statement Credit Suisse Research Institute’s Michael O’Sullivan said: “Our research shows that global wealth has doubled since 2000, quite compelling given some of the economic challenges of the last decade.
“We expect this trend to continue in the foreseeable future, driven largely by Emerging Markets’ strong economic growth and rising population levels.”
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