- Australia has claimed top place in terms of global median household wealth with $US191,453.
- Wealth per adult, at $US411,060, is the second highest in the world after Switzerland.
- Australia has 2910 ultra-high net worth individuals, the 10th highest in the world.
Australia has dislodged Switzerland as the country with the highest median household wealth at $US191,453, according to Credit Suisse Research Institute’s 2018 Global Wealth Report.
The composition of household wealth in Australia is heavily skewed towards non-financial assets, which averaged $US304,500 and form 60% of gross household assets.
Australia is also one of the countries with the most equitable distributions of wealth compared with other developed nations, such as the UK and the US.
Only 6% of Australians have net worth under $US10,000, compared to 18% in the UK and 28% in the USA.
“We are fortunate to live in a country where median household wealth and wealth per adult are the world’s first and second highest, proving that collectively as a nation we are not just very wealthy, but also that our wealth inequality is much lower than other developed countries,” Credit Suisse Australia CEO John Knox.
“This indicates that the economic fundamentals in Australia are very strong.”
Here’s the league table:
Among other Asia Pacific countries, Japan’s median wealth ranked seventh highest at $US103,860 and Singapore ninth at $US91,656.
Switzerland is the richest nation in the world in terms of wealth per adult with $US530,240, followed by Australia at $US411,060, and the US in third place $US403,970 among major economies.
Credit Suisse says no other part of the wealth pyramid has been transformed as much since 2000 as the millionaire and ultra-high net worth segments in Australia.
Australia now ranks 10th for ultra-high net worth households, those who have more than $US50 million, and is forecast to increase its number of millionaires by 41% over the next five years to 1.8 million people, the third highest growth in the Asia-Pacific region.
Michael Marr, the Head of the Private Bank at Credit Suisse Australia, says Australia continues to be among the wealthiest countries in the world due to the superannuation system, an unprecedented 26 years of continuous economic growth, high real estate prices, a stable currency, population growth and plentiful natural resources.