CHART OF THE DAY: Australia - Land Of The Wealthy And Fair

Picture: Getty Images

The Credit Suisse Global Wealth Report and Global Wealth outlooks were released yesterday and got a lot of coverage.

We learnt that there were around 38,000 more millionaires in Australia this year than last and that Australia had a higher level of median wealth than other other country on the planet.

Our cousins in the US then posted a chart showing the gigantic gap between the super rich and the super poor around the world.

But what struck me about the wealth report, at least the outlook, was the distribution of wealth in Australia relative to the rest of the world, relative to developed nations like the UK and Europe and just how fair it all makes Australia look.

Take the US for instance:

And the UK:

And now Australia:

You can see why Australia has the highest median wealth in the world. We just have so many people in what most Australians would call the Doing Well But Not Over The Top band: between 100,000 and $1 million in assets relative to the rest of the world. We also have way less poor people than the world and indeed, the UK and US.

Twenty-two years without a recession has delivered to Australians immense wealth.

So why aren’t we happier and spending more?

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