Australians haven’t got any richer over the last 12 months but we’re still doing better than most of the world.
The Credit Suisse Research Institute today published its seventh annual Global Wealth Report, placing Australia in second place in the world for the highest average wealth per adult in mid-2016
But at $US376,000 ($A508,000) per head, the average wealth of Australian adults still dropped 1.4%.
The result is on trend with limited wealth growth globally since the GFC.
Here are the top ten countries for average adult wealth:
Household wealth in Australia was unchanged (-0.2%) in 2016 at $US6.4 trillion ($A8.6 trillion). It is forecast to rise by 34% or 6.1% a year in the next five years to reach $US8.6 trillion ($A11.6 trillion) in 2021.
Wealth inequality is low in Australia compared to the rest of the world. Only 11% of Australians have a net worth below $US10,000 ($A13,500) compared to 22% in the UK and 35% in the US.
The proportion of those with wealth above $US100,000 ($A135,000) is 55.8%, the fifth highest of any country and almost seven times the world average.
The number of millionaires fell by 1.1% to one million in 2016. However, ultra-high-net-worth individuals — those with more than $US50 million ($A67 million) in net worth — grew 0.8% to 2,200.
Both are forecast to increase by 9% a year in the next five years.
Total global wealth in 2016 edged upwards by 1.4% to $US256 trillion ($A346 trillion), a rise in line with the rise in the world’s adult population.
Wealth is defined as the value of all financial assets, including housing, minus debts.
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