BRW reports that due to real estate more than 1.1 million Australians have reached millionaire status.
According to Credit Suisse’s annual Global Wealth Report released on Wednesday, Australians have the highest median wealth in the world for the third year in a row. This means there is more wealth spread throughout the Australian population than in any other country.
This exceptional result is due to Australia’s higher than global average ownership of non-financial assets – largely property – has kept the wealth of the local masses higher than the rest of the world.
“Real assets” amount on average to $US294,100 and form 59 per cent of gross household assets, according to the report.
“This average level of ‘real assets’ is the second highest in the world after Norway,” the report states. “In part, it reflects a sparsely populated country with a large endowment of land and natural resources, but it is also a manifestation of high urban real estate prices.”
Australia is also ranked seventh in the world based on the total number of millionaires walking among us. More than 1.1 million Australians have reached millionaire status based on their accumulated net wealth, the same amount as in China and half as many as the number of millionaires in France and Japan.
Number of millionaires in 2013 and 2018 by regions, selected countries and world
|Country||Number (thousand) 2013||Number (thousand) 2018||Change (%)|
Source: Credit Suisse Global Wealth Databook 2013, Shorrocks/Davies/Lluberas
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