Australians Richest People in the World
The Lucky Country is becoming more and more fortunate by the day, according to Credit Suisse, as its 2021 Global Wealth Report illustrates how and why Australians are the richest people in the world. The leading global investment bank’s annual research has outlined 1.8 million Aussies are millionaires today based on net household wealth – that’s the value of financial + real assets minus debts – with a projection the local millionaire population will reach approximately 3.1 million by as early as 2025. Currently, Australia has the second-highest density of millionaires (9.4% of total pop.), right behind Switzerland (14.9%). While both are impressive stats, the title for world’s richest people isn’t exactly owed to either of the above. Rather, the country’s title has been secured by the median wealth per adult figure of US$238,070. Having experienced a US$32,280 increase between 2019 and 2020, effectively, Australia has pulled in front of Belgium (US$230,550), Hong Kong (US$173,770), New Zealand (US$171,620), Denmark (US$165,620), Switzerland (US$146,730), and plenty others for the top spot. The rapid appreciation of the Australian dollar over 2020 has also played a significant role in Australia’s position in the rankings. In fact, despite the ongoing pandemic, Australia somehow managed to experience the third-highest increase in millionaires across 2020, minting over 392,000 individuals who are now proud, card-carrying members of the two-comma club. If Credit Suisse’s math is correct – and we’re inclined to believe so – this meanings one in 10 Aussie adults was millionaire in USD; as pointed out this suggests there are even more millionaires in Australian dollars. Distribution of wealth, on the other hand, isn’t as great on our part. The very same report indicates Australia is fairly unequal when it comes to sharing the love – something which has most obviously presented itself in the housing market. As property prices and the cost of rent rises, the divide is only growing larger and larger. And I suspect that a large share of Australian millionaires will be people who simply own property in the likes of Sydney and Melbourne.
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