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Data reveals Australians are the richest people in the world

Rachel Lang

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Data reveals Australians are the richest people in the world

Featured Image Credit: Zoonar GmbH / Alamy. ABC. Disney.

People living in the land Down Under are some of the richest people in the world.

Tell that to those who were snapping off broccoli stalks at supermarkets to combat the rising cost of living.

But seriously, according to the Credit Suisse Global Wealth Report, the median personal wealth per Australian adult was a massive $409,055 (£241,322).

Me, gazing longingly into Sydney Harbour looking for those millions of dollars I don't have. Credit: Olga Kashubin / Alamy
Me, gazing longingly into Sydney Harbour looking for those millions of dollars I don't have. Credit: Olga Kashubin / Alamy

Someone alert my bank account please because it sounds like I'm due to for a top-up.

"Ranking countries by median wealth per adult favours those with lower levels of wealth inequality,” the report said.

"The top positions by the mean wealth criterion are now occupied by Australia closely followed by Belgium ($AUD $400,080, £235,921) ."

Apparently a major reason for Australia's strong economic performance is thanks to the massive property price growth seen in 2020 and 2021.

Wonderful. Sydney house prices are even more unaffordable.

The report said: "Significant rises in GDP, combined with vigorous equity and housing markets are expected to produce sizeable wealth gains at the country level, and this was certainly the case in 2021."

"Housing markets were initially subdued during the peak of the pandemic, but recovered during the second half of 2020 and continued to flourish in 2021."

Oh, to own a terrace in Paddington, Sydney. Credit: Lance Bellers / Alamy
Oh, to own a terrace in Paddington, Sydney. Credit: Lance Bellers / Alamy

The report added: "Low interest rates were likely one of the factors responsible for the buoyant housing market. Unusually, no country recorded a decline in house prices in 2021."

The report also revealed that the number of millionaires in Australia rose by nearly 400,000 in 2021.

Despite having less than half a per cent of the world's total global population, the land Down Under is now home to 3.5 per cent of the world's millionaires.

That number is expected to increase even further as the volume of rich people around the world grew on the back of stock and housing market gains, and our housing market is still going up.

Sounds like this writer, who can't afford a home, might as well splurge on bottle of champagne for the hell of it.

That house will remain a far away pipe dream for a while yet, it seems.

Topics: Australia, News, Money

Rachel Lang
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