News & Current Affairs
16 October 2014
Australians richest in the world, says global report
Global Weath Report puts Australians at the top of global rich list, well ahead of the rest.
High real estate prices make Aussies the richest.
Australians are the richest people in the world thanks to high real estate prices, according to a new report by Credit Suisse.
The Global Wealth Report by the Swiss bank found the median Australian net worth was $US225,000, well ahead of the Belgians who had a median net worth of $US173,000.
This is the fifth year in a row that Australians have topped the rich list.
The report found Australians’ wealth was heavily influenced by the high value of assets like housing, with property making up 60 per cent of wealth.
“In part, it reflects a large endowment of land and natural resources relative to population, but it is also a result of high urban real estate prices,” said the report.
Additionally, the average Australian net worth has quadrupled since since 2000, growing from $US103,151 to $US431,000.
The average adult wealth has grown by five per cent in the past 12 months alone.
While Australians have the highest median wealth, the Swiss are the richest people in the world on the measure of average wealth, coming in at $US581,000.
The report shows Australians are well placed ahead of America and the rest of the world, with only six per cent of Australians worth less than $US10,000.
Seventy per cent of the world’s population has a net value of less than $US10,000, along with almost a quarter of Americans.