The world's 12th largest economy Strong growth in 2021 solidified Australia's position as the world's 12th largest economy in 2021. Nominal GDP was around A$2.2 trillion (US$1.6 trillion) in 2021. Australia is home to just 0.3% of the world's population, but accounts for 1.7% of the global economy.
Australians are the richest people in the world, with a median wealth three times that of the average American, a new report has shown.
Collectively, Australian households have a staggering $14 trillion in wealth and the number is steadily growing.
Australians are the third most wealthy citizens in the world, according to a new report – but there is a surprising way to be included among the richest.
According to Credit Suisse's latest global wealth report, the median net worth of an Australian adult increased by US$28,450 to reach more than US$273,000 in 2021. This put Australia ahead of Belgium's US$267,890 and New Zealand's US$231,260, which came in second and third in global median wealth.
Australia has plentiful supplies of natural resources, including the second largest accessible reserves of iron ore in the world, the fifth largest reserves of coal and significant gas resources. For a long time, commodities have made up a sizeable share of our exports.
Australia's average wealth is just 1.8 times our median wealth; by contrast the UK's is 2.2 times greater, while the US is second worst out of the top 50, at 6.7 times.
Australia and Canada have similar levels of GDP per capita (based on purchasing power parity, nominal GDP per capita was around US$ 7 000 for Australia and US$ 9 000 for Canada in 008). Since 1990, Australia's growth in real GDP per capita has been a little higher than Canada's.
The average yearly salary in Australia is 90,800 AUD (USD 60,355). Let's go through a few key indicators of the average earnings in Australia so you can fully understand salary statistics and trends in the country.
Australia is the fourth happiest country on the planet, making its lifestyle one of the most known and envied in terms of carefree living. No hectic pace from a big metropolis and a perfect balance between work, family, and leisure time.
In terms of natural resources, minerals, and land, Australia is a hugely wealthy country. Kangaroo country is also home to some of the world's most valuable industrial minerals, including diamonds, iron, gold, silver, lead, uranium, and zinc.
With 126,900 millionaires, Sydney made it to number 10 with the report noting especially strong growth in wealth in the Harbour City over the past 20 years, making it Australia's wealthiest city.
Over the last four decades, living standards in New Zealand have fallen far behind those in Australia. The gap is large. Measured in terms of real Gross Domestic Product (GDP), average Australian incomes are around 35 percent higher than those in New Zealand.
Australia has a much better quality of life. Sydney is considered the most beautiful and one of the most livable cities in the world. 4 of the States capital cities: Perth, Melbourne, Sydney, Adelaide are all in the top 10 most livable cities in the world. Whilst no cities of America are on that list.
Cost of living in United States is 15% more expensive than in Australia.
But how expensive is it? Australia currently has the 12th highest cost of living in the world, with the USA and UK well behind at 21 and 23rd place respectively. The overall cost of living in Australia is 9% higher than the USA, but 10% cheaper than London.
Meanwhile, collaborative database Expatistan estimates the current cost of living in Australia is roughly $3,803 per month for a single person or $7,064 per month for a family of four, just for the bare essentials.
Overall, Canberra remains the most expensive capital city to rent a house in, with median weekly rents sitting at $690. Sydney takes second place at $650 per week, followed by Darwin ($620 per week), Hobart ($550 per week), and Brisbane ($550 per week).
Australia is a land of endless possibilities, and there are numerous reasons why people choose to call it home. From its healthy living standards to its robust #economy, Australia has much to offer those looking for a better quality of life. Here are five top reasons why Australia is the best place to live and work.
Australia provides its residents with high living standards. The country has effective and fast transportation facilities to cover large distances between cities. Via transport routes, all cities are very well linked. Immigrants can Migrate to Australia easily and conveniently.
Both countries provide high-quality healthcare, with well-trained and qualified healthcare professionals. However, Australia has a higher patient satisfaction rate with the healthcare system overall, while Canada has a higher life expectancy and lower infant mortality rate.
Housing Costs In Australia
Housing in Australia is much more expensive than the UK. Gathering sufficient funds for a deposit before securing an Australian salary can challenging.
More on the wealthy states within Australia
The Australian Capital Territory (ACT) has the highest average income among Australian states and territories, due to its strong public administration and professional services sectors. New South Wales also has a high average income, higher than the rest of the states.
Australia has some of the highest living standards globally, and the living expenses and tuition fees in Australia are lower than in the United States. Moreover, when it comes to safety, the crime rate is much lower in Australia than in the USA.