You're rich! Australia is now home to 2.2 million millionaires, according to a new study. Half of all Australians in 2021 had more than $400,000 in wealth. It means we have the highest median wealth of all the countries studied.
Australia is considered a wealthy nation with a market-based economy that has a comparatively high gross domestic product and per capita income. Its economy is driven by the service sector and the export of commodities.
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.
It was the 103rd quarter and the 26th year since the country had a technical recession (two consecutive quarters of negative growth). As of June 2021, the country's GDP was estimated at $1.98 trillion. Sydney's central business district is Australia's largest financial and business services hub.
Australia has plentiful supplies of natural resources, including the second largest accessible reserves of iron ore in the world, the fifth largest reserves of coal and significant gas resources. For a long time, commodities have made up a sizeable share of our exports.
Australia and Canada have similar levels of GDP per capita (based on purchasing power parity, nominal GDP per capita was around US$ 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.
Japan is the world's third largest economy, as well as Australia's second largest source of foreign investment and third largest trading partner. The 2 countries are currently actively developing a deeper relationship in diverse spheres.
Examples of first world countries include the United States, Canada, Australia, New Zealand, and Japan.
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.
Australian household incomes are the seventh-highest in the OECD – a club of mostly wealthy countries – while mean household net worth is third-highest, behind only the United States and Luxembourg.
How does poverty in Australia compare with other countries? In the most recent data from the Organisation for Economic Co-operation and Development (OECD) (2021 or latest data), Australia had the 15th highest poverty rate of 36 OECD countries.
In 2016, the Australian Taxation Office listed Mungallala as having the lowest mean taxable income by postcode, making it the poorest town in Australia, which led the ABC to do a documentary on the town for their online "storyhunters" program.
New South Wales: a diverse economy and high income
Among all the states and territories in Australia, New South Wales is considered the richest state. It has the largest economy, a diverse range of industries, and a higher-than-average income, which contribute to its status as the wealthiest state.
India has total wealth more than France, Canada, Australia and Italy while the US and China top the list of the wealthiest countries in the world, says a report by New World Wealth. India is world's sixth wealthiest country with total wealth of $8,230 billion, according to a report by New World Wealth.
Australia has a much more laid-back culture than England. Australians are known for their mate ship and easy-going attitudes. There is a strong focus on enjoying life and having a good time. This doesn't mean that Australians don't work hard, but they definitely know how to enjoy their leisure time.
Australia (Ranked 16th) :: Legatum Prosperity Index 2023.
When measured by average wealth, Australia is fourth behind Switzerland, the United States and Hong Kong, indicating wealth is more evenly distributed in Australia.
Australia has a GDP per capita of $48,700 as of 2020, while in China, the GDP per capita is $16,400 as of 2020.
Australia has a GDP per capita of $48,700 as of 2020, while in Singapore, the GDP per capita is $93,400 as of 2020.
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.
1.1 Head of State and Governor-General
Australia's Head of State is the King of Australia, His Majesty King Charles III. Under the Australian Constitution, executive power is exercised by the Governor‑General as the King's representative.
One way to analyse Australia's economic performance is through a comparison with the United States. Australia's GDP per capita is currently nearly 80 per cent of that of the US, having risen from around 75 per cent in the mid-1980s.