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 one of the wealthiest countries in the world, yet we have one in eight people and one in six children living below the poverty line,” she said. “There are 3.3 million people in Australia desperately struggling to pay the bills and put food on the table.
The median Australian adult finished 2021 with a net worth of $US273,900, making them richer than the comparable resident of any other country, according to Credit Suisse's annual global wealth report.
Part of the reason for Australia's strong performance was the massive property price growth seen in 2020 and 2021. “Significant rises in GDP, combined with vigorous equity and housing markets are expected to produce sizable wealth gains at the country level, and this was certainly the case in 2021,” the report said.
Australia's GDP, which is roughly $1 trillion, is smaller than that of the United Kingdom.
Australia and Canada have similar levels of GDP per capita (based on purchasing power parity, nominal GDP per capita was around US$ 7 000 for Australia and US$ 9 000 for Canada in 008).
reports India's total wealth is more than Australia, France, Canada and Italy while the US and China top the list of the wealthiest countries in the world, according to a report by New World Wealth.
And it turns out Perth has the wealthiest neighbourhoods in the country. Residents of Cottesloe and Peppermint Grove in the Western Australian capital boast an average taxable income of $325,343 apiece.
Japan has a HDI rank of 17th determined by its $US 36,332 GDP per capita whereas Australia's HDI rank is 2nd and has a GDP per capita of $US 61,219. These rankings and GDPs are determined by Japans 0.933 HDI, 83.6 age life expectancy and 11.5 mean years of education.
How do Australia's billionaires rank? Forbes' real-time data shows that 41 Australian billionaires have made the list of the world's richest billionaires.
Unlike most wealthy countries, Australia's economy lacks both diversification and sophistication. Australia's primary exports are in low complexity categories such as mining and agriculture.
The worst performing states are Tasmania, with incomes 26% below the national income and wealth average, as well as South Australia which is 19% below the average household income and 20% below the national net wealth.
Gold Coast is one of the cheapest places to live in Australia (89th globally). It is known for its high-standard education and academia and its budget-friendly living. International students will find the Gold Coast the perfect combination of study and social life, with its magnificent beaches and nightlife.
Gina Rinehart ($32.64 billion)
Australia's richest person is officially Gina Rinehart, as the boom in commodity prices boosts her mining operation Hancock Prospecting.
Australia performs well in many dimensions of well-being relative to other countries in the Better Life Index. Australia outperforms the average in income, jobs, education, health, environmental quality, social connections, civic engagement and life satisfaction. These assessments are based on available selected data.
Individuals income tax. Individuals' income tax is the single most important source of government revenue. Since the mid 1970s it has consistently raised around half of the Australian Government's tax receipts and continues to be a stable and predictable source of revenue.
Australia's economic prosperity is built on strong foundations: good governance, open markets and the rule of law. Australia consistently ranks highly in global indexes as a desirable destination to live, work, study and invest.
Which economies invest in Australia? The United States and United Kingdom are the biggest investors in Australia, followed by Belgium, Japan and Hong Kong (SAR of China). China is our eighth largest foreign investor, with 2.2 per cent of the total.