Australia is a highly developed country with a mixed economy. As of 2023, Australia was the 13th-largest national economy by nominal GDP (gross domestic product), the 19th-largest by PPP-adjusted GDP, and was the 22nd-largest goods exporter and 24th-largest goods importer.
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. [Explore the top universities in Australia.]
Australians are the richest people in the world, with a median wealth three times that of the average American, a new report has shown.
Australia's richest captured 93% of economic growth between 2009 financial crisis and Covid, paper shows. A new paper from the Australia Institute shows 93% of the benefits of economic growth between 2009 and 2019 went to the top 10%, while the bottom 90% received just 7%.
North America, Europe, and Asia-Pacific are the regions with the highest levels of economic development, while Africa and parts of Asia and South America are the regions with the lowest levels. Currently, the richest country in the world in terms of GDP per capita is Luxembourg, with a GDP per capita of $135,700.
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.
Absolutely. Australia is a fantastic place to live, even for foreigners. There aren't only advantages to living in Australia, but they outweigh the disadvantages. I love the climate, work-life balance, safety and the wide range of outdoor activities that I can enjoy every weekend.
The greater the difference, the more wealth is in the hands of the richest. 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.
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.
Western Australia is leading in terms of both income and wealth, with $133,224 and $952,500 respectively, which is well above the average household annual gross income of $107,276 and average household net worth of $809,900.
Australia's economic prosperity is built on strong foundations: good governance, open markets and the rule of law. Australia consistently ranks highly in global indexes as a desirable destination to live, work, study and invest.
In the Australian continent, Sydney which is the capital of New South Wales, Australia is the richest city. It is the home to 126,900 millionaires, 184 centi-millionaires, and 15 billionaires.
Examples of first world countries include the United States, Canada, Australia, New Zealand, and Japan.
Australia and Canada have similar levels of GDP per capita (based on purchasing power parity, nominal GDP per capita was around US$ 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.
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.
In terms of work, there are more opportunities in Australia. But the pay isn't as good as in the UK. However, since you can get hired easier, you're likely to actually make money unlike in the UK. Book cheap airline tickets and accommodations with Booking.com to save money when you're moving abroad!
According to Expatistan, this means Australia is one of the most expensive places to live (ranked 13 out of 74). Generally, a higher cost of living means that basic expenses have become – well, expensive.
A rich and diverse cultural history
Their diverse languages, philosophies and histories form the oldest surviving culture on earth, one that stretches back millennia.
On a mean wealth basis, Australia was the fourth-richest country in 2021 behind Switzerland, the US and Hong Kong. The average Australian adult was worth $US550,110 at the end of last year, after enjoying a $US66,350 annual increase in wealth.
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.
Richest European Countries: Monaco (if data present), Liechtenstein, Switzerland, Luxembourg. Richest Asian Countries: Singapore, Qatar, Israel. Richest Countries in North America: United States of America, Canada, Puerto Rico. Richest Countries in Australia/Oceania: Australia, New Zealand, Palau.
Known for high-income levels and a low unemployment rate, Luxembourg is the richest country in the world.