A new report has found Australians are the richest people in the world – and three times richer than the average American.
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.]
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 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.
The average Australian now has a net worth of more than US$550,000. Collectively, Australian households have a staggering $14 trillion in wealth and the number is steadily growing. This ranks us at number four globally in terms of wealth per capita, behind Switzerland, the US and Hong Kong.
When measured by average wealth, Australia is fourth behind Switzerland, the United States and Hong Kong, indicating wealth is more evenly distributed in Australia. Australia's exalted position is a luxury that can only make its population grateful for their position in an often-troubled world.
Australia and Canada have similar levels of GDP per capita (based on purchasing power parity, nominal GDP per capita was around US$ 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.
Examples of first world countries include the United States, Canada, Australia, New Zealand, and Japan.
Australians wanting to be in the country's top 1% for wealth need to have an individual net worth of US$5.5 million ($8.3 million), Knight Frank's 2023 Wealth Report has found.
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. It's also predicted to reach the top 5 wealthiest cities in the world by 2040.
Australia's cost of living is higher than that of Germany – but its purchasing power is higher. According to Numbeo, your cost of living will be higher in Australia. For example, consumer prices are 20.30% higher, rent is 36.27% higher, and groceries cost 47.16% more.
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.
Apple is, currently, the second most profitable corporation in the world. Their market cap is estimated at a huge £1 trillion ($1.3 trillion) – the equivalent to the GDP of Australia.
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.
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.
Australia's richest person, Gina Rinehart, is the daughter of iron-ore explorer Lang Hancock.
Forbes' real-time data shows that as of June 2023, there are 47 Australian billionaires on the list of the world's richest people.
The city approximately has 126,900 high-net-worth individuals (USD 1 million+), 184 centi-millionaires (USD 100 million+) and 15 billionaires (USD 1 billion +).
Aboriginal and Torres Strait Islanders: Australia's First Peoples.
Aboriginal and Torres Strait Islander peoples are the first peoples of Australia, meaning they were here for thousands of years prior to colonisation.
James Cook was the first recorded explorer to land on the east coast in 1770. He had with him maps showing the north, west and south coasts based on the earlier Dutch exploration.
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.
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.
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.