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 has a GDP per capita of $48,700 as of 2020, while in United Kingdom, the GDP per capita is $41,600 as of 2020.
E.g. it is still cheaper to buy and rent property in the UK, food is still cheaper in the UK, etc.) My comparison shows that: The cost of living in Australia is, on average, 21% higher than the cost of living in the UK. And the average salary in Australia is 17.4% higher than this in the UK.
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.
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.
Australians are the wealthiest people in the world with a typical net worth of almost $US274,000 in 2021, just ahead of Belgium, New Zealand and Hong Kong.
What are your financial needs? British doctors earn an average of £70,000. But in Australia, they earn an average of a practice's income, which is normally on average somewhere between £150,000-200,000 per year.
As a study destination that has the second largest number of international students, the UK is much-preferred for its world-class teaching faculties and research facilities. Be it any discipline - business, design, or arts and science - the UK offers the best-in-class education to students worldwide.
Income taxes are lower in the UK due to the progressive rates of tax applying at higher levels of taxable income, but as the UK also has much higher medical contribution taxes than Australia, the UK taxpayer may end up with a higher overall tax burden.
On a mean wealth basis, Australia was the fourth-richest country in 2021 behind Switzerland, the US and Hong Kong.
Australia and Canada have similar levels of GDP per capita (based on purchasing power parity, nominal GDP per capita was around US$ 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.
In 2020 there were 1,093 road deaths in Australia (source: Department for Transport). This equates to 4.3 road deaths per 100,000 of population and compares to the UK average of 2.3 road deaths per 100,000 of population in 2020. Driving laws and regulations differ in each state/territory.
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.
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.
Brits and Aussies share a similar sense of humour, language and laid-back culture; therefore, it's a lot easier for Aussies to settle in and feel at home despite being thousands of miles away. Additionally, because so many Aussies live in the UK, it's not rare that groups of Aussies meet and become friends.
Why UK is better than USA/Canada/Australia? The UK is a global leader in research and education. UK has more universities than any other country. It has the top academic facilities and instructor, as well as the most up-to-date technology, equipment, and resources.
The UK is a destination full of rich history and traditions, whereas Australia is still fairly new in comparison with a newer, modern approach to life. If cooler summers and chilly winters are more your styles, the UK may be your dream destination.
Australia achieves substantially better healthcare outcomes than the UK. Cancer survival rates are several percentage points higher, while heart attack and stroke mortality rates are several percentage points lower.
Salary progression
A middle grade doctor typically earns an average of £51,000 per year, while a consultant and a surgeon would earn £103,000 and £105,000 per year on average respectively. For GPs, the average yearly salary is set at £92,000. However, this is understandable as the data is sourced from a 2021 report.
How much does a Gp make in Australia? The average gp salary in Australia is $166,823 per year or $85.55 per hour. Entry-level positions start at $88,573 per year, while most experienced workers make up to $296,400 per year.
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.
This shows that Russia's economy is equivalent to US$4.4 trillion while Australia's measure is unchanged at US$1.4 trillion. Russians are still much poorer than Australians—their purchasing power per person is US$29,600 compared with Australians' US$53,400.
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 scored highly in the United Nations' 2022 World Happiness Report, ranking as the 12th happiest country out of 156 countries – ahead of Canada (15th), the United States (16th) and the United Kingdom (17th).