AUSTRALIA NUMBER 1 IN CYBER PROGRESS Australia has been ranked Number 1 in the world among countries showing the greatest progress and commitment to enhancing cyber security, according to a new index published by the Massachusetts Institute of Technology.
Australia ranks amongst the highest in the world for quality of life, health, education, economic freedom, civil liberties and political rights.
Australia ranks 2nd in the Asia Oceania region for happiness and 11th in the world. Australia ranks 7th for wellbeing on the OECD Better Life Index, based on living conditions and quality of life.
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 20th-largest goods exporter and 24th-largest goods importer.
The world's 12th largest economy
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. Notes: 1.
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.
Australians collected a higher median wealth per adult than anywhere else in the world at $US273,900 ($A390,870) – nearly three times the median wealth of $US93,270 ($A133,100) in the US. Australia was followed on the rich list by Belgium and New Zealand, with the US trailing behind at number 18.
The GDP per capita is calculated by dividing a country's GDP by its population. Thus, the richest countries in the world are those with the highest GDP per capita. Currently, the richest country in the world in terms of GDP per capita is Luxembourg, with a GDP per capita of $135,700.
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. Russia is the most inequitable, with its average wealth 12.6 times that of the median wealth.
Conclusion: Both Australia and the USA offer excellent opportunities for international students to pursue their education and career goals. When choosing between the two countries, consider factors such as the cost of living, availability of scholarships, quality of education, and job prospects.
Australia ranks 15th among the most powerful countries in the world. It is ahead of Turkey, India, Italy, and Iraq, as well as a number of other countries, including Singapore, Sweden, Pakistan, Spain, and Qatar, etc., according to a ranking. The US, Russia, and China ranked first, second and third, respectively.
Housing, transportation, food and drink, and healthcare are the major expenses to consider when comparing the two countries. While the cost of living in Australia is generally higher than in the UK, it offers a high quality of life and a great lifestyle.
Australia is known for many things, including swathes of tropical beaches, marine reserves, Aboriginal culture, cute koalas, rolling wine country, and lush rainforests.
Key Findings
When asked to rate their general satisfaction with life on a scale from 0 to 10, Australians on average gave it a 7.1 grade, higher than the OECD average of 6.7.
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.
“While the top 20 per cent, or quintile, of households by income have six times the income of the lowest quintile, the same ratio is 230 times when examining net assets.”
India is world's sixth wealthiest country with total wealth of $8,230 billion, according to a report by New World Wealth. 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.
In the world, the poorest countries are mostly located in Africa and Asia, with Burundi being the poorest country followed by Somalia, Mozambique, Central African Republic, and Madagascar.
Norway. With a 2021 GDP per capita of $89,242 USD, Norway ranked as the world's seventh-richest worldwide—a feat made more remarkable by the fact that it is one of very few countries in the top 10 that are not considered to be international tax havens.
Western Australia is the top region by GDP per capita in Australia. As of 2021, GDP per capita in Western Australia was 135,479 $.
When measured by average wealth, Australia is fourth behind Switzerland, the United States and Hong Kong, reflecting that wealth is more evenly distributed in Australia than in those countries. Australia had about 2.2 million millionaires (calculated in US dollars) in 2021, up from 1.8 million millionaires in 2020.
Australia's mean wealth ranked fifth in the world at U.S.$550,110 (AU$844,032) in 2021, behind Hong Kong, Luxembourg, Switzerland and the USA [Global Wealth Databook, table 2-2]. Australians should not be unduly smug about the strong growth in wealth, however.