Australia is the largest country by area in Oceania and the world's sixth-largest country.
In the 2020 rankings, Australia achieved a score of 70 overall, ranking it 8 out of 40 countries. This is an improvement from the 2018 index, when Australia was ranked 14th out of the 27 countries assessed.
The world's 12th largest economy
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.
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 median Australian adult finished 2021 with a net worth of $US273,900, making them richer than the comparable resident of any other country, according to Credit Suisse's annual global wealth report.
Australians are the richest people in the world, with a median wealth three times that of the average American, a new report has shown.
Australia has plentiful supplies of natural resources, including the second largest accessible reserves of iron ore in the world, the fifth largest reserves of coal and significant gas resources. For a long time, commodities have made up a sizeable share of our exports.
Examples of first world countries include the United States, Canada, Australia, New Zealand, and Japan. Several Western European nations qualify as well, especially Great Britain, France, Germany, Switzerland, and the Scandinavian countries. The ways that first world countries are defined can vary.
The United Nation's 2023 World Happiness Index has just been released, and Australia has come in at a very cheery 12th position. The index is based on survey data that asks people from the globe how satisfied they are with their lives based on a scale from one to ten.
Source: Australian Energy Update 2022. Department of Climate Change, Energy, the Environment and Water. Australia ranks 7th on the OECD Better Life Index, based on living conditions and quality of life.
Australia's average wealth is just 1.8 times our median wealth; by contrast the UK's is 2.2 times greater, while the US is second worst out of the top 50, at 6.7 times.
When measured by average wealth, Australia is fourth behind Switzerland, the United States and Hong Kong, reflecting that wealth is more evenly distributed in Australia than in those countries. Australia had about 2.2 million millionaires (calculated in US dollars) in 2021, up from 1.8 million millionaires in 2020.
Australia and Canada have similar levels of GDP per capita (based on purchasing power parity, nominal GDP per capita was around US$ 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 is internationally renowned for cricket, and the Australian Men's Cricket Team has a higher percentage of successful matches than any other international team. However, although Australia is particularly good at cricket, Australians also love rugby, netball, swimming and surfing and more.
At 7 692 024 km2, it accounts for just five percent of the world's land area of 149 450 000 km2, and although it is the smallest continental land mass, it is the world's largest island.
Reason One. According to the United Nations, Australia is the second-best country in the world to live, due to its excellent quality of life index. The UN establishes a qualification, also known as the Human Development Index, based on an annual survey of social progress and economic indexes of the 187 countries.
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.
The lack of inheritance tax is another favorable factor. While the country is known for high tax rates, the lack of an inheritance tax which is a state tax paid by persons receiving money or property after someone's death encourages millionaires to build their wealth.
Removed far away from the religious strife and refugee problems, Australia is considered safer than Europe and the U.S. Health care is better in Australia than in many other first-world countries. And so is school education. Millionaires find it a better place to live and raise children than the U.S. and Europe.
The United Nations process the annual World Happiness Report to understand what happiness is and how it affects our lives, cultures and economy. Australia is ranked under 12, Canada 15 and the United States is 16th and a popular destination for most South Africans, the United Kingdom is 17th.
The data show the median household had a net worth of $579,200 in 2019-20. This figure captures the total value of assets such as real estate, shares and superannuation, and deducts a household's liabilities such as credit card debt and home loans.
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.