Thanks to an increase in defence spending by the Federal Government, the highest paying jobs in Australia's defence sector belong to sales directors ($200K-350K) and bid managers ($200-300K) working in bids and business development in Canberra.
Landing in the top 10% is a fairly attainable goal for upwardly mobile Americans. A study by the Economic Policy Institute (EPI) found that the average earnings of those in the top 10% were roughly $173,000 in 2020.
Advisory giant Accenture consistently pays consultants the highest starting salary compared to the big four consulting firms, with PwC and Deloitte vying for second place at different experience levels.
The Finder survey which asked 1000 people what it took to be rich and found that earning $336,516 per year was the magic number. In Australia, $52,338 is the median personal income, according to the Australian Bureau of Statistics.
So if you're on $100k or more, congratulations, you're in the top 20% of Aussie income earners. If not, don't worry, you're in the good company of 80% of Aussies.
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.
Someone earning $200,000 a year would be among the top 3.5 per cent of Australians who fall into the top tax bracket which cuts in at $180,000 a year. Mr Derbas suggested in the video that singles living in the Harbour City would do incredibly well on the same salary.
Almost 2.75 million Australians will receive a pay rise of 5.75% from 1 July after the Fair Work Commission announced its decision for those on minimum and award wages. The annual wage review decision, released on Friday, indicates the minimum wages will increase to $882.80 per week or $23.23 per hour.
Australia's minimum wage for an adult is currently $21.38 per hour (before tax), or $812.60 for a 38-hour week. An adult is defined as being over the age of 21.
Officially, the average wage is $75,000 a year, but that is skewed by a small number of very high income earners. In reality, around 70 per cent of tax payers actually earn less than the average wage. If pensioners are included in this count, four out of five Australians earn less than the average.
There aren't many of them, just 110,613 — 82,258 men and 28,355 women. Only 39,209 have taxable incomes of more than $500,000, and of these only 14,467 have taxable incomes of more than $1 million.
$100,000/year is above an average salary and if you're frugal enough, on $100,000/year, you should be able to live a good life and save some money too. Usually if you consider living in desirable locations of cities like Melbourne and Sydney, most of your income will be consumed in the house rents.
