Part of the reason for Australia's strong performance was the massive property price growth seen in 2020 and 2021. “Significant rises in GDP, combined with vigorous equity and housing markets are expected to produce sizable wealth gains at the country level, and this was certainly the case in 2021,” the report said.
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.
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.
The United States is the richest country in the world with the highest GDP, as of 2021. China is the second richest country in the world with a $17.734 trillion GDP. Monaco is the richest country in the world when measured by GDP per capita.
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.
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 overall ranking of Best Countries measure global performance on a variety of metrics. Switzerland is the best country in the world for 2022.
Australia is now home to 2.2 million millionaires, according to a new study. Half of all Australians in 2021 had more than $400,000 in wealth. It means we have the highest median wealth of all the countries studied.
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.
So why is the cost-of-living in Australia so high? One of the major reasons is inflation. A measure for household inflation, the Consumer Price Index, or CPI, increased by 2.1% in the first quarter of this year and 5.1% annually, according to data compiled by the Australian Bureau of Statistics (ABS).
Australia is globally famous for its natural wonders, wide-open spaces, beaches, deserts, "The Bush", and "The Outback". Australia is one of the world's most highly urbanised countries; it's well known for its attractive mega cities such as Sydney, Melbourne, Brisbane, and Perth.
The big difference between the countries is labour productivity. Australian workers produce a third more wealth for every hour worked, largely because they have more capital (machinery and technology) to work with.
For the fifth year in a row, Finland is the world's happiest country, according to World Happiness Report rankings based largely on life evaluations from the Gallup World Poll.
The world has enough wealth and resources to ensure that the entire human race enjoys a basic standard of living. Yet people in countries like Burundi, South Sudan and the Central African Republic—the three poorest in the world—continue to live in desperate poverty.
half of the world's net wealth belongs to the top 1%, top 10% of adults hold 85%, while the bottom 90% hold the remaining 15% of the world's total wealth, top 30% of adults hold 97% of the total wealth.
Topping the list of the world's most millionaires is the United States, which currently has 24.5 million millionaires—or 39% of the world's total.
The first one goes like this: The Australian continent consists of three sovereign countries which are Australia (the country) itself, Papua New Guinea and New Zealand. It also encompasses portions of the island of New Guinea which are under the jurisdiction of Indonesia, namely Papua and West Papua.
Australia consistently ranks highly in global indexes as a desirable destination to live, work, do business, study and invest.
Australia is rated Free in Freedom in the World 2022, Freedom House's annual study of political rights and civil liberties worldwide.