About Michael YardneyA new report from Credit Suisse Global Wealth has revealed what many of us Aussies already know; that we are indeed living in the lucky country!
In term of average wealth per adult in 2011, Switzerland, Australia and Norway are the three richest nations in the world, with the average Australian worth close to $221,704, which is four times more than that amount boasted by each US adult.
Examining the wealth of 4.5 billion adults across the globe, Credit Suisse Global found that the wealth rate per Australian adult had quadrupled over the past decade, taking our total combined worth to a staggering $6.4 trillion.
Feeling rich yet?
Well, maybe it will help to know that the proportion of Australian adults who can claim a worth of more than $100,000 is eight times the global average.
The report says contributing to this significant financial growth has been the strong Aussie dollar and labour market and…no surprise to me…our property ownership levels.
More good news for Australia is that our Asian neighbours, who we currently share close economic ties with thanks to our abundance of natural resources, are largely driving global wealth.
The Credit Suisse report also showed the main engine of global wealth was the Asia Pacific region, which represented 36 per cent of global wealth creation since 2000, and 54 per cent since January 2010.
The report predicts that total household wealth worldwide will grow to $345 trillion, or 50 per cent from the present $231 trillion over the next five years.
So despite all the property pessimists around and in spite of all the naysayers the average Australian is going to become wealthier over the next years. And those who own well located investment properties will, as always, grow their wealth faster than the average Australian.
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