We always knew this was the lucky country and the fact was recently confirmed in the Credit Suisse Global Wealth Report 2012 which showed that the average Australian is sitting on a nest egg of nearly $200,000 making us the richest people in the world.
And it’s about to get a whole lot better.
According to the report which surveyed 216 countries, Australians have a median wealth per adult of $US194,000, beating Japan, Italy, Belgium and Britain .
America still has the largest number of millionaires – more than 11million – three times higher than its nearest rival Japan, but the report forecasts that the number of millionaires in Australia will jump from 905,000 millionaires to 1.6million over the next five years. That’s a staggering 82 percent increase.
With plentiful land, sparse population, natural resources and high home prices, Australia’s proportion of individuals with wealth above $100,000 is the most of any country and eight times the world average.
“Notably, Australia’s median wealth per adult of US$194,000 is the highest in the world, well ahead of Switzerland at $US87,137 and Norway at $US79,376,” the report says.
Wealth per adult on average in Australia was $US355,000, the second highest after Switzerland, despite exchange rate changes and diminishing wealth in Europe.
Very few Australians had a net worth of less than $10,000, reflecting relatively low credit card use and student debt.
Australia’s financial standing has been boosted by the strong currency, with most of the wealth held in property assets.
Our wealth is further boosted by the $1.2 trillion superannuation regime.
The report also shows that for the first time Asia-Pacific has overtaken Europe as the world’s richest region, with holdings of $US74 trillion.
This places Australia well for future growth.
If we play our cards right, not only will we be providing these emerging nations with natural resources, but with education, health and technology. And there is the real opportunity for our tourism industry to flourish again as we become the playground of a rich new middle class in Asia, just as we were one of the preferred holiday destination for the Japanese in the 1980’s.
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