Despite the falling dollar, increasing food and fuel prices and all the doom and gloom predictions, Australians’ personal wealth has hit a record high.
According to the Australian Bureau of Statistics data, Australians’ household income is on a pre-GFC high at $75,955 per person – a jump of 22 per cent in the past 12 months, driven largely by strong gains on the share market.
And even if you’re not in the stock market because your preference is to be a property investor, you probably still have benefited as most super funds have heavy exposure to stocks and therefore should show strong returns for the year.
The figures show that Pension fund (superannuation fund) assets rose by $70.5 billion to $1474.2 billion in the March quarter.
Cash and deposits stood at a record 14.5 per cent of financial assets, well above the long-term average of 8.8 per cent.
Plus we have more millionaires.
Earlier this month, Global Wealth report found the number of millionaire households in Australia is surging as Australia continues to outpace the global average for growth in personal wealth.
Yahoo Finance reports:
Times may be tough, but Australia’s burgeoning ranks of millionaires continued to swell last year.
[sam id=34 codes=’true’] There are an additional 30,000 new millionaires walking amongst us, according to the Boston Consulting Group’s (BCG) latest global wealth report.
These additional millionaires bring the total number of millionaires in Australia to around 178,000, suggests BSG.
Around 1.5 per cent of the workforce are millionaires, or some 0.8 per cent of the total population of 23 million.
As a nation, Australia sits 14th on the list of countries with the most millionaire households.
Globally, about one per cent, or 13.8 million, of the world’s households are millionaires.
The United States tops the list again, and also has the most billionaires, with 5.88 millionaires calling America home.
Next on the list is Japan, which has close to 1.5 million millionaires and China with 1.3 million, although BCG expects China to surpass its neighbor this year.
While the U.S. has the largest number of millionaires, five other places have a higher density of millionaires, BCG says:
- Qatar — 14.3 percent
- Switzerland — 11.6 percent
- Kuwait — 11.5 percent
- Hong Kong — 9.4 percent
- Singapore — 8.2 percent.
The report found that during the past year, Australian wealth increased more than $700 million a day – up 10.4 per cent for the year.