The facts are in again, and they show that the rich are getting richer.
If you’re a regular listener, you know that we’ve said that on many occasions.
But today I’m having a conversation with Michele Levine, CEO of Roy Morgan, Australia’s longest-established research company who recently released an Australian wealth report that’s very different from all the other reports.
We’re going to dig in and explain what’s really been going on over the past 10 to 15 years with some interesting findings.
We chat about why the rich are getting richer and why the average Australian hasn’t moved forward with their wealth over the past decade or so.
We’re going to explain about men and women and why their wealth has changed.
Hopefully, this information will help to put you in the right position to become wealthier.
Then, in my mindset message, we’re going to discuss why you don’t want to cover the world in leather What does that mean? Listen in to find out.
- The rich are getting richer, but on average, Australians are all getting richer
- In Australia, the top 10% of people hold 47% of the wealth
- The bottom 50% hold 3.6% of the wealth
- The data shows that while Australian’s wealth wobbled a bit during the global financial crisis, it didn’t hit Australians anywhere near as hard as it hit other countries. Australian wealth has almost doubled since the GFC
- Just before the GFC, Australians held 4.5 trillion dollars
- Now it’s 8.6 trillion, or 90% more wealth
- Of Australia’s 8.6 trillion dollars in wealth, about 6 trillion is in property
- Australia’s debt is about 1.2 trillion
- Looking at the median wealth for individual Australians, it’s down a little bit – about 2%
- The top 30% have increased by 60-65%
- The bottom 30% have gone up by similar amounts
- But the 40% in the middle haven’t seen the same level of increase. Their increase has been around 20%.
- When you apply a CPI adjustment, you can see why the people in the middle feel less wealthy.
- Women still trail men in wealth. The average man has $445,000 in net wealth. The average woman has $393,00
- In 2007, women had 80% of the male average wealth. Now they have about 88%. They’re catching up, but they’re not there yet
Michele Levine, CEO Roy Morgan Research Institute
Some of our favourite quotes from the show:
“Even though there are headwinds ahead, we’re still living in a fantastic time and we’re lucky to be in Australia.” – Michael Yardney
“That’s how we tend to approach things. We think if we can just get rid of them, or cover them with leather, our pain’s going to go away.” – Michael Yardney
“If you put on shoes when you walk across the boiling sand, the cut glass and the thorns won’t bother you.” – Michael Yardney
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