Wealth journalist Lucy Dean reports that 40% of Australians reckon if you’re earning more than $150,000 after tax you’re sitting pretty, while 36% say you need to be worth more than $1 million.
Overall, however, Australians are pessimistic about their chances of achieving their dreams of wealth.
The study found only 27% believe they’ll meet their definition of wealthy if they stay in Australia.
The best indicator of ability to grow wealth was inheritances and family wealth, 24% of respondents said.
However, 23% said a high-performing investment strategy was the best indicator, and 5 per cent said having a financial planner was the biggest sign someone would be able to increase wealth.
“What’s clear is that the impact of generational wealth is becoming more stark, and that Australians who aren’t waiting for an inheritance and who aren’t already in the property market don’t have a lot of hope of attaining wealth in their lifetime,” Dacxi chief executive Ian Lowe told the Australian Financial Review.
“It would be unfair to say Australians have given up entirely on being wealthy, but many are having to readjust expectations for what their retirements might look like based on how previous generations have lived past the age of 65.”
About Brett WarrenBrett Warren is Director of Metropole Properties Brisbane and uses his two decades of property investment experience to advise clients how to grow, protect and pass on their build their wealth through property.