Do You Know Where Does Australia Sit Among The World’s Wealthiest Nations?

australia

You must be wondering that in the world of 195 countries where does Australia sits among the world’s wealthiest nations.

Well, Credit Suisse says it’s on Number 2!

Yes, you heard it right. The annual Global Wealth Report released by investment bank Credit Suisse stated that Australia is on average the second wealthiest nation on the planet driven by high property prices and growth in superannuation.

The report revealed that despite Aussie’s on-going struggle with high energy prices and expensive cost of living, the average wealth per adult in Australia is the second highest in the world after Switzerland. In numbers it is $US411,060 per adult.

Michael Marr, head of the private bank at Credit Suisse Australia, stated Australia continue to be one of the wealthiest nations of the world on the back of high real estate prices, superannuation system, 26-years of persistent growth in economy, national resources rich landmass, and the strength of Australian dollar.

The report says that Australia is going to get even richer.

It is expected that the number of millionaires in Australia will increase by 41% over the next five years. This will make it to 1.8 million people who will be labeled as millionaire, representing the third highest growth after Greater China and New Zealand in Asia-Pacific region.

Australia’s superannuation balance stands at $2.7 trillion which is expected to even double over the next ten years. Commenting on superannuation growth in Australia, Credit Suisse Australia chief investment officer Andrew McAuley said that Australians don’t notice superannuation. She argued that Australians just bother about surging property prices and forget to consider the significant growth in superannuation, that eventually factors out the hike in prices.

As per the Bank’s report, Australia is one of the most equitable income distribution country compared to other developed nations. Taking it to statistical front, just 6% of Australians have net worth below $US 10,000 whereas, in the developed countries like the United Kingdom and the United States, it is 18% and 28%, respectively.

Looking to the global level, the wealth per adult grew by 3.2% which has pushed the global mean wealth to a record high $US 63,100 per adult. Further it is estimated by Credit Suisse that global wealth will rise by approximately 26% over the next five years, i.e. to $US399 trillion by 2023.

Women account for about 40% of total global wealth, said Credit Suisse. The still existing gender pay gap has results into relatively smaller wealth accumulation for women, it added. However, the research conducted by the Bank has discovered that women are more risk averse and therefore tend to hold most of their assets in risk free investments instead of highly risky equities or stocks.

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