Australia wealthiest nation in world: report

Reported by By ninemsn staff
Thursday, October 20, 2011

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Australians are the richest people in the world on a median basis, according to a new report.

According to the 2011 Credit Suisse Global Wealth report, Australia has a median wealth of US$222,000 ($217,559), the highest in the world and nearly four times the amount of each US adult.

In 2011, Australian is the second wealthiest country in the world behind Switzerland on an average basis.

The report, published yesterday, analyses the wealth of the world's entire adult population of 4.5 billion people.

It found the wealth rate per adult in Australia had quadrupled over the past decade, and the country's total wealth was US$6.4 trillion.

This was attributed to the resilient Australian dollar, property ownership levels and a strong labour market.

According to the report, the proportion of Australian adults worth more than $US100,000 is eight times the global average.

Compared to the rest of the world, very few Australians have net worth less than US $1,000, which the report attributed to relatively low credit card and student loan debt.

24/04/2014 10:07Sydney, Australia. 24 April,2014
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