Australia is one of the richest countries in the world, says Global Wealth Report


According to a Credit Suisse report, Australia is one of the richest countries in the world, ranking fifth in terms of household wealth by country, with an average wealth of over US$50,000 per capita.

With just 0.5% of the world’s population, Australia also ranks fourth in the world for the number of billionaires, growing 35% to 2,177 from 2020 to 2021.

However, this number pales in comparison to the United States, which saw 2.5 million new billionaires in 2021.

Providing a comprehensive and up-to-date analysis of global household wealth, the Credit Suisse Global Wealth Report finds Australia first in median wealth per adult (US$273,900), followed by Belgium and New Zealand. Following that, we found the US dropped to 18th place.

In terms of wealth per adult, meanwhile, Switzerland still leads the way with US$696,600, followed by the United States, Hong Kong and Australia.

“Importantly, a detailed analysis of national and global median wealth shows that global wealth inequality has narrowed this century due to the faster growth achieved in emerging markets. is,” the report said.

“While 2021 was clearly the year of a surge in household wealth, the combination of factors that created a favorable environment is exerting effects that may not be as gentle.”

The countries with the highest household wealth are the US, China and Canada, while the countries with the highest growth in wealth per adult are New Zealand, the US and Australia.

In terms of wealth per adult, meanwhile, Switzerland still leads the way with US$696,600, followed by the United States, Hong Kong and Australia.

Despite the limited public health impact of the COVID-19 pandemic, Australia suffered economic losses in 2020 due to lockdowns and reduced international trade, with GDP down 2.2%, but 2021 It’s back to 5.1%.

In 2020, pandemic relief payments boosted personal savings and disposable income, but the country’s public debt increased by 11% to almost 58% of GDP.

No country in the ‘booming’ housing market recorded a decline in house prices in 2021, but significant gains were recorded in Australia (31%), Saudi Arabia (34%) and Turkey (60%) it was done.

“A strong rise in GDP, coupled with a robust stock and housing market, is expected to generate substantial wealth gains at the national level, and this was certainly the case in 2021,” the report notes. I’m here.

Nina Nguyen

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Nina Nguyen is a reporter based in Sydney. She covers Australian news with a focus on social, cultural and identity issues. She is fluent in Vietnamese. Please contact her at [email protected]