“DownUnder” bucks the global trend to come out on top as world’s richest
At around 3% of the world population,
The average Aussie is now worth almost US$250 000 net, around 400% wealthier than the average
The high wealth rate in
Australians have become wealthier in actual dollar terms, increasing by 300%-400% in a decade, even after adjusting for the improved Australian dollar and the fall in the $US.
“It can be hard for people to tell who is truly rich when they are looking at perceived wealth rather than net wealth,” says Australian wealth coach Jeremy Britton. “We may see the image of the so-called ‘wealthy’ in Ferraris and Porches without realising that many of these people may be leasing the expensive car with a high income and may not actually have much money in savings or investment.”
Britton says that the rising popularity of being “green” has also helped Aussies to save and accumulate money. “Helping the environment by recycling things in business and in the home has cut spending, leading to more actual held profits, both in the corporate world and in our own homes.”
The Australian Bureau of Statistics (ABS) classifies someone as a millionaire only if they have more than $1 Million in “investable assets” such as cash, shares or property equity. Figures of those who are making higher-than average incomes do not necessarily show any correlation to net wealth.
The most recent ABS figures show that the average combined value of a true millionaire’s cars are only $36 000. This would seem to suggest that most Aussie millionaires do not drive cars worth more than a small house, and it may suggest that frugality, rather than flashiness, is one of the keys to true wealth.
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