Aussie adults worth four times more than US Adults
(21 October 2011 – Australia) According to a new report from Credit Suisse, Australians are the world’s wealthiest people on a median basis and second in the world behind Switzerland on an average basis.
The report also notes the European sovereign debt crisis is not expected to impact on a new generation of millionaires expected to emerge in the next five years.
Greatest wealth is likely to occur in the booming Asia-Pacific.
On a median measure Australian adults are worth nearly US$221,704 (A$217,559), nearly four times the amount of each US adult.
The proportion of Australian adults worth more than US$100,000 is eight times the global average.
The high wealth rate in Australia is attributed to the strong Australian dollar, property ownership levels and a robust labour market.
Australia also has one of the highest home ownership rates in the world, with property making up about 65 percent of consumers' wealth.
The Credit Suisse Global Wealth report shows worldwide wealth is estimated at US$231 trillion and is forecast to hit US$314 trillion by 2016, despite the current market upheaval.
The report says there are 27.9 million millionaires in the world, of which Australia accounts for 4 percent.
Credit Suisse's Asia-Pacific head of private banking, Marcel Kreis, said the current European crisis showed the world economy would need to rely on the emerging nations for future growth.
'These are times of unprecedented economic, social and political change,' he said.
'We are seeing a reshaping of the world economic order where the emerging markets will play a far more important role.
'If you look at Asia-Pacific rates, China has been strong for 10 years. The world is pinning its hopes on avoiding a mid-term recession on the ongoing positive fallout and developments in China and the Asian region," Kreis said.
Greatest wealth is likely to occur in the booming Asia-Pacific.
On a median measure Australian adults are worth nearly US$221,704 (A$217,559), nearly four times the amount of each US adult.
The proportion of Australian adults worth more than US$100,000 is eight times the global average.
The high wealth rate in Australia is attributed to the strong Australian dollar, property ownership levels and a robust labour market.
Australia also has one of the highest home ownership rates in the world, with property making up about 65 percent of consumers' wealth.
The Credit Suisse Global Wealth report shows worldwide wealth is estimated at US$231 trillion and is forecast to hit US$314 trillion by 2016, despite the current market upheaval.
The report says there are 27.9 million millionaires in the world, of which Australia accounts for 4 percent.
Credit Suisse's Asia-Pacific head of private banking, Marcel Kreis, said the current European crisis showed the world economy would need to rely on the emerging nations for future growth.
'These are times of unprecedented economic, social and political change,' he said.
'We are seeing a reshaping of the world economic order where the emerging markets will play a far more important role.
'If you look at Asia-Pacific rates, China has been strong for 10 years. The world is pinning its hopes on avoiding a mid-term recession on the ongoing positive fallout and developments in China and the Asian region," Kreis said.
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