Aussies the wealthiest in the world

Australia retains its title for the third year in a row

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Australians remain the richest people in the world, for the third year in a row.

That's according to the Credit Suisse 2013 Global Wealth Report. The median wealth of adult Aussies stands at US$219,505 – around $233,000, the highest level in the world.

On the measure of average wealth per person, Australia falls to second place with US$402,578 per person, behind the Swiss with US$513,000. Credit Suisse investment strategist, Australia, David McDonald has told Fairfax Media that the nation's household wealth per adult grew by 2.5% in the past year, slower than the global average of 4.6%.

"Although we are up there at a high level of wealth per adult we've also got a better spread than a lot of the other developed countries including, obviously, the Swiss, but also places like the US," Mr McDonald has told The Age.

38,000 new Australian millionaires were created during the year, bring the total to 1.123 million millionaires. Australians hold a much higher percentage of their wealth in property and non-financial assets, 58.5% compared to the world average of 45% and just 38% for the US. Millionaires are adjudged to include only the value of their real estate owned outright – which likely excludes many 'millionaires' with multiple properties, but mortgages to go with them.

The US was a clear winner over the year, regaining its title as the wealthiest region in the world. Rising house prices and soaring stock markets saw a 12% increase in North American wealth to US$78.9 trillion, putting the US ahead of Asia Pacific and Europe for the first time since the GFC.

Much of Australia's wealth is likely to be attributed to our compulsory superannuation system, which is estimated to hold $1.5 trillion worth of assets.

Foolish takeaway

So what do we have to complain about? House prices are rising, our stock market is up, with the S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) rising over 14% since October last year, confidence is rising and we appear to have a stable government after three years of struggle. Maybe the future is bright after all?

Want a high dividend-paying stock flying under the radar? Discover The Motley Fool's favourite income idea for 2013-2014 in our brand-new, FREE research report, including a full investment analysis! Simply click here for your FREE copy of "The Motley Fool's Top Dividend Stock for 2013-2014."

More reading

Motley Fool writer/analyst Mike King doesn't own shares in any companies mentioned.

More on ⏸️ Investing

Close up of baby looking puzzled
Retail Shares

What has happened to the Baby Bunting (ASX:BBN) share price this year?

It's been a volatile year so far for the Aussie nursery retailer. We take a closer look

Read more »

woman holds sign saying 'we need change' at climate change protest
ETFs

3 ASX ETFs that invest in companies fighting climate change

If you want to shift some of your investments into more ethical companies, exchange-traded funds can offer a good option

Read more »

a jewellery store attendant stands at a cabinet displaying opulent necklaces and earrings featuring diamonds and precious stones.
⏸️ Investing

The Michael Hill (ASX: MHJ) share price poised for growth

Investors will be keeping an eye on the Michael Hill International Limited (ASX: MHJ) share price today. The keen interest…

Read more »

ASX shares buy unstoppable asx share price represented by man in superman cape pointing skyward
⏸️ Investing

The Atomos (ASX:AMS) share price is up 15% in a week

The Atomos (ASX: AMS) share price has surged 15% this week. Let's look at what's ahead as the company build…

Read more »

Two people in suits arm wrestle on a black and white chess board.
Retail Shares

How does the Temple & Webster (ASX:TPW) share price stack up against Nick Scali (ASX:NCK)?

How does the Temple & Webster (ASX: TPW) share price stack up against rival furniture retailer Nick Scali Limited (ASX:…

Read more »

A medical researcher works on a bichip, indicating share price movement in ASX tech companies
Healthcare Shares

The Aroa (ASX:ARX) share price has surged 60% since its IPO

The Aroa (ASX:ARX) share price has surged 60% since the Polynovo (ASX: PNV) competitor listed on the ASX in July.…

Read more »

asx investor daydreaming about US shares
⏸️ How to Invest

How to buy US shares from Australia right now

If you have been wondering how to buy US shares from Australia to gain exposure from the highly topical market,…

Read more »

⏸️ Investing

Why Fox (NASDAQ:FOX) might hurt News Corp (ASX:NWS) shareholders

News Corporation (ASX: NWS) might be facing some existential threats from its American cousins over the riots on 6 January

Read more »