Self-managed superannuation funds (SMSFs) are becoming increasingly popular as a way to invest retirement savings. The balances within SMSFs are growing too.
According to the ATO SMSF quarterly statistical report, the number of SMSFs grew by 7.4% to 680,301, with 52,020 establishments during the year.
According to the latest Class annual benchmark report, members aged 25 to 49 continue to make up the majority of members in newly established Class SMSFs. In FY26, they accounted for 63.2% of members in newly established funds, up from 59.5% in FY26.
Now let's look at the balance within these SMSFs.
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Large balances are getting larger
As you'd expect, compounding and contributions are helping increase the balance of these SMSFs.
According to Class, SMSFs with balances above $2 million accounted for 27% of Class SMSFs in FY25, up from 26.1% in FY24 and 23.6% in FY21. FY25 is the latest year with complete data because not all balances and contributions have been processed yet in Class' software.
The percentage of Class SMSFs with balances above $10 million increased, as did the percentages for balances between $5 million and $10 million, $3 million and $5 million, $2 million and $3 million, and $1 million and $2 million.
What is the average SMSF balance?
There are a few different figures to consider with SMSFs.
SMSFs can have multiple members, so the average balance of an SMSF is not necessarily the average member balance.
According to Class, the average assets per SMSF as at 30 June 2026 came to $1.88 million. Average assets per SMSF member were $1.01 million.
I think it'd also be interesting to see what the average balance is for each member in a multi-member fund.
SMSFs with more members continue to show wide balance differences between members, according to Class. In four-member funds, the member with the highest balance averaged $1.94 million in FY26. That compares to $1.18 million, $380,234 and $242,642 for the members with the second, third and fourth balances, respectively.
Class suggested the differences may reflect the different life stages within four-member SMSFs. The two lower-balance members were much younger on average, at 47.1 years and 47.2 years, while the two higher-balance members were 63.6 and 60.3 years on average.
Given how long retirees may need their assets to last and the potential future costs of healthcare and aged care, it makes sense that SMSF members want to build very sizeable balances.
