Australia is one of the richest countries in the world. Australia is rich with rich minerals such as aluminum ore, lithium, iron ore, gold, lead, uranium, zinc, diamond, and rare earth elements. Western Australia and Queensland are some of the richest parts of Australia due to the presence of many mines. About 340 mines in Australia are in western Australia.
Australia has high-income levels while the rate of unemployment is relatively low. In addition, Australia is one of the countries in the world with the highest number of billionaires and millionaires. The richest people in Australia like Gina Rinehart and Andrew Forrest have invested in mining.
How Many Billionaires are in Australia?
As of 2019, there were 37 billionaires in Australia. This is according to Forbes Australia’s richest people. The number of billionaires in Australia is expected to rise to 41 by 2024. In 2021, residential property prices increased by 23.7%. On the other hand, Australian Securities Exchange, on the other hand, went down by 10%. Consequently, shares have not been performing well.
Analysts predict that the Russia-Ukraine war and high inflation will negatively affect wealth growth in Australia. However, it is expected that global wealth will increase by 2026. On the other hand, the number of millionaires is also expected to increase to 87 million by 2026.
How Many Millionaires are in Australia?
According to a report by Credit Suisse, the number of millionaires in Australia stood at 2.18 million in 2021. This was an increase of 400,000 from the previous year. Australia’s global share of millionaires stood at 3.2%. The number of millionaires in Australia is expected to keep on rising every year.
Australia stood at position 7 in the number of millionaires global ranking. Some of the countries that topped with the highest number of millionaires include the United States, China, Japan, the United Kingdom, France, and Germany.
Sydney happens to be the city with the highest number of millionaires in Australia. Gina Rinehart is the richest person and she has amassed her wealth by investing in mining. The top 1% of Australians earn an average of $438,100 every year while the average person in Australia earns $62,400 every year.
Also read: Cheapest places to live in Australia.
Credit Suisse anticipates that the number of millionaires could increase to 2.94 million by 2026. This would represent a 35% increase.
However, of concern is wealth inequality in Australia. Although there are many millionaires in the country, there are many people living in extreme poverty in Australia. Millions of people living in extreme poverty in Australia due to the effects of the Russian-Ukraine war, high inflation, and the effects of Covid-19.
Australia is Now the Richest Country in the World
Despite the increase in the cost of living, Australians are the richest people in the world. This is according to Credit Suisse Global wealth report that showed that the median adult wealth in Australia is $409,055. Some of the reasons attributed to wealth growth in Australia is high property price growth between 2020 and 2021.
Wealthiest Countries Per Adult in the World
The following are the top 10 wealthiest countries based on median wealth per adult in Australia. The figure is calculated as the value of financial assets plus real estate assets owned by households, minus their debts.
- Australia - $409, 055
- Belgium - $400, 080
- New Zealand - $345, 375
- Hong Kong - $302, 244
- Denmark - $255, 633
- Switzerland - $251, 019
- Canada - $225, 884
- Netherlands - $213, 548
- United Kingdom - $211, 397
- France - $207, 843
Summary of How Many Billionaires in Australia
Australia is one of the richest countries in the world, representing 3.5% of the world’s millionaires. Australia has 38 billionaires and 2.18 million millionaires. These numbers are expected to keep rising despite the high inflation and the Russia-Ukraine war. The high number of rich people in Australia is attributed to high property prices in Australia and the presence of minerals in the country.