Australians are now the richest people in the world-by Eliza Bavin

Last updated: September 27, 2022 5:35 pm

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Australians are now the richest people in the world-by Eliza Bavin

Australians

Australians have topped the list as being the richest per adult than anywhere else in the world. (Source: Getty)

Source:Au.finance

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Despite the cost-of-living crisis, Aussies are now the richest people on the planet, according to a new report.

The Credit Suisse Global Wealth Report found that the median personal wealth per Australian adult was a massive $409,055 (US$273,900) – making Aussies the richest people on the planet.

To find the median wealth, the report divided the wealth distribution into two equal groups where half the adults had wealth above the median and the other half below.

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“Ranking countries by median wealth per adult favours those with lower levels of wealth inequality,” the report said.

“The top positions by the mean wealth criterion are now occupied by Australia (US$273,900), closely followed by Belgium (US$267,890).”

Part of the reason for Australia’s strong performance was the massive property price growth seen in 2020 and 2021.

“Significant rises in GDP, combined with vigorous equity and housing markets are expected to produce sizable wealth gains at the country level, and this was certainly the case in 2021,” the report said.

“Housing markets were initially subdued during the peak of the pandemic, but recovered during the second half of 2020 and continued to flourish in 2021.

“Low interest rates were likely one of the factors responsible for the buoyant housing market. Unusually, no country recorded a decline in house prices in 2021.”