Australians' wealth driven by property

11 OCT 2013 • By Staff Reporter • 1 min read • Hotspots

Australians have the highest median wealth in the world, largely due to real estate holdings, according to a new report by Credit Suisse.

The 2013 Global Wealth Report showed the median wealth of Australian adults is US$219,505.

On average, 59 per cent of Australians’ wealth is held in real estate assets. This rate is the second highest in the world, after Norway.

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Australia’s high real estate prices may be behind this trend.

“In part, it reflects a sparsely populated country with a large endowment of land and natural resources, but it is also a manifestation of high urban real estate prices,” the report stated.

Low credit card and student loan debt is also a factor, according to the report.

The data also shows Australia has the largest proportion of people with a net worth above US$100,000.

Measured by average wealth, Australians drop back to second place behind the Swiss, with Australians holding on average US$402,578.

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