While the US is in the lead when it comes to global wealth, Australia has come out on top for median wealth per adult in Credit Suisse’s latest Global Health Report with $191,453 per person.
The US doesn’t even make the top 10 with just $61,667 (AUD$85,264).
Overall, Australia is the second-richest country with $411,060 per adult, behind Switzerland on $530,244 and ahead of the US on $403,974.
The financial service company’s analysis shows that aside from a short interruption in 2008 thanks to the Global Financial Crisis (GFC), household wealth in Australia grew at an annual rate of 12% between 2000 and 2012.
While the drop in the US exchange rate and falling commodity prices has slowed this growth in the past six years, we’re still better off than the majority of countries.
Asset rich but cash poor? 60% of this wealth however is in non-financial assets ie the family home.
Should the housing market continue to go down, so may our ranking.