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Wednesday, October 9, 2013
S0 Aussies are the world's richest people: says Credit Suisse
This will make you feel better! by courtesy www.smh.com.au
Aussies the world's richest people: Credit Suisse
October 9, 2013 - 1:20PM
The lucky country: Australia's wealth is growing.
Photo: Michele Mossop
Australians remain the richest people in the
world, by one measure at least.
Median wealth is the midpoint between richest and
poorest, meaning that 50 per cent of the population has more than
$233,504, and 50 per cent less than that.
By the measure of average wealth, Australians fall
back to second with $US402,578 per person, ranking behind the Swiss
who were the world’s richest on $US513,000.
Credit Suisse chief investment strategist,
Australia, David McDonald said the nation’s household wealth per
adult grew by 2.6 per cent in the past year. That was slower than the
global average of 4.6 per cent, but Australia still had the best
distribution of wealth among developed nations.
‘‘Although we are up there at a high level of
wealth per adult we’ve also got a better spread than a lot of the
other developed countries including, obviously, the Swiss, but also
places like the US,’’ Mr McDonald said.
The number of Australian millionaires increased by
38,000 to 1.123 million people. About half of the rise in
Australian wealth is due to exchange rate appreciation.
The millionaire calculation includes the value of
real estate owned outright.
Australians were shown to have a much higher level
of wealth held in property and non-financial assets - 58.5 per cent
compared to the world average of 45 per cent and just 38 per cent in
The US remains the millionaire capital of the
world, with 13.2 million people topping the seven-figure mark and
nearly 46,000 people in the ultra-high net worth $US50 million-plus
Australia has 2,059 ultra-high net worth
individuals, 2.1 per cent of the global total.
While the Land Down Under has maintained its place
at the top in median terms for three years running now, Credit Suisse
reported that North America has regained its title as the wealthiest
region in the world.
Rising house prices and stock markets fuelled a 12
per cent rise in North American wealth to $US78.9 trillion from
mid-2012 to mid-2013, putting the region ahead of the Asia Pacific
and Europe for the first time since before the global financial
Credit Suisse global head of research for private
banking, Giles Keating, said Japan’s economic slump had dragged
down the Asia-Pacific region.
‘‘The fourth annual Credit Suisse Global
Wealth Report shows an $US11 trillion rise in (global) wealth to
$US241 trillion, with the US as the clear winner, overtaking Europe,
while Asia Pacific fell back due to sharp depreciation of the yen,’’
Mr Keating said.