Australia has over a million millionaires

 

Australians are the richest people in the world, by one measure at least.

As the number of Australian millionaires rose by 38,000 to 1.123 million people, the median wealth of adult Australians stands at $233,504 (US$219,505) – the highest level in the world, according to the Credit Suisse 2013 Global Wealth Report, released on Wednesday.

Median wealth is the midpoint between richest and poorest.

By the measure of average wealth, Australians fall back to second with $426,844 (US$402,578) per person, ranking behind the Swiss who were the world's richest on $543,992 (US$513,000).

Credit Suisse Australia‘s chief investment strategist, David McDonald, said the nation's household wealth per adult grew by 2.6% in the past year. That was slower than the global average of 4.6%, 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," McDonald said.

The number of Australian millionaires increased by 38,000 to 1.123 million people, with the calculation including 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% compared to the world average of 45% and just 38% in the US.

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 $US50m-plus category. Australia has 2,059 people in the richest category, 2.1% of the global total.

While Australia has maintained its place at the top in median terms for three years running, 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% rise in North American wealth to $US78.9tn 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 crisis.

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 $US11tn rise in (global) wealth to $US241tn, with the US as the clear winner, overtaking Europe, while Asia-Pacific fell back due to sharp depreciation of the yen," Keating said.

http://www.theguardian.com/world/2013/oct/09/australia-worlds-richest

They told me they wouldn't include me in the list. I feel betrayed.

They told me they wouldn't include me in the list. I feel betrayed.

I'm not sure your medieval weapons collections and all your Doctor Who and Star Wars action figures will fetch 7 figures, just quietly.

That's what rampant housing costs and a high rate of home ownership does.

On the flip side:

 

 

Australia has fourth highest rate of children living in jobless families in OECD, report shows

 

One of Australia's leading and oldest charities has painted a bleak picture of disadvantage among Australian children.

A new report compiled by the Benevolent Society found Australia has the fourth highest rate of children living in jobless families in the Organisation for Economic Cooperation and Development (OECD).

The report also shows one in five Australian children are vulnerable in one or more developmental areas when they start school.

The Benevolent Society said the report highlighted the urgent need to invest in new ways for early intervention to support vulnerable families, even before children are born.

 
Audio: Listen to Emily Bourke's report. (The World Today)

 

The society's chief executive, Anne Hollonds, said while the merits of early intervention were well known, the evidence was being ignored.

"That's when the fundamentals are laid, if you like, the foundations of later development.

"And that's why we need to concentrate our efforts on investing more in those earlier stages of life, rather than waiting much later to react when it's less effective and far more costly," she said.

Ms Hollonds said the gold standard in early intervention was now modelled on integrated community hubs, but services around Australia are patchy.

"They're like one-stop shops where we're able to provide all the mental health, the physical health services, the family support services and the early childhood development support," she said.

Support kept children in the family home

Debbie, a single mother of three, said she is grateful for the support she has received from the charity's Early Years Centre in Brisbane.

"If it wasn't for my neighbour speaking up and saying, 'I think you need some help,' I don't think I would have my kids with me today," she said.

"I can guarantee you they'd probably be in foster care... which is not a stable situation for them to be in."

Christine Smith, a support worker from the centre who visited Debbie on a regular basis, said the Brisbane mother was struggling to deal with the stress of parenting.

"But the further we talked some more and did some home visits, there was other issues that arose."

Debbie wants struggling families to take heart from her experience.

"You've just got to speak up. No-one's going to know if you need help if you don't speak up," she said.

"Even though they know your situation, they don't judge you. They accept you with open arms."

She said the past 12 months have been the best 12 months of her life.

"I've grown as a parent and I've grown not just as a mother to my kids but also as a friend to them."

http://www.abc.net.au/news/2013-10-08/report-highlights-disadvantage-among-australian-children/5009698

Needs to be some wealth redistribution

That's what rampant housing costs and a high rate of home ownership does.


And correct if I'm being thick here, but a lot people wouldn't have these millions until some point later in life when these properties are paid off, if they ever are.

I am not among the million.

 

That's what rampant housing costs and a high rate of home ownership does.


And correct if I'm being thick here, but a lot people wouldn't have these millions until some point later in life when these properties are paid off, if they ever are.

 

That's just the perfect time to buy a bigger, more expensive house and ENABLE MORE DEBT WOOOOOOO.

That's what rampant housing costs and a high rate of home ownership does.


And correct if I'm being thick here, but a lot people wouldn't have these millions until some point later in life when these properties are paid off, if they ever are.
I don't think so given this part of the article:

The number of Australian millionaires increased by 38,000 to 1.123 million people, with the calculation including the value of real estate owned outright.

It's not that surprising really. If you have superannuation which has been about for a while those balances are also starting to increase + value of property + anything direct you hold like shares or money in the bank.

 

Not to mention Australia also has an ageing population so it's those who are close to retirement who don't have the debts who have the super which is where a lot of the money is.

Needs to be some wealth redistribution

Sure, any personal or business profit over $50m is taxed at 100%. Make these companies and people spend it on the economy instead, cause if they don't the government will.

 

They told me they wouldn't include me in the list. I feel betrayed.

I'm not sure your medieval weapons collections and all your Doctor Who and Star Wars action figures will fetch 7 figures, just quietly.

 

What about the Lord of the Rings toys?

 

 

They told me they wouldn't include me in the list. I feel betrayed.

I'm not sure your medieval weapons collections and all your Doctor Who and Star Wars action figures will fetch 7 figures, just quietly.

 

What about the Lord of the Rings toys?

 

That might get you over the million.

That's not so amazing. I'm currently working on my third million.

 

 

The first and second didn't work out so well.

I would have been part of that group....until my ex took a significant proportion of the assets :(

Australia would be even better off than that if it weren't for the AFL charity known as the Melbourne Football Club asking for handouts every year to keep them going.