Australia is rich...?

Australia is rich and on top of the world: is it time to pop the champers? img-thing How rich? Well, we are a mere 0.36% of the world's adult population but we account for 3.78% of the world's top 1% wealthiest. The only nation with a more lopsided share of the top 1% is Switzerland, whose 0.13% of the world's population still sees them with 1.63% of the richest 1%. How did we earn such wealth? Mostly it has come about through home ownership. Credit Suisse notes that our wealth is "heavily skewed towards real assets", which amount on average to US$294,100 or about 59% of total assets. This average level of real assets is second only to Norway. It suggests a situation open to risks of inequality, as those on poorer incomes are shut out of the wealth-generating housing market, and a danger that our wealth could collapse if house prices fall. ...But one group left out were those on Newstart. Since the mid 1990s Newstart has gone from just below 50% of the median household income to now around 30% – well below poverty level... But while most of our issues are decidedly "first world problems", let us not think that everyone is enjoying this great increase in wealth.. .img-thing upsidown