World Wealth Levels Skyrocket: Australians Among The Top

Despite a decade of negative real returns on equities, several equity bear markets and the collapse of housing bubbles, the 2013 Credit Suisse Wealth Report finds that global wealth has more than doubled since 2000, reaching a new all-time high of 241 trillion US dollars…”

Source: 2013 Credit Suisse Wealth Report

First World ProblemsWith a global average wealth* per adult of $US 51,600 (a dollar figure that is now finally above pre-GFC levels) the 17 million adult Aussies are – according to the 2013 Credit Suisse Wealth Report – well ahead of the 8-ball with a startling average wealth per adult of $US 402,600. This is the second highest in the world after Switzerland. Our median wealth – the point at which half the population are above and half are below – is $US 219,505, the highest in the world and reflecting a relatively lower level of wealth inequality when compared to other wealthy nations. We have 1.76 million people in the top 1% of global wealth holders and 12.4 million people in the top 10% of global wealth holders.

While there are certainly areas of disadvantage –  with the report estimating that approximately 6.9% of Australian adults have a net worth of less than $US 10,000 – it does indicate that the economic grumbles of most Australians fit into the #firstworldproblems category.

Perhaps even more hearteningly, the Credit Suisse report projects global wealth to rise even more sharply, by nearly 40% over the next five years. Who wants to be a millionaire?

Country Credit Suisse performance verdict
USA Full steam ahead
Japan Shock therapy
China Tenacious growth
India Emerging wealth
France Uncertain prospects
UK Still in recovery
Switzerland Top of the world
Russia No sign of growth
Singapore Robust and stable growth
Taiwan Asian Tiger
Indonesia Impressive growth
Australia Losing momentum
South Africa Emerging problems
Chile Sustained growth
Brazil Slumbering giant
Canada High wire act

Source: 2013 Credit Suisse Wealth Report

*Net worth or “wealth” is defined as the value of financial assets plus real assets (principally housing) owned by households, less their debts.

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