A new report commissioned by the Mauritius-based AfrAsia Bank from South African researchers New World Wealth (NWW), estimates the island continent to be among wealthiest in the world by individual assets.
After several years of strong economic growth, 25 million Australians have on average $279,200 (£217,000, €241,500).
The highest per capita wealth is shared among the 364 individuals in Monaco, with $2,087,400 each. Liechtenstein’s 9,030 citizens have $761,100. Luxembourg’s population of 543,300 has $368,000 per head and Switzerland’s more substantial population of 8.2 million have, on average, a respectable $354,000 each.
However, Swiss GDP in 2016 was $668.9bn GDP while Australian GDP back was $1.2trn.
Interestingly, over the past 10 years, wealth per capita in Australia has risen by 83% compared to 20% growth in the US ($ terms). As a result, the average Australian is now significantly wealthier than the average US citizen, which was not the case 10 years ago, researchers for NWW conclude.
In fact, on several measures (including safety, social services and wealth per capita) Australia is now the leading first world country worldwide (not the US). The US is only the leading country worldwide by total wealth but it’s important to remember that the US has over 300 million people living there.
Australia is also quickly overtaking the French Riviera as the top playground for the world’s super-rich, researchers found. Especially the east coast of Australia (i.e. Cairns, Brisbane, Sunshine Coast, Noosa, Gold Coast, Melbourne, Sydney etc.).
Notably, NWW estimates, Australia has attracted more millionaire migrants than any other country over the past few years, which shows that many wealthy people feel that it is the best long-term prospect.
The only area where Australia is still well behind the US is in terms of big multi-nationals (especially in tech space). As of June 2018, the US is home to 8 of the 10 largest companies in the world by market cap (the other two are based in China).
The wealthiest in the world
The world by average wealth per person in US$ (wealth per capita):
- Monaco: $2,087,400
- Liechtenstein: $761,100
- Luxembourg: $368,000
- Switzerland: $354,000
- Australia: $279,200
- Norway: $228,000
- Singapore: $194,500
- United States: $193,400
- Canada: $185,300
- New Zealand: $173,700
Wealth refers to the net assets of a person. It includes all their assets (property, cash, equities, business interests) less any liabilities.
