Property makes Australians the world’s richest, says Credit Suisse

Property makes Australians the world’s richest, says Credit Suisse

Thanks to their houses, Australians are the richest people in the world, according to the investment bank Credit Suisse.

The fifth annual study by the Swiss bank of global wealth trends found the median Australian adult was worth more than $US225,000 ($258,000) in June, well ahead of the second wealthiest population on this measure, the Belgians, at $US173,000.

They were followed by the Italians, French and British, all at around $US110,000.

Only 6 per cent of Australians have wealth below $US10,000, compared with 29 per cent in the United States and 70 per cent for the world as a whole.

Household wealth in Australia is heavily skewed to "real assets" – essentially property – which average $US319,700 per household, or 60 per cent of gross assets. This is the second highest in the world after Norway.

The 2014 Global Wealth Report shows global wealth is 20 per cent above its pre-crisis peak and almost 40 per cent higher than the low recorded in 2008.

Australians have grabbed more than their fair share of the growing pie. The section of the report on Australia is titled "No worries", a headline that some economists may take issue with but which is deserved based on the rapid and almost uninterrupted accumulation of wealth over the past 14 years, as detailed in the report.

Since 2000, the net wealth of the average, or mean (as opposed to median), adult Australian has more than quadrupled, from $US103,151 to $US431,000. That makes us the second richest population on this measure, behind the Swiss at $US581,000.

Over the past 12 months, average adult wealth has grown 5 per cent.

 "These are obviously remarkable figures for Australia," Credit Suisse Private Bank chief investment strategist David McDonald said.

"We are well positioned globally in terms of wealth, as well as the spread of wealth."

Read more:
http://www.smh.com.au/business/the-economy/property-makes-australians-the-world8217s-richest-says-credit-suisse-20141014-1163ip.html#ixzz3KB6Vbx1d

Source: Sydney Morning Herald
Patrick Commins: Deputy Markets Editor

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