Australia nudges Switzerland off top of global median wealth list

In its Global Wealth Report 2018, Credit Suisse puts the median adult wealth of Australians at $US191,453 ($264,903). That means half of Australians are wealthier than that, and half are not.

Credit Suisse says the typical Australian's position is thanks to high average wealth — courtesy of our compulsory superannuation system and high property prices — combined with relatively low wealth inequality.

The report also notes that Australia's reliance on property prices (60 per cent of our assets are "non-financial") is higher than a lot of other places.

abc.net.au

So apparently Australia has just taken over Switzerland as having the highest median wealth in the world.

Though, I don't really know how significant that title is, since as stated, the majority of that wealth comes from our incredibly high property prices and superannuation system (which is a retirement fund that all employers are obligated to contribute to, for all employee's).

Personally, the whole claim seems completely misleading to me, since its not saying that on average Australians have more money in their pockets (or bank accounts) than any other country in the world, which can be physically spent... it's just saying that on paper, our median net worth is the highest.

They neglect to factor in the fact that everything is ridiculously expensive in Australia and average wages aren't keeping up with inflation... What good is "net wealth", when its just a number on a computer screen, rather than physical wealth that can be spent on going on a holiday or buying Christmas presents, or whatever?

But anyway, on the chart, Canada came in at 6th on the median wealth list... The UK came in at 9th and the US of A at 18th (surprisingly).

Honestly though, I think it would be interesting to see where Australia would fall on a chart where they only measured median 'physical' wealth, rather than median 'net worth'... I personally think we would drop right down the list.

so, Australians believe in paying each other decent wages for their work?

mind blowing, so you don't have to be a wage slave in Australia sounds like I need to move. what people think in this country is nothing short of a joke

a reply to: toysforadults

i think you kind of missed the rest of the thread

If you are making 30 dollars an hour but a the lb of shrimp on the oil can of Fosters cost you 40 dollars
are you really better then a job paying you 10 dollars but the shrimp and the beer costs you 11 dollars.

Need to factor in immigration policies. Switzerland nor Australia tend to import poor and uneducated immigrants. Combine that with relatively low populations it isn't surprising the median is high.

However, youd still have more uber wealthy in the US. Median is just the mid point.

a reply to: toysforadults

My job makes about the same in AUS as in USA and the cost of living would be much higher in the AUS so I would actually make less. It's a great place to be though.

a reply to: Subaeruginosa

Isn't that because Aussies are paid 'Danger-pay', because of all the critters there that will take a chunk out a fella if they get half a chance?

originally posted by: Edumakated
Need to factor in immigration policies. Switzerland nor Australia tend to import poor and uneducated immigrants.

You should check out where I work dude, it's totally over run with poor and uneducated immigrants. All earning $35 an hour (or $25US), for just loading trucks... Literally a job you could train a chimpanzee to do.

originally posted by: Subaeruginosa

originally posted by: Edumakated
Need to factor in immigration policies. Switzerland nor Australia tend to import poor and uneducated immigrants.

You should check out where I work dude, it's totally over run with poor and uneducated immigrants. All earning $35 an hour (or $25US), for just loading trucks... Literally a job you could train a chimpanzee to do.

Damn those kiwis, send em home already....

originally posted by: hopenotfeariswhatweneed

originally posted by: Subaeruginosa

originally posted by: Edumakated
Need to factor in immigration policies. Switzerland nor Australia tend to import poor and uneducated immigrants.

You should check out where I work dude, it's totally over run with poor and uneducated immigrants. All earning $35 an hour (or $25US), for just loading trucks... Literally a job you could train a chimpanzee to do.

Damn those kiwis, send em home already....

Seriously...

a reply to: Subaeruginosa

Seriously, we have it pretty good, well other than the very high cost of living.

a reply to: Subaeruginosa

How is your unemployment rate not 0%? How is anyone in poverty? One person working 30 hours a week would put a family of 4 above poverty.

a reply to: Subaeruginosa

BSN RN, 4 year degree, in Melbourne, only make an average of $29AU an hour.

But,. the cost of living in Australia is very high, they may make more money but it does not go very far. A hundred grand a year in Oz is like thirty five around here. I'll keep my affordable foods and less income, I would feel terrible paying fifteen bucks for a hamburger and fries.

a reply to: rickymouse

20 years ago food was really cheap in this country, sad that it has changed so much.

a reply to: Subaeruginosa

as a union tile setter in the US you barely take that home after they finish raping your check

a reply to: Subaeruginosa

I think it would be interesting to see where Australia would fall on a chart where they only measured median 'physical' wealth, rather than median 'net worth'..

What's the difference?
You mean cash? Other assets don't matter?

originally posted by: OccamsRazor04
a reply to: Subaeruginosa

BSN RN, 4 year degree, in Melbourne, only make an average of $29AU an hour.

Well, that's probably a genuine ethical issue right there, those people obviously deserve to earn more than that... For all the good they do for society.

I dropped out of high school in year 9, obviously never saw a day of university... but still earn $35AU an hour, just loading trucks.

What can I say?

Our nation was built on paying a decent wage to hard working labourers.



Maybe the nurses down under just need to work on developing a stronger union... Who knows?

originally posted by: Phage
a reply to: Subaeruginosa

I think it would be interesting to see where Australia would fall on a chart where they only measured median 'physical' wealth, rather than median 'net worth'..

What's the difference?
You mean cash? Other assets don't matter?

Yeah, I'm talking about cash on hand.

Net wealth doesn't really mean all that much, if you don't physically have the cash on hand to spend, does it?

a reply to: Subaeruginosa

Net wealth doesn't really mean all that much, if you don't physically have the cash on hand to spend, does it?

Actually it does. Real assets can be sold or used as collateral.

I take it that the only assets you have are cash?

Compulsory Superannuation and value Australians place on home ownership.

Food and fuel prices are higher but so are take home wages.