Aussies are the richest people in the world, again!

Australians have earned the title of the world’s richest people for the second year running, according to the latest Credit Suisse Global Wealth Report for 2022. Soaring property prices and increased savings lifted the median wealth per Australian adult by US$28,450 (A$42,780 equivalent) to US$273,900 in 2021, the report reveals, placing it in the top spot in the world’s ranking.

Credit Suisse data shows that Australia had about 2.2 million millionaires in 2021, up from 1.8 million millionaires in 2020.

This increase was the fourth-highest seen globally in 2021.

Only seven countries, all with higher populations and bigger economies – the US, China, Japan, Britain, France, Germany, and Canada - had more millionaires than Australia last year.

Australia’s property prices played an important role in boosting wealth.

Australia’s national dwelling values surged 28.6% through the pandemic growth phase, and while values are now -2.0% below April’s peak, they remain 23.3% higher than pre-pandemic April 2020 levels.

Source: Aussies are the richest people in the world, again! (propertyupdate.com.au)