Yes folks it’s now official, Australians are the richest people in the world thanks to our homes, according to the latest annual study by Swiss investment bank Credit Suisse.
The median Australian adult was worth more than US$225,000 ($258,000), well ahead of second-place Belgians with a median value of US$173,000, according to the study.
The Italians, French and British followed, all worth around US$110,000.
Credit Suisse says Australians deserve their spot at number one because of the rapid accumulation of wealth, especially household property wealth, over the past 14 years.
“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.”
Credit Suisse also classified Australia as a “medium inequality” country, meaning that the richest 10 percent controlled between 50 percent and 60 percent of the country’s net wealth.
Story source: www.ninemsn.com.au
House prices are on the rise. Find out the value of your property now.
Get a free online property report from Hicks Real Estate. It takes seconds.