If you’ve got more than a million dollars, here’s the bad news: that’s no longer special. Australia is a nation of millionaires now. Our national wealth is exploding, and the average Aussie household holds $1 million in assets ($1.02 million to be precise), according to the ABS.
Millionaires, millionaires, everywhere you look. We have more millionaires per capita than everywhere except Switzerland. This chart measures wealth in US dollars and tells us that almost one in every 10 Australians has more than US$1 million in assets.
In the pandemic, when it felt like everything was falling apart, wealth got on the elevator and kept going up. As the next graph shows, Australian wealth had a banner year in 2020 because of low spending, low interest rates and a sharemarket that recovered its early losses.