Australian household wealth at all time high.
Data from the Australian Bureau of Statistics (ABS) shows that the average Australian household wealth has reached a new record high.
The latest finacial accounts prepared by the ABS, which records net per capita household wealth (assets less liabilities per person) shows Australia's conservatism towards spending and inclination to paying off household debts, plus strong gains on the stock market has pushed household wealth over and above the pre-GFC levels to a new record average of $75,955 per person. This translates to an increase of 22.1 percent over the last year.
"The global financial crisis caused the biggest ever drop in wealth for Australian households, however wealth levels have continued to repair over the past couple of years and are now back at record highs," said CommSec economist Savanth Sebastian.
According to the latest Global Wealth Report, Australian wealth increased at more than $700 million a day over the last year. As the nation continues to surge ahead of the global average for growth in personal wealth, the number of super wealthy Australians has also seen a sharp increase, with the number of millionaire households rising from 149,000 up to 178,000.
And despite per capita wealth increasing by 103.7 per cent over the last decade, it seems the trend may not be about to end any time soon.
Boston Consulting Group's Australian practice leader Matthew Rogozinski advises that Australia can expect a $20 trillion wealth boom over the next five years, pushing the Asia-Pacific region ahead of North America and Europe to become the world's richest region by 2017.
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