Australians are the third most wealthy citizens in the world, according to a new report.
The net worth required to be in the top one per cent of Australia’s rich was the third highest figure globally, behind Monaco and Switzerland.
But the number might surprise you. To be considered in Australia’s highest percentage of wealth, you must have a total net worth of a staggering US$5.5 million (A$8.26 million).
Prestige property company Frank Knight released its annual Wealth Populations report as part of its Wealth Report Series on Wednesday and found that wealth levels across every country analysed had risen since 2021, despite experiencing a “dip” the following year.
Australia has almost doubled its 2021 wealth figure, revealing that the rich got richer during the unprecedented pandemic years.
Two years ago, Australia was lower on the list, at number seven, with $US2.8 million being the baseline.
Monaco reportedly has the world’s “densest population of super-rich individuals” which earned it the top spot on the list, of the 25 countries that were analysed.
In Monaco, to be considered in the top wealth tier, individuals had income and assets that equated to US$12.4 million in overall net worth.
That level was almost double that of the runner up, Switzerland, which came in at US$6.6 million.
New Zealand earned a placement in spot four, right behind Australia, with a US$5.2 million net worth marking out an individual in our neighbouring country’s top percentile.
Rounding out the top five was the US, at US$5.1 million.
Ireland, Singapore, France, Hong Kong and the UK made it into the top 10 on the “One per cent club” in that order.
China came in number 15, with US$960,000 marking out the number its top one per cent exceed.
In a stark comparison, having a net worth of more than US$20,000 in Kenya would make you one of the mega rich in the African nation, which came last on the list.
Despite the incredible wealth of the individuals detailed in the recent Frank Knight report, the authors noted that every country still fell “well short” of an “ultra high net individual”.
These filthy rich people have to have a net worth that exceeds US$30 million to earn the title.
The turbulent financial year did little to these individuals, with their number increasing by
2.9 per cent to number almost 70 million worldwide.
The report’s authors said the Middle East was “the standout region” when it came to adding ultra rich individuals to their ranks, with a 16.9 per cent growth.
However, in the same period of time, the number of billionaires did drop by five per cent to 2,629.
Over the next five years, it’s expected another 750,000 people will join this exclusive club of ultra high net worth individuals.
What Australians think makes you rich
The eye-watering wealth on display in the report is a stark difference to most Australians’ perception of what it takes to be considered rich.
The Finder survey which asked 1000 people what it took to be rich and found that earning $336,516 per year was the magic number.
In Australia, $52,338 is the median personal income, according to the Australian Bureau of Statistics.
For more latest Economy News Click Here