More Aussies join the millionaire club as Australian household wealth reaches record levels


The information are in, the common Australian is getting richer.

Australian complete household wealth (internet price) rose by a record $735 billion or 5.8% to record a excessive of $13,433.7 billion in the June quarter. Melbourne Property

Despite all the challenges Covid has thrown at us wealth is up 19.7% on a yr in the past – the strongest annual achieve in over 11 years.

Average (per capita) household wealth rose by $27,782 or 5.6% in the June quarter to a record excessive of $522,032 – up 20.3% over the yr.

In reality, Australian households have by no means been wealthier.

The twin results of rising residence costs and superannuation balances propelled internet household wealth and wealth per individual to record highs.

A latest report by Credit Suisse estimates that as many as 1.8 million Aussies are thought-about to millionaires immediately, based mostly on estimates of internet household wealth.

And the variety of Australian millionaires is predicted to develop to three,100,000 by 2025.

Millionaire club

How is household wealth measured?

Net household wealth is estimated by the ABS by taking the distinction between the worth of a household’s complete belongings and its liabilities or money owed.

So when household wealth will increase, this refers to an total elevate in the worth of household belongings together with residential and funding properties, superannuation balances, shares, and different monetary asset, private financial savings or financial institution deposits, and non-financial belongings like paintings.

Of course, we all know that in the final couple of years wages and salaries progress has been minimal.

On the different hand, those that owned income-producing belongings such as residential actual property or shares have seen a major enhance of their internet wealth.

There is nothing new about this…

You can’t save your method to wealth via your revenue.

If you need to develop monetary freedom in the future it’s essential to make investments, and for me, residential actual property ought to be a major a part of your funding wealth

READ MORE: Despite the pandemic household wealth rises 20%


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