Property is Making Australia One of the Richest Countries in the World
Recent figures show that Australia remains one of the richest countries in the world, with this wealth among the most evenly spread of wealthy nations. Large parts of this said prosperity is being buoyed by the property market.
Australia’s Balance Sheet
According to Credit Suisse’s Global Wealth Report 2013, Australia’s median wealth was the highest in the world for the third year running.
This being a median rather than a mean (average) figure indicates not only that the country remains wealthy as a whole, but that this wealth is spread, in global comparison, unusually evenly. A little over 1.1 million Australians can now count themselves as millionaires or richer, counting both financial assets and non-financial assets such as property. Almost 1.8 million Australians are also in the top one per cent of global wealth holders.
The Significance of Property
The Global Wealth Report’s authors note that in Australia: “the composition of wealth is heavily skewed towards property and other real assets”. This reflects Australia’s large landmass relative to its population, as making landholding attainable for large proportions of the population, contributes substantially to this high median wealth.
On the other hand, Australia’s current property boom, which is driving up property prices in urban areas where land is relatively scarce, is also having its impact on short-term wealth trends. All round, investing in real estate is a reliable wealth creation strategy within the Australian context.
Property Investments in Perth
For advice and guidance on growing your wealth through property investment, contact the investment professionals at Rass Global Investment.