Thanks to their houses, Australians are the richest people in the world, according to the investment bank Credit Suisse.
The fifth annual study by the Swiss bank of global wealth trends found the median Australian adult was worth more than $US225,000 ($258,000) in June, well ahead of the second wealthiest population on this measure, the Belgians, at $US173,000.
They were followed by the Italians, French and British, all at around $US110,000.
Only 6 per cent of Australians have wealth below $US10,000, compared with 29 per cent in the United States and 70 per cent for the world as a whole.
Household wealth in Australia is heavily skewed to "real assets" – essentially property – which average $US319,700 per household, or 60 per cent of gross assets. This is the second highest in the world after Norway.
The 2014 Global Wealth Report shows global wealth is 20 per cent above its pre-crisis peak and almost 40 per cent higher than the low recorded in 2008.
Australians have grabbed more than their fair share of the growing pie. The section of the report on Australia is titled "No worries", a headline that some economists may take issue with but which is deserved based on the rapid and almost uninterrupted accumulation of wealth over the past 14 years, as detailed in the report.
Since 2000, the net wealth of the average, or mean (as opposed to median), adult Australian has more than quadrupled, from $US103,151 to $US431,000. That makes us the second richest population on this measure, behind the Swiss at $US581,000.
Over the past 12 months, average adult wealth has grown 5 per cent.
"These are obviously remarkable figures for Australia," Credit Suisse Private Bank chief investment strategist David McDonald said.
"We are well positioned globally in terms of wealth, as well as the spread of wealth."
Dollar driven
The appreciation of the currency has been a considerable tailwind over the period but even in constant currency terms, average wealth has grown 145 per cent over the past 13 years to $US369,000 from $US151,000.
While global wealth has increased, the gains have not been spread evenly, with the report finding that the trend since 2008 has been one of increasing inequality, particularly in developing economies.
"The financial crisis has acted as a breakpoint in inequality, as most countries were showing a flat or declining trend before 2007," said Markus Stierli from the Credit Suisse Research Institute, which published the report.
Australia is classified a "medium inequality" country by the Credit Suisse researchers, a group that includes New Zealand and is defined by the richest 10 per cent controlling between 50 per cent and 60 per cent of the country's net wealth.
Among developed economies, Hong Kong, Switzerland and the United States are deemed to have "very high inequality", where the top 10 per cent control more than 70 per cent of the wealth.
This is borne out by the average wealth figures of the US. Median adult wealth in the world's largest economy stood at only $US54,000 – well out of the top 10 richest populations.
But when measured on an average – or mean – basis, the US ranked fourth in terms of household wealth at $US348,000.
Bank of America Merrill Lynch chief economist Saul Eslake attributed Australia's relatively even spread of wealth in part to its love of property.
"Rising house prices tend to reduce inequality, as they make up part a greater part of middle class wealth," he said.
But with growth in house prices and sharemarkets expected to be more muted over coming years, and with the currency weakening, growth in net wealth can be expected to slow, Mr McDonald said.
Globally, the mean average per adult reached an all-time high of $US56,000, an increase of $US3450 over the previous 12 months, driven by higher share prices.
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