The growing wealth of thousands of Australians is set to push them into millionaire status over the next five years, a new global report has found. It’s largely a result of the nation’s housing boom, and a growing return on superannuation assets, according to one economist — but the data shows that wealth inequality is also on the rise. The Global Wealth Report from Swiss bank USG measured the wealth growth in US dollars, based on 2023 data from 56 countries.
and UNSW Sydney published their Inequality in Australia report in April, which showed “the average household wealth of Australia’s highest 10 per cent is growing much faster than the lowest 60 per cent”. The 10 per cent of Australians in that higher bracket increased their wealth by 84 per cent in the last two decades, from $2.8 million to $5.2 million, the Inequality in Australia report said.
CEO Cassandra Goldie said at the time. Smirk told 7NEWS.com.au that as wealth grows, so too will inequality, as the property market increasingly favours networks which have already accumulated wealth. “Property affordability is being stretched, so you then get that distinction of where the bank of mum and dad starts becoming a significant player in the Australian property market,” he said. The
Inequality in Australia 2023 report found that the wealthiest 20 per cent hold 82 per cent of all investment property by value. “Not everyone’s parents own property, and if they don’t, their access to the market is becoming increasingly more difficult,” Smirk said. “So that is going to shift our Gini coefficient, and means the distribution of wealth will be increasingly concentrated in the hands of those that have existing wealth, and have the ability to have those horizontal transfers ...
Entertainment Entertainment Latest News, Entertainment Entertainment Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: 7NewsSydney - 🏆 16. / 63 Read more »