Australia a nation of millionaires for the first time in history

Australia a nation of millionaires for the first time in history, by Rachel Blaxendale.

Average household wealth in Australia has passed the $1 million mark for the first time in our history amid a significant long term increase in property values and superannuation balances.

The Australian Bureau of Statistics’ annual Survey of Income and Housing — Australia’s largest survey of income and wealth — released this morning, also shows that inequality has remained stable since 2013-14, despite slow income growth.

Average household wealth rose by more than 37 per cent in the decade to 2017-18 to reach $1.02m, compared with almost $749,000 in 2005-06. … Over the same time, the average household superannuation balance has almost doubled (90 per cent) from $112,500 in 2005-06 to $213,700 in 2017-18.” …

A household in the bottom quintile was worth an average of $34,200 in 2003-04 and was worth $35,200 in 2017-18 — an increase of just 2.92 per cent.

This compares with a household in the top quintile, which was worth an average of $1.939m in 2003-04 and is now worth $3.237m — an increase of 66.97 per cent.

During the same period, average household wealth in the middle quintile has increased by 35.76 per cent, from $415,400 to $564,500.