Australia’s household wealth surges

Bernadette Carreon – Fourth Estate Cooperative Contributor

Sydney, Australia (4E) – Household wealth rose according to the figures released by the Australian Bureau of Statistics by over 18 percent.

Based on the statistics the household wealth in Australia is $69,422 per person.

News reports quoted an economist crediting the surge in household wealth to Australians pouring money into savings accounts, aggressively paying down their debts and a stronger sharemarket despite the global financial crisis.

Wealth per person is still down 5.1 per cent over the past three years but falling interest rates and an improving sharemarket could push it to new highs in the coming months.

Households had a record $748.6 billion in cash and deposits at the end of September. Cash and deposit holdings represented 23 per cent of assets, above the decade average of 20.4 per cent.

A global report In October showed that Australians are one of the richest people in the world.

According to the Credit Suisse Global Report 2012 wealth per adult of $US194,000, beating out Japan, Italy, Belgium and Britain.

The global report surveyed at least 216 countries.

Although United States still have the highest number of millionaires, the report said that Australia will have 1.6 millionaires in the next five years.

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