Australia’s median wealth falls almost 7% since 2020 despite the rich getting richer, report says
Summary
A recent UBS report shows that while Australia's rich are getting richer, the typical Australian's wealth has fallen nearly 7% since 2020. The report highlights growing wealth inequality, with average wealth rising but median wealth—reflecting the middle person—declining in many countries including Australia.Key Facts
- Over 25,000 Australians became millionaires in the past year.
- Australia's 178 billionaires are $25.7 billion richer than last year.
- The average personal net wealth in Australia rose 19% from 2020 to 2025.
- Median wealth, showing the middle person's wealth, dropped by almost 7% in Australia during the same period.
- Housing wealth and compulsory retirement savings help Australians have the third-highest median wealth globally.
- Median wealth fell in 18 of 29 countries studied, including the US, UK, and Germany.
- Economists say rising wealth inequality is driven largely by housing and is a concern for economic growth.
- There are calls for an inheritance tax to help address the growing wealth gap.
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